On this episode of The Small Business Radio Show…
Listen to “#589 Why You Don’t Need to Be Afraid of Recessions” on Spreaker.
SEGMENT 1, starting at 0:00: The savvy entrepreneurs are the ones making plans now, so they can be ready when opportunity knocks. They’re looking forward to purchasing failing companies, hiring top talent, and investing in marketing when others are caught unprepared by a recession. Here to help small businesses prepare for a recession and turn it into a profitable opportunity is Jonathan Slain.
SEGMENT 2, starting at 20:00: One of the things you need to do right now is keep your community together. But how do you do it when your revenue is sharply reduced or your business is temporarily closed? Here to help is Ramon Ray.
SEGMENT 3, starting at 37:10: One of the hardest hit areas on the pandemic shutdown is restaurants. While some of them are doing takeout, for most this is a fraction of their revenue. What does reopening this part of the economy look like? Here to help is Dirk Izzo, Senior Vice President of NCR Hospitality.
More on each segment below.
Segment 1: Jonathan Slain spent the last Great Recession huddled in the fetal position on the floor of his office. He borrowed $250,000 from his mother-in-law to survive. Jonathan paid his mother-in-law back and is now a highly sought-after consultant (and, yes, he’s still married!). Jonathan understands not only how to prepare your business for the next major recession but also how to turn it into a profitable opportunity.
1:30 – Business owners don’t have to be afraid of recessions.
3:30 – What is the first step for companies to grow, rather than destruct, during a recession?
5:45 – Is there still time to develop a plan for a recession?
8:30 – Recessions are opportunities to upgrade your employees.
10:15 – Is it time to start using the “D” word—Depression?
13:00 – The 20 questions to test your Recession Readiness.
15:00 – What is your outlook for small businesses over the next two years?
Segment 2: Ramon Ray is an entrepreneur who started four companies and sold two of them (last one just this year!). He’s published four books, the latest – “Celebrity CEO – How Entrepreneurs Can Thrive by Building Community and a Strong personal brand”. Ramon loves burnt pancakes and bacon.
20:00 – How can small business owners keep their community of customers and fans together right now?
23:15 – In order to build community, let go of sales. Care about your community first.
26:00 – What does it mean to build a business community?
27:30 – How can you solidify the sense of community within your organization during these times?
29:30 – Should you focus on protecting your brand or evolving your brand?
31:00 – This time requires businesses to take more risks. How so?
34:15 – Advice for small business owners who are paralyzed by fear.
Segment 3: Dirk Izzo serves as Senior Vice President of NCR Hospitality. He is a seasoned leader with experience in building and marketing innovative cloud-based solutions to help clients optimize their business performance.
37:15 – What is your outlook on how the hospitality sector can keep commerce running?
42:30 – How restaurants are pivoting to a touchless experience when in-person dining resumes.
45:00 – Is walking into a restaurant a thing of the past? Will you always need a reservation?
45:45 – What is going to drive people back into restaurants versus order takeout?
47:45 – How will restaurants survive on 50% capacity? What innovative things can they do to bring in revenue?
