Hi Anushree, thank you for your question, and I hope you and those you care about are safe at this time. I admit that I’m not expert at running a business in Covid-19 times. Frankly, no one is! These are incredibly tough and bizarre times, and sometimes there are no easy answers.
Sustaining a business, through lean times, comes down to being able to be a cockroach. It sounds gross, but cockroaches are able to live on very little and are hardy as anything. In business terms, this means operating with minimum excess overhead, and without running a month-on-month cash deficit. During this coronavirus crisis, it’s the businesses that are able to hunker down and not run out of runway that will see it through to the other side.
If you’re not making money now, move your focus on to ways you can charge for your product or services, even if it’s different than what you would have done pre-Covid-19. After all, there are a lot of new problems to go solve for the world now, so perhaps there’s value to be added and money to be made there. If you are making money now, look to keep your costs below your revenues. We don’t know how long this will last, and every month you can buy yourself gives your team that much more of a chance to survive and come out the other side.
Good luck out there, and stay safe! 