35 Burst results for "Small Business"

Former Zappos CEO, downtown Las Vegas visionary Tony Hsieh dies at 46

Home Sweet Home Chicago

00:24 sec | 3 hrs ago

Former Zappos CEO, downtown Las Vegas visionary Tony Hsieh dies at 46

"Tony Shea, the retired CEO of Las Vegas based online shoe retailer Zappos dot com, has died in a statement DTP companies, which he found it said she was with his family in Connecticut when he died. Lawyer for Shay has told media that Shay was injured in a house fire. He had retired from Zappos this year after 20 years leading the company. She also did a lot of work to revitalize the Las Vegas area. He was 46 years

Tony Shea Zappos Shay DTP Las Vegas Connecticut
CDC advisers to vote next week on who gets coronavirus vaccine first

Masters in Business

00:30 sec | 4 hrs ago

CDC advisers to vote next week on who gets coronavirus vaccine first

"As pharmaceutical companies awaiting FDA approval of their vaccines. The first large air shipment of a covert 19 vaccine is already underway. United Airlines began flying FIEs ear's drug from Belgium to Chicago on Friday. Visor is awaiting FDA approval of the vaccine next month. Centers for Disease Control advisers are about to vote on who receives a Corona virus vaccine. First CNN reports and emergency meeting has been scheduled for Tuesday.

FDA United Airlines Visor Belgium Chicago Centers For Disease Control CNN
Tony Hsieh, retired Zappos CEO, has died at 46

WBZ Morning News

00:28 sec | 5 hrs ago

Tony Hsieh, retired Zappos CEO, has died at 46

"Tony Shea, the former CEO of online footwear and clothing giant Zappos, has died. The digital entrepreneur, died yesterday of injuries he suffered in a house fire while visiting family in Connecticut. She retired from Zappos earlier this year. After leading the company for about 20 years. He was also getting involved in revitalizing the Las Vegas area. Tony Shea dead at the age of 46.

Tony Shea Zappos Connecticut Las Vegas
Shoppers spent record $5.1 billion on Thanksgiving

Bloomberg Businessweek

00:29 sec | 5 hrs ago

Shoppers spent record $5.1 billion on Thanksgiving

"Day meant more than eating Turkey for shoppers online shopping surged, according to John Copeland, Adobe vice president of marketing and consumer insights. We saw $5.1 billion spent. That's a new record. 21, a half percent increase over last year. On the same day, Copeland says $71 billion had been spent in the red up to Black Friday as retailers brought black Friday deals forward. To make up for the expected loss of foot traffic and physical stores because of the pandemic.

John Copeland Adobe Copeland
The Latest: Britain appoints vaccines minister

AP News Radio

00:42 sec | 5 hrs ago

The Latest: Britain appoints vaccines minister

"S. coronavirus cases surge Los Angeles county has announced a new stay home order the three week order takes effect Monday it was announced Friday as LA county the nation's most populous confirm twenty four new deaths and more than four thousand five hundred new infections the order advises people to stay home as much as possible and to wear face masks when they go out it bans people from gathering with others who are in their households either publicly or privately however church services in protests are exempted businesses can remain open but with limited capacity beaches trails and parks also will remain open I'm my camping

S. Coronavirus La County Los Angeles County
Many Stores Didn't Even Open This Thanksgiving

News, Traffic and Weather

01:15 min | 6 hrs ago

Many Stores Didn't Even Open This Thanksgiving

"Year because of the pandemic. Did you notice how many stores were closed on Thanksgiving Day? Walmart never even opened and what stores did open. They shut down in 5678 o'clock at night. Then we get the black Friday talk about being so different Thanks to the Corona virus. Pandemic stores were a lot more relaxed. Not that they're not turning out. There's just not as many. There's not a lot of chaos, the frenzy that we've seen in years past that's not there. If anything, the pandemic is more just paving the way for people and businesses to start really opting for online shopping, and we really saw that this year will be even more than in years past despite baby the lower turnout, then normal physically, the national retail Federal Asian projects. Holiday sales across the country will actually increase this year by up to 5.2%. We talked with shoppers on a different black Friday shopping spree is usually a group of seven of us way go, but with the pandemic we didn't do that. We are trying to avoid mass crowds. We're not going out to a bunch of stories like we normally would just the one And that was this intimate that we heard from talking with shoppers a lot more calculation a lot more buying online and then coming to pick up a big trend economists have seen throughout the pandemic that's cool, most Patrick Quinn, meanwhile, the survival rate for

