Conversations with a Business Shark

A couple of weeks ago, I had the great opportunity to sit down with business guru, best-selling author, and Shark Tank star, Daymond John. We had a great conversation about what it means to be a small business during the pandemic and shared insights we’ve learned from mentors, customers, and people we’ve met along the way. 

You can watch this on-demand webinar here, but below are a few things that stood out to me during our conversation.

1. Take a look at your inventory and really get to know your business. What are your assets, who are your customers, what are you really selling? These are some of the questions that you should ask yourself as a business. When you truly know the value of your business then you are equipped to evolve when external challenges arise. Beyond the pandemic, there will always be instances that will change and impact your business, but if you keep inventory of your assets, then you will be better prepared to face these challenges head on.
2. Stay connected with your customers and check in on them. Behind every business--may it be a small or a large corporation--is an individual that may have experienced the loss of a friend or family or it could also be someone who has found happiness during this period from now having more time at home with family. Whatever it may be, the important thing is to keep connected with your customers and show genuine concern for their well being. We are all people first and establishing that relationship with our customers goes a long way. Take this opportunity to reach out!
3. Hustle hard and give as much as you get. With all the technology available these days, it’s easy to stay in contact with your customers -- but you have to make that first move to get in touch with them. If you have the means to keep tabs on your customers, you can also bet money that your competitors do as well. More importantly, when a customer does reach out to you, you need to reciprocate and be responsive. If they like you on social media, then you have to like back. If they give you great feedback, a heartfelt thank you will also be appreciated. Remember that this is a two-way communication.
4. Reinventing or pivoting your business means you have to educate yourself. The more you know about your industry, the technology and tools, and other things beyond your business, the more awareness you have of the larger picture. This will give you a panoramic view of how to take your business forward and how to get to the next level.
5. Customer complaints are valuable. You learn from success but you learn even more from failure. Never ignore customers who complain because negative feedback is what pushes you to do better and to offer a solution that satisfies a pain point.

To all our SMB friends and family going through the struggles caused by this pandemic, we are here with you throughout this journey. I hope that these tips not only help you and your business survive, I hope it helps you thrive!