From the VC’s Corner (28): Six Tips for Now
You can’t just tweak your 2020 P/L estimate. You need to rethink it completely. Base your new sales estimates on the most pessimistic scenario imaginable (until at least September.)
If you’re planning to raise, start planning early (getting to know potential investors online,) because it’ll take longer (unless you’re a biotech working on a ko19 vaccine.)
Exchange ideas with existing clients and plan for the phase when people will be allowed to leave their homes and the next months. Think about the post-pandemic changes in consumer habits, and if there’s a need for a deeper pivot in your business model.
I’ve said this so many times, and repeat it now: openly communicate with your customers, as churn is the word of the day. It’s now or never. Get clients’ feedback, testimonials, opinions, and use them smartly.
Focus on cash! If you have cash, spread it so it lasts more months than envisaged. Freeze expenses big time and prioritize projects based on payment terms — negotiate with all suppliers, clients, 3rd parties and team for a smooth implementation. Now it’s the time to exceed in the quality of execution (they’ll all remember), and last (but not least,)
Spot opportunities and strike! We all know that the best time to invest is in a downturn.
The extra one: make sure teleconferencing and remote working will be part of the new normal. This is a key part of any 1st wave post-pandemic continuity plan.
My today’s preferred: Around — “From a UI perspective, Around looks different than traditional video conferencing software, prioritizing AI-based camera framing that finds your face as you move, cropping out the background behind you. There’s also optional filters to set a vibe for the call, meaning nobody has to feel vampire-awkward when tuning in at night due to different time zones. Around also has an auto-mute feature that uses AI to eliminate common background noises like sirens, dog barks, washing machines, smoothie blenders and laptop fans to prioritize the human voice. On top of that, Around’s signal processing technology lets multiple laptop microphones and speakers stay enabled in the same room without echo or feedback.” (Product Hunt)