Walmart Patrick Quinn
Britain's PM faces revolt over fresh restrictions

AP News Radio

00:48 sec | 6 hrs ago

Britain's PM faces revolt over fresh restrictions

"The British government is warning lawmakers who opposes strict coronavirus restrictions that the measures all the only way to avoid a surge that may overwhelm the health system a full week national not down in England is due to end next week and will be replaced by three T. at regional measures that restrict business activity travel and socializing the vast majority of the country is being put into the upper two tiers now prime minister Boris Johnson faces opposition from his own Conservative Party lawmakers who say the economic damage outweighs the public health benefits some say they will vote against the measures in parliament on Tuesday while Johnson I like Michael Grove says the measures on grimly necessary Charles the list as well London

British Government Boris Johnson England Conservative Party Michael Grove Johnson Charles London
Boston - New Covid restrictions will go into effect on Monday in Rhode Island

WBZ Morning News

00:21 sec | 6 hrs ago

Boston - New Covid restrictions will go into effect on Monday in Rhode Island

"Restrictions go into effect in Rhode Island on Monday in an effort to control the surge of covert 19 cases. Governor Genera Mondo warning. People don't abide by the two week pause, lives and jobs will be lost. Businesses like Jim's will be closed. Retailers and restaurants must further reduce their indoor capacity.

Genera Mondo Rhode Island JIM
Shoppers spent record $5.1 billion on Thanksgiving

Bloomberg Businessweek

00:30 sec | 7 hrs ago

Shoppers spent record $5.1 billion on Thanksgiving

"Thanksgiving Day meant more than eating Turkey for shoppers online shopping surged, according to John Copeland, Adobe vice president of marketing and consumer insights. $5.1 billion spent. That's a new record. 21, a half percent increase over last year. On the same day, Copeland says $71 billion had been spent in the run up to Black Friday as retailers brought black Friday deals forward. To make up for the expected loss of foot traffic and physical stores because of the pandemic.

John Copeland Adobe Copeland
PlayStation And Xbox Drew In Black Friday Crowds

WBZ Morning News

00:13 sec | 7 hrs ago

PlayStation And Xbox Drew In Black Friday Crowds

"Even on this subdued black Friday, Sony's PlayStation five was drawing big crowds, Shoppers lined up both in person and virtually hoping to snag one of the consoles. Microsoft's latest X box is also hot.

Sony Microsoft
Champion Ken Jennings will be first interim 'Jeopardy!' host

Business Rockstars

00:23 sec | 8 hrs ago

Champion Ken Jennings will be first interim 'Jeopardy!' host

"Holder King Jennings will be the first in a series of interim host when the long running game show resumes production next Monday, Jennings 1 74 games in a row and cleaned the show's greatest of all time title and a competition last year. Host episodes that will air in January. A permanent host to replaced. Longtime host Alex Trebek will be named later. Trebek died of pancreatic cancer earlier this month in

Holder King Jennings Jennings Alex Trebek Trebek Pancreatic Cancer
Shoppers spent record $5.1 billion on Thanksgiving

Bloomberg Wall Street Week

00:30 sec | 8 hrs ago

Shoppers spent record $5.1 billion on Thanksgiving

"And I'm Susanna Palmer in the Bloomberg News Room. Thanksgiving Day meant more than eating Turkey for shoppers online shopping surged, according to John Copeland, Adobe vice president of marketing and consumer insights. We saw $5.1 billion spent. That's a new record. 21, a half percent increase over last year. On the same day, Copeland says $71 billion had been spent in the run up to Black Friday as retailers brought black Friday deals forward. To make up for the expected

Susanna Palmer John Copeland Bloomberg News Adobe Copeland
Penguin Random House to Buy Simon & Schuster

