{"id":1255,"date":"2020-07-05T20:29:00","date_gmt":"2020-07-05T20:29:00","guid":{"rendered":"https:\/\/newsbites.hktdc.com\/?p=1255"},"modified":"2021-01-26T14:25:42","modified_gmt":"2021-01-26T06:25:42","slug":"covid-19-survival-guide-for-start-ups-keep-core-business-running","status":"publish","type":"post","link":"https:\/\/newsbites.hktdc.com\/covid-19\/covid-19-survival-guide-for-start-ups-keep-core-business-running\/","title":{"rendered":"COVID-19 Survival Guide for Start-ups: Keep core business running"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1255\" class=\"elementor elementor-1255\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f29a4e6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f29a4e6\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fb8de80\" data-id=\"fb8de80\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-04f5441 elementor-widget elementor-widget-text-editor\" data-id=\"04f5441\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #000000;\">Whether or not there is funding support, careful financial management is key for start-ups to survive these challenging times. \u201cThese days, financial management can no longer be taken lightly,\u201d says Mingles Tsoi, CXO of ParticleX, an angel investor and accelerator focusing on tech start-ups. With predetermined development goals and detailed balance sheets, he says that start-ups can easily ascertain their financial sustainability. The information also helps start-ups make forecasts and decisions and gives investors a factual basis for their situations.<\/span><\/p><p><span style=\"color: #000000;\">If the financial situation looks dire, layoffs are probably inevitable, even though they may lower team morale and endanger the company\u2019s ability to recover. \u201cIt\u2019s all about survival now: keep your core business running at a minimal operational cost until the pandemic is over and the economy recovers, then you can raise more funds,\u201d says Tsoi. \u201cLayoffs are never easy, but if they are handled well, your employees will understand. If possible, rehire them when you are on your feet again.\u201d<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2657f55 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2657f55\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-c2122c3\" data-id=\"c2122c3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7f44011 elementor-widget elementor-widget-image\" data-id=\"7f44011\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/you-x-ventures-Oalh2MojUuk-unsplash-1-1024x683.jpg\" class=\"attachment-large size-large wp-image-1322\" alt=\"business meeting\" srcset=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/you-x-ventures-Oalh2MojUuk-unsplash-1-1024x683.jpg 1024w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/you-x-ventures-Oalh2MojUuk-unsplash-1-e1608714505271.jpg 600w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/you-x-ventures-Oalh2MojUuk-unsplash-1-768x512.jpg 768w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/you-x-ventures-Oalh2MojUuk-unsplash-1-1536x1024.jpg 1536w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/you-x-ventures-Oalh2MojUuk-unsplash-1-2048x1365.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-34aacda\" data-id=\"34aacda\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bc3e2c9 elementor-widget elementor-widget-image\" data-id=\"bc3e2c9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/headway-5QgIuuBxKwM-unsplash-1024x683.jpg\" class=\"attachment-large size-large wp-image-1325\" alt=\"business meeting\" srcset=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/headway-5QgIuuBxKwM-unsplash-1024x683.jpg 1024w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/headway-5QgIuuBxKwM-unsplash-e1608714739102.jpg 600w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/headway-5QgIuuBxKwM-unsplash-768x512.jpg 768w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/headway-5QgIuuBxKwM-unsplash-1536x1024.jpg 1536w, https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/07\/headway-5QgIuuBxKwM-unsplash-2048x1365.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3342f99 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3342f99\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6ac7a0b\" data-id=\"6ac7a0b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-92f0939 elementor-widget elementor-widget-text-editor\" data-id=\"92f0939\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"color: #000000;\">Layoffs aside, Jason Chiu, chairman of the Hong Kong Startup Council, suggests that start-ups shift their fixed costs to variable costs such as:<\/p><ul style=\"color: #000000;\"><li>Try to have \u2018earned\u2019 media exposure instead of \u2018paid\u2019 exposure, or form a marketing partnership with other companies to reduce related costs<\/li><li>Share the same teams of people with other start-ups to handle your finances, HR and administrative work<\/li><li>Negotiate with your landlord for a lower rent.<\/li><li>Rent a smaller office. Move out of your office and move into a co-working space.<\/li><\/ul><p style=\"color: #000000;\">&#8220;If you belong to an accelerator, leverage its resources and services,\u201d he says. \u201cYou really need to think out of the box and consider every possible option to keep your business running.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7447743 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7447743\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-58a681a\" data-id=\"58a681a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-50dbfcf elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"50dbfcf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60d76e8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"60d76e8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-67727ed\" data-id=\"67727ed\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d1d715e elementor-widget elementor-widget-text-editor\" data-id=\"d1d715e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b><img decoding=\"async\" class=\"alignnone  wp-image-296\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/03\/icon-share-yt.svg\" alt=\"HKTDC sourcing\" width=\"31\" height=\"31\" \/> Check out other key pieces of advice here:\u00a0<\/b><\/p><ul><li><a href=\"https:\/\/newsbites.hktdc.com\/covid-19-survival-guide-for-start-ups-rule-1-must-do-more-to-raise-funds\/\"><span style=\"background-color: #ffffff;\">Do more to raise funds<\/span>\u00a0<\/a><\/li><li><a href=\"https:\/\/newsbites.hktdc.com\/covid-19-survival-guide-for-start-ups-rule-3-get-as-much-help-as-you-can\/\">Get as much help as you can<\/a><\/li><li><a href=\"https:\/\/newsbites.hktdc.com\/covid-19-survival-guide-for-start-ups-be-ready-for-a-post-pandemic-world\/\">Be ready for a post-pandemic world<\/a><\/li><\/ul><p style=\"mso-add-space: auto; text-indent: -18.0pt; line-height: 125%; mso-list: l0 level1 lfo1; layout-grid-mode: char; mso-layout-grid-align: none; margin: 6.0pt 0cm 6.0pt 18.0pt;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-296\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/03\/icon-share-yt.svg\" alt=\"HKTDC sourcing\" width=\"32\" height=\"32\" \/> For all the latest information on SME and start-up support, visit <a style=\"background-color: #ffffff;\" href=\"http:\/\/www.hktdc.com\/sme\" target=\"_blank\" rel=\"noopener\">www.hktdc.com\/sme<\/a><\/p><p style=\"mso-add-space: auto; text-indent: -18.0pt; line-height: 125%; mso-list: l0 level1 lfo1; layout-grid-mode: char; mso-layout-grid-align: none; margin: 6.0pt 0cm 6.0pt 18.0pt;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-296\" src=\"https:\/\/newsbites.hktdc.com\/wp-content\/uploads\/2020\/03\/icon-share-yt.svg\" alt=\"HKTDC sourcing\" width=\"32\" height=\"32\" \/> Get ready to the post-pandemic world, check out the new products and services in <a href=\"http:\/\/sourcing.hktdc.com\">sourcing.hktdc.com\u00a0<\/a><\/p><div style=\"text-indent: -24px;\">\u00a0<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Whether or not there is funding support, careful financial management is key for start-ups to survive these challenging times. \u201cThese days, financial management can no &hellip; <\/p>\n","protected":false},"author":2,"featured_media":5276,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,4],"tags":[27,21,38,26,20],"class_list":["post-1255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19","category-tips","tag-business","tag-covid-19","tag-pandemic","tag-startup","tag-technology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>COVID-19 Survival Guide for Start-ups: Keep core business running - HKTDC Newsbites<\/title>\n<meta name=\"description\" content=\"Whether or not there is funding support, careful financial management is key for start-ups to survive these challenging times. \u201cThese days, financial\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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