With the ongoing #coronavirus pandemic, there is no doubt that businesses whether they are local or global will be affected in one or the other way. To help you navigate through this challenging time, we bring you a podcast series that explores how startups are responding to the COVID-19 situation.

In this #podcast, Abdul Rahman Janoo, co-founder and Director at Tericsoft Technologies, shares five key strategies that his team, Tericsoft’s business partners and clients have adopted to cope with the disruption that the Coronavirus pandemic has caused to the business community at large.

Abdul shares that on the day the lockdown was announced, he and his co-founder, Anand, took immediate steps to align their startup’s strategy to prepare for an uncertain period that has rattled the entire world.

1. Smart Salary Management
Abdul reveals that the company’s finances were badly hit as customers were unable to pay on time and direct purchase orders got delayed. This directly impacted their employees’ salaries. To soften the blow to their employees, the co-founders came up with a coping mechanism. For the first three months, they decided to pay the base salaries to their employees and the balance amount as equity shares. Despite the disruption caused by COVID-19, the company gave annual increments to over 55 per cent of their workforce in the current Financial Year.

2. Focus on Revenues
In order to meet the revenue targets, the co-founders decided to undertake services projects such as web and AI development. Though the ticket size was more modest in size, Abdul and team believed this would be the best approach if employees had to be retained.

3. Get a grip on executional and operational challenges
When WFH became a mandatory policy, some of the employees who were from Tier 2 and Tier 3 cities had limited access to the Internet. This necessitated quick thinking on the management’s part and they recorded videos to help all team members keep track of workflows and targets. Regular catch-up calls also contributed to the efficient workflow processes demanded by the current scenario.

4. Pivot the product
Abdul and team pivoted the products to COVID-19 symptom monitoring solutions to help defeat the spread of infection at the base level. Pivoting their products turned out to be beneficial as it helped the startup secure fresh leads for the business.

5. Upskill employees
The startup used the unique opportunity presented by the crisis to help their workforce upskill themselves in product development. They mapped the go-to-market strategy both during COVID-19 and the aftermath scenario, in order to keep generating revenue through their products.

To know more about Tericsoft, click on the link [ Ссылка ].

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