Slate Money

07:04 min | 9 hrs ago

Penguin Random House to Buy Simon & Schuster

"We now have a two point two billion dollar deal which i guess by the standards of emanate manet transactions is quite small but by the standards of book publishing. It's absolutely enormous webuye. Random penguin or penguins house. I never know which one those two. I prefer which is owned by this. Massive german publishing house called bertelsmann is going to buy or his said they wanted has agreed to by simon and schuster which is the third-biggest publisher in america. Four point two billion dollars and according to a statement from news cool which. I don't know if i take this at face value. But i haven't seen anyone say that it's not true. This will create a publishing house with seventy percent of all literary fiction. They basically have seventy percent of all these novels in america and they have about a third of the entire book market. If this this looks to me like a monopoly and it looks to me like bertelsmann's trying to create a monopoly and does anyone disagree. And if they are. Shouldn't this be looked. I don't agree. I think this could be very bad for book publishing in general especially for authors. There's one bless house to compete for authors and titles so that means lower advances that means bigger titles. There's already all this consolidation in the book business and there's a tendency now the trend. Is you know big blockbuster. Titles simon and shuster made a lot of money this year because of they they had the john bolton book and the mary trump book penguin random house made a lot of money this year because they had the obama book and the other obama book and so the consolidation isn't really good news for people care about you know interesting books getting published. It's just more bad news and it is a monopoly but at the same time i sent around this piece of franklin four wrote in the atlantic. About how this is actually not about book publishing per se or book publishing companies but is actually about amazon because while this combined company would have a third of the book publishing market amazon has about half of book publishing distribution. So it's like maybe a counterweight to that. I don't know how convinced are very like amazon's position in book. Sales is clearly monopolistic. And as if you remember back a million years to the episode. We talked about when they go into a big fight with has shed You know they basically stopped shipping shit bugs and they will mock is unavailable in this kind of thing in this big fight. They are not afraid to play t when it comes to fighting with book. Publishers and it is color ripley possible. I suppose that a combined penguin random house and simon and schuster is going to be so big that they will be able to stand up to amazon's bullying a little bit about better. And i kind of by that but everything else that frank wrote in that piece is just like. Oh my god. You're such a fogy. And he was like. I'm plus he was like we need to do something about this amazon monopoly without ever saying what it is that we need to do is very hard to break up that monopoly at this point. Is you know full of us trying to like bookshop to amazon. Like it's not going to move the needle verify thousand just has that monopoly that monopoly incidentally is so entrenched in people's minds. The people simply assume that amazon has a monopoly everywhere else as well and it doesn't and this is one of the weird things about amazon. Is that because his daunted is a bookstore and because it has such a powerful position in books every time it makes an announcement like it did last week saying oh we're moving into pharmaceuticals and prescriptions. Oh my it's going to have napoli in prescription. Of course it's not gonna have a monopoly and prescriptions. Books are unique. There were very very unique. Market it does seem absolutely obvious that the big loser here is authors and especially authors of fiction. Because what always used to happen. Is you'd have an auction. Your agent would like send out your manuscript to a bunch of different publishers and then highest bidder would win but now when all of those different publishers owned by the same company they basically just agree between each other which one of them is going to make the bed and then they don't need to worry about what the other one's going to because they all know that they're not going to receive a competitive bid from one of the others so it's very bad for author advances. I is that enough for the doj to try and stop this anti monopoly of i. Don't yeah it's a good question. I mean i think from what we've seen recently. It seems like it's definitely more likely than anyone probably would have said like five years ago. I mean he had like the mcgraw hill. S- engagements textbooks but still that was merged that with stopped on antitrust grounds. So i i think this will definitely be scrutinized quite a bit whether or not they consider the consider it a obviously a less competitive market whether the considerate monopolistic is definitely up for debate. The other losers here are going to be. You're gonna have a lot of people are gonna lose their jobs if this goes through about specifically what they said in terms of where you get you know your your synergies is that they're gonna cut a bunch of sales and marketing jobs and they. I've got more importantly they're going to cut a bunch of like weird back in like you know that whole infrastructure of printing and distribution now can be like diedhiou placated which we east coast media types. Don't like to think about like the truck is driving the books around to bookstores. Whatever books a big heavy physical objects which way like a lot of physical. Wