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Business strategies for travel startups and established companies to survive and grow during COVID-19

27. October 2020 23:16 by PitchDot in General
While 2020 started with a bang, with the stock market at their highest and the future looking bright

While 2020 started with a bang, with the stock market at their highest and the future looking bright, nobody could have predicted we would be looking at one of the worst downturns in recent history the rest of the year. Many new travel startups that launched within the last 4 years and established players were on a growth trajectory who are now fighting for survival. During these difficult times, the emphasis should on business strategies to survive and grow when the economy does turn around. Here are a few strategies which may be helpful for you.

Seek funding

Depending on your situation, the easiest way might be to seek funding to ride out the pandemic. This usually works for an established company that can raise capital due to its history. While this may sound like a good strategy, it is only useful if you are expecting the business to return to the pre-COVID level relatively soon. For startups, this is a difficult strategy as funding is scarce during these times, especially for the travel industry. PitchDot can invest as well as help raise additional funding.

Partner along your vertical

If you are dependent on a select few suppliers or customers, the best strategy might be to partner with your suppliers or customers for vertical integration. This not only reduces costs but ensures continued business for both companies and it might also result in additional capital. The result is a stronger partnership and reduced costs for both companies. PitchDot, with our vast network and industry knowledge, we can help find the right partners for you.

Expand and diversify your business

You may be able to diversify your business by focusing on new products. As an example, some travel companies are focusing on selling hotels instead of air business. You may have to think outside of the box and focus on new customer needs. Even some airlines and cruises have started “cruises or flights to nowhere” in an effort to jumpstart some of the business. At PitchDot, we can help you realize the potential for such opportunities.

Invest in Technology

Now is the best time to invest in technology. COVID-19 has brought technology to the forefront of every business as people are choosing for more contact-less services and work-from-home. Online shopping has boomed while physical retailers are struggling and streaming has grown while theatres have a shutdown. You need to see areas where technology can help you reach out to existing and new customers while cutting costs. PitchDot, being focused on technology, is uniquely positioned to help you in this area.

Consulting to reduce your expenses

Businesses do not realize their own extra spending and you need an outside consultant to assist you in identifying areas where you can reduce expenses. You may be able to change service providers and get cheaper costs and better service. This is the best opportunity to bring in companies like PitchDot to help identify such areas. You would be able to make changes during this slow period and be better positioned for the bright future ahead.

Exit the business

The last thing to consider is exiting the business and this is especially true for business owners who were looking to retire over the next five (5) years. There are many buyers looking to merge with or acquire companies to survive the pandemic. Some businesses may be forced into this decision while others may be reluctant to consider it but in the end, there are times when it is the right option. This is especially true for startups who may not have any of the other options outlined above. PitchDot can help you find possible buyers that may be the right fit for you.

Bottom line is that there is no magic ball where anyone can predict what the future holds but it does look like the pandemic will continue impacting business for at least the next year. Every business should consider one or a combination of multiple options that may be the right fit for their situation. We at PitchDot, have the expertise, knowledge, and network to advise you on the best possible solution. The time to act is now and every day that passes is a lost opportunity for you to do something to survive this unprecedented pandemic.

Welcome to PitchDot

24. September 2020 15:38 by PitchDot in General
The description is used as the meta description as well as shown in the related posts. It is recommended that you write a description, but not mandatory

We have been entrepreneurs and seen the challenges faced by startups and growing companies. At PitchDot, our aim is to help you take your idea off the ground or maybe you are a growing company trying to figure out how to scale. Regardless, we are here to help through advising, funding, architect/design and networking to find ways to establish, grow and take your business to the next level. We have expertise in technology sector with a unique focus on travel industry.