Managing Your Startup Through COVID-19 Pandemic

Whatever comes, Rev1’s mission and focus haven’t changed. 

We are here to help startups manage through COVID-19 and then be as strong as possible when this crisis ends. This page is a playbook and information hub for entrepreneurs, organized around the company-building approach from Rev1’s Startup Studio—Capital, Talent, Market, Business, and Product.

CAPITAL

It is no surprise that capital will be hard to come by during this crisis. Here are resources and steps to help.

TALENT

Please read resources and tips below to help your team and their families during this time.

MARKET

Your customers are your most important asset. Put them first as you analyze how to align around a changing market.

BUSINESS

Make connections to local, regional and national resources to support your business during this difficult time.

PRODUCT

Resources to strengthen your product and technology during the crisis.

CAPITAL

It is no surprise that capital will be hard to come by during this crisis. Here are the resources and steps to help.

Resources

  • SSTI has assembled a list of resources for organizations, small businesses, universities, and others.
  • Ohio has been approved for the U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan program. This program provides low-interest loans up to $2 million to help businesses overcome the temporary loss of revenue during the state of emergency.  
  • The U.S. Senate has developed a new relief proposal to help small businesses address public health-related challenges from the novel coronavirus (COVID-19) outbreak. Learn about what it means for your business and how it is progressing here.
  • The U.S. tax filing deadline has been pushed back from April 15 to July 15 without penalties or interest. Consult your tax advisor about potential changes or effects on quarterly estimates, business filings, or other considerations.
  • The National Venture Capital Association is working diligently to address the VC industry’s needs and to provide resources that aim to help firms and portfolio companies during this challenging time.
  • To keep small businesses operating, Facebook is offering $100 million in cash grants for up to 30,000 eligible small businesses. Learn more.
  • Some credit card companies, like Amex, Bank of America, Discover, and Capital One, are allowing business owners directly impacted by COVID-19 to skip payments, free of interest. Learn more here.
  • Expensify is matching SNAP grocery purchases for up to $50 per family while funds last.

Tips 

  • Analyze your 90-day, 6-month, and 12-month business plan, and continue to review it every week. Questions to ask: Cash flow is essential to survival. Do you have access to additional funding? If so, how much from where? What are your priorities, and do you have enough cash flow to cover associated expenses? If not, reduce your priorities and assess which expenses you can eliminate immediately. Need help creating your business plan? Start here.
  • If you have investors, talk to them now about your analysis and scenarios. What is their position on additional capital for your business? Use your board of directors for mentoring, expertise, and contacts. If you have a relationship with a bank, talk to them now about new ways they can help. Here are tips for communicating with investors.
Upcoming Deadlines

 

See more Capital guidance here.

TALENT

The impact of this destructive coupling of the health and business environments on your team and their families is profound. The resources and tips below can help.

Resources

  • The state of Ohio has expanded flexibility for Ohioans who lose their jobs because of coronavirus restrictions. Unemployment benefits will be available during Ohio’s emergency declaration period for eligible individuals. The waiting period has been waived. Here’s how to apply. Ohio has two ways to file for Unemployment Insurance Benefits online and via telephone (877) OHIO-JOB (1-877-644-6562) or TTY at (888) 642-8203, Monday through Friday 8 a.m. to 5 p.m. Employers with questions should email UCTech@jfs.ohio.gov.
  • Looking for low-cost, flexible talent? Rev1’s internship program brings students and startups together to create exciting opportunities for both. Learn more and apply here.
  • TechCred helps Ohioans learn new skills and helps employers build a stronger workforce with the skills needed in a technology-infused economy. These technology-focused credentials take a year or less to complete and prepare current and future employees for the technology jobs Ohio employers need.
  • Your team has likely gone remote. Here are resources for how to best implement and manage remote teams.
  • SharedWork Ohio is a voluntary layoff aversion program. It allows workers to remain employed and employers to retain trained staff during times of reduced business activity. Learn more about SharedWork Ohio.
  • Paid Leave Relief: Treasury, IRS, and Labor announce paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave. Read more.
  • Microsoft is currently offering free access to the Teams app, which includes free unlimited chat, video calling, file sharing, storage, and more. Learn more.

Tips

  • Need HR support? Personal employer organizations (PEOs) can help you structure communications (formal and informal) to your team. They can help guide companies through human resources decisions and are in-the-know as changes in existing regulations and programs, for example, unemployment benefits, develop.
  • For companies that don’t subscribe to PEO services, Rev1 can help connect our clients to that local expertise through our vetted service provider network. ClearPath HR and Vivo Growth Partners are two of our partners. Reach out to your Rev1 advisor or Alison Lopriore for more information on how to connect with these vetted service providers.

See more Talent guidance here.

MARKET

Your customers are your most important asset. Put them first as you analyze how to align around a changing market.

Resources

Tips 

  • Start by asking yourself: How can your business uniquely support your customers during this critical time? Find ways to stay connected to them in meaningful ways.

See more Market guidance here.

BUSINESS

Make connections to local, regional and national resources to support your business during this difficult time.

Resources

  • Eight Steps Startups Should Take to Survive the Coronavirus Crisis: Drive Capital provides specific steps that CEOs and business owners can take to help their companies survive the coronavirus crisis and the recession that’s likely to follow.
  • SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
  • Ohio Resources for Economic Support: The state of Ohio has been a leader in tackling the challenges of the Coronavirus pandemic.

See more Business guidance here.

PRODUCT

Resources to strengthen your product and technology during the crisis.

Resources

Tips

  • Full attention to fundamentals matters, now more than ever before. If your company’s supply chain and sphere of influence include the global market, especially for equipment and components from China, the global pandemic is likely already affecting your business. Do you have relationships with the right vendors? If you didn’t have redundancy in your supply chain before, how will you create it now?
  • Do you have a product in beta test that you intended to release later this year? Is there an opportunity to accelerate that launch, perhaps offering the product in test mode at no cost in return for market research and feedback from beta users? Here’s an example of that approach from the product team at Vidyard, a video platform built for business with an impressive customer list that includes Lenovo, LinkedIn, and Citibank.

See more Product guidance here.

Note: This is not legal, tax, or accounting advice and is offered only as a commentary on non-specific circumstances or investments. We recommend that entrepreneurs and startup companies always consult their attorney, tax advisor, and/or accountants on the specifics of their situations regarding legal, accounting, and/or tax-related matters, or to learn more about any subject discussed on this site.