Startup’s self-reliant Mission

The startups or small businesses are bearing the brunt as they have fewer cash reserves to deal with the sudden upheaval.

The global pandemic followed by social distancing and nationwide lockdown is affecting businesses no matter how well-established they might be. This situation has compelled the business owners to re-look at how they are running their operations while revising the business strategies.

As all the sectors across the country are getting affected due to the lockdown, it is having a key impact on the economy. According to the rating agency ICRA, India’s growth rate in FY20–21 will be down to 2% from a range of 4.7%-5.2%.

The startups or small businesses are bearing the brunt as they have fewer cash reserves to deal with the sudden upheaval. Most of them are finding it challenging to keep their financial wheels turning. The small business owners are in a fix: whether to stay open or shut the doors until everything settles down.

However, taking frequent and aggressive measures can help startups sail through these testing times. There’s no greater reward for a small business owner than success from “Self-Reliance.” So here are certain measures that will help startup entrepreneurs to be self-reliant and survive the coronavirus crisis.