31 Mar COVID-19 EXPERT ADVICE: Bootstrap, bootstrap, bootstrap!
COVID-19 EXPERT ADVICE:
BOOTSTRAP, BOOTSTRAP, BOOTSTRAP!
Written by Jens Christian Thordal Poulsen Legal Counsel in Magnus Kjøller Holding. Startup Mentor in The Kitchen
April 1, 2020
Read time 2 min
Covid-19 is an externality. Normally, the market does not care about externalities. Nevertheless, the current situation has a huge impact on our lives.
However, this also means that as soon as the corona virus is history, it is our professional opinion that we will relatively quickly return to normal considering the extent of the crisis.
Our professional advice is therefore: Assess the situation, bootstrap your business and accept that covid-19 is an externality that you cannot change. Make use of the initiatives that the government has established and accept the offers that society gives you.
If you have a hard time getting an overview of the assistance packages, have a look here: https://www2.deloitte.com/dk/da/pages/covid-19.html
GRASP THE LOYALTY OF YOUR COSTUMERS
Since covid-19 has such a big impact on our lives, as a startup you will also experience a huge loyalty, sympathy and support from your community. You are not the only one wishing for your business to succeed – so do your fellow citizens! You can capitalize on that support if you approach it right, for example by producing gift cards or making future deals. Be creative and think outside the box. All your costumers are sitting at home like yourself.
Do not underestimate the potential boost that your costumers’ loyalty can give you on the long term. In addition, do not overlook the potential of the fiscal relaxation that the government has introduced. You can use it as a catapult for you and the growth of your business.
Denmark has a very strong sense of solidarity in times of crisis. People are keen to stretch an extra mile to support each other, because we are all in it together. If you have creditors who are waiting for their payment or if your rent is falling due, make contact and explain your situation to your creditors or your landlord. They will most likely be understanding and try to help you.
So, our final note is: Bootstrap, bootstrap, bootstrap! There is light at the end of the tunnel!
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