I think starting to put feelers out for consulting work is probably the best strategy. Even though we've got a bit more runway, some customers and some VCs that have approached us, I've been trying to do the same for the what if case.
The upshot is if you can organize enough cash to keep yourself running through the downturn and do just enough consulting to stay afloat and start growing a revenue stream, if your company is still alive on the other side of this downturn it'll have cleared out a lot of the market and it'll put you in a pretty good position to try to raise a round if things are rosier in a year or so or if you can keep costs low to make a transition to living off of the revenue.
That's been the focus of the planning that I've been doing for us at the moment: "How do we make sure that we're alive in a year, and how much revenue will we need at that point to be self-sustaining."
I think starting to put feelers out for consulting work is probably the best strategy. Even though we've got a bit more runway, some customers and some VCs that have approached us, I've been trying to do the same for the what if case.
The upshot is if you can organize enough cash to keep yourself running through the downturn and do just enough consulting to stay afloat and start growing a revenue stream, if your company is still alive on the other side of this downturn it'll have cleared out a lot of the market and it'll put you in a pretty good position to try to raise a round if things are rosier in a year or so or if you can keep costs low to make a transition to living off of the revenue.
That's been the focus of the planning that I've been doing for us at the moment: "How do we make sure that we're alive in a year, and how much revenue will we need at that point to be self-sustaining."