What Business Can Learn from the Titanic

ABC’s Shark Tank is arguably one of the top-rated shows on TV, outperforming NBC’s Dateline by double-digits across the board, according to Friday Ratings. Maybe it’s because so many of us are watching TV as COVID-19 stubbornly refuses to let us get back to “business as usual.”

Shark original Robert Herjavec is author of The Will to Win: Leading, Competing, Succeeding, a #1 National Bestseller on why good enough is never good enough in business and in life. In Chapter 27, entitled Let’s Wait and See What Happens,” Said the Captain of the Titanic, Robert addresses what happens when businesses fail to face challenges — and there’s been no other time in recent history that has been as challenging for many businesses.

While we may define a recession as lower demand during a pandemic, Herjavec points out that while economists define recession as two consecutive quarters of economic decline, in the book he defines it as two consecutive months of declining sales. Today, it’s called worldwide pandemic and business lockdown.

He goes on to say “I don’t believe in waiting and seeing what happens. I believe in making things happen.” Some of his advice is impossible during a pandemic, for example, #2 is to visit customers yourself, in person.  

More advice from Robert…

  • Forget sales messages: deliver buying messages. Talk about the reasons your customer wants to buy your produce or service.
  • Don’t ask the customer questions you can answer yourself. Go online, find out everything you can about your customer or prospect. Invest the time you have to engage and build rapport.
  • Focus on value, not price. Buyers are expecting deals during these trying times, so selling value has never been as important.

He also says that problems are opportunities…later. For many of us small business owners, we can’t wait for “later.” But we can use these times to disrupt our priorities in order to spend quality time on mapping a more prosperous comeback.

If you’re a Shark Tank fan, click over to CNBC to see what advice the Sharks have to financially survive the Covid-19 pandemic.

Small Business Can SCORE!

Small businesses in and around Cincinnati were hit hard by COVID-19, but we Ohioans are neither easily discouraged nor defeated. Our Midwestern values respect the hard work that goes into making an honest living. We enjoy the simple things, like family, friends, good food (especially beer, goetta, chili, and beer!), opening day with the Reds, football weekends,  Graeter’s ice cream, and asking someone we meet where they went to (high) school. 

We are a great city with an illustrious past and everything we need for a bright future. Being home to eight of the Fortune 500 companies makes Cincinnati a rich source of business know-how and experience. Some of these great business minds, both working and retired, volunteer to help local business owners to start a new business or make an existing business more efficient, productive, creative, and profitable. These business veterans serve as the backbone of an often-overlooked business resource in Cincinnati — SCORE.

SCORE is a partner of the U.S. Small Business Administration (SBA). Since 1964, SCORE has helped more than 11 million entrepreneurs through mentoring, workshops and educational resources. 

SCORE mentors typically meet their mentees one-on-one in person, but during these times of social distancing are meeting remotely. SCORE online offers advice on Coronavirus SBA Loans and other business assistance and can help you regain momentum with free online courses covering digital marketing, launching a website, and leveraging social media.

We expect the demand for this free mentoring to be higher than usual now and for the coming months, so don’t delay. If you can benefit from the wisdom of others that have gone before you, there’s no better time than now to sign up. Small business owners can get daily updates on the Cincinnati COVID-19 Dashboard.

Regarding small business accounting matters, we’re here to help you to plan now and for the future in order to avoid a cash crisis and keep your business strong. Call us (513) 322-1036.

Elderly Scams Explode in COVID-19

As daily money managers, we are trusted to keep an eye on what issues might arise for our elderly and the families who love them. Recently, there has been a major uptick in scams involving COVID-19 and issues surrounding seniors and health. It seems that any national, let alone world, disaster brings out the worst of the scammers who want to take advantage of our beloved elders.

It’s been widely reported that those over 65 are the most vulnerable to the virus. For many, these are fearful time full of anxiety and feelings of helplessness. Scammers use this fear against them.

The Federal Trade Commission is trying to stay ahead of the issue with a series of blogs surrounding the Coronavirus. We encourage you and your loved ones to read how scammers are setting up websites to sell bogus products and sending phishing emails, text, and social media posts as a way to swindle us out of our money or give away our personal information. 

Cleverly written and designed to offer safety and prevention, they offer links as “bait” and contain malicious email attachments. We advise that all our DLMM families read the FTC blogs and subscribe to their email updates until this crisis is behind us. Go to the FTC Consumer Information blog here.

If you or a loved one have clicked on a phishing email, read this FTC article and follow their advice. It shows you what a phishing email may look like and what to do if you responded to a phishing attack and are concerned that your identity might have been compromised. Our internal rule is that if you do not know the sender, do not click on any attachments or links. If you get an email from the IRS, it is spam. They will send you an actual letter in the mail. If you are not expecting a package delivery, do not click on any links within the email. If necessary, make a phone call to a known telephone number you have used previously to confirm. And most importantly, delete the email!

Know that we are committed to helping our clients feel safe in these uncertain times. We are but a phone call away if you have any questions about what steps we are taking to assure that our clients’ daily money management and accounting practices are strong and secure.