In the spirit of trying to remain optimistic and find the silver lining, there are many things every entrepreneur should do at one point or another, but given the tedious nature of these activities, they are often ignored. Now that we are all working remotely, and business might be slow due to the crisis, now is the time to visit those activities.
Here are six crucial steps in the journey of every entrepreneur that could be taken now given the extra time we have on our hands:
Do competitive analysis the right way.
In the journey from idea to business, competitive analysis or market research is one of the most important steps. Knowing who you are up against, who the other players in your market are, who is winning and who is losing is imperative information without which your chances of success decrease significantly.
The thing is, doing that research is no fun, it is annoying, takes time, and requires your full attention. Now is the time. Use search engines, use industry resources, and use social media. Determine who else is addressing the same pain point you are, who else is targeting your target audience, and who else is promising the same value proposition as you.
Set up your team's CRM neatly and effectively.
Relationships are key to business success and if you don't have access to your contacts in an organized manner, once things begin to scale, you are going to find yourself in a bit of a panic.
Now that you are not traveling to the office every day, speak to your colleagues to figure out which CRM is best suitable for your needs, and get to work. Look through your emails, your messages, and all your company communication, gather all your contacts and set them up properly in your new company CRM. It will come in tremendously useful down the line.
Configure your company social media accounts.
By now, you have heard from everyone how your company should be all over Twitter and LinkedIn, but who has time to find a relevant profile picture, write the bio, and start sharing content? Who has the patience to research people to follow and to start engaging?
Lucky for you, now, time is something we have a lot of. Now is the time to get on board the social media train.
Redo your website so it aligns with your current mission.
Surely you have heard from people that your website needs some tweaking and optimization, but redoing a website is a massive project you simply didn't have time for. Now is the time to make sure the site aligns with what you're telling customers and investors.
A website that is outdated is a huge red flag and being as it is the face of your company, now is the time to give yourself a facial.
Polish your pitch and public speaking abilities
You might be a CEO or even an engineer in your training, but at one point or another, you are going to need to pitch your company. Now is the time to learn. There are endless online resources that can teach you the techniques of more effective communication, whether it is public speaking or the art of a good elevator pitch.
Call your partners and customers on the phone.
Throughout the craziness that is startup life, you probably email your partners and customers regularly. Maybe before the holidays you send a nice gift. When was the last time you called to check in and hear some feedback about how your customer thinks things are going.
A quick casual phone conversation can be invaluable to strengthening the relationship and maybe even kicking it up a notch. Now is the time because you are not the only one stuck at home, your partners are too.
The current situation is not easy on any of us, but now is the time to go back to the task list you made at the beginning of the year, your list of business new year resolutions, and cross off some things you have been scared of due to their tedious nature.
If not now, then when?