Thu, 25 February 2021
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
In running a startup there will be upturns and downturns.
Managing a downturn takes a different approach from the upturns.
First, seek advice and guidance from others such as investors, mentors, and CEOs.
Don’t delude yourself into thinking it’s better than it is and that it will turn around soon.
Acknowledge that it’s a bad situation and action must be taken.
Get a little aggressive with those steps that must be taken.
Reconfirm your commitment to your company and mission statement.
You’ll most likely need to take on extra responsibilities which will require more of you.
In an upturn, it’s about increasing your top line, hiring new employees, and increasing market share.
In a downturn, it’s about keeping the lights on, getting more productivity with fewer team members, and living to see another day.
Downturns bring new market opportunities so start looking for them.
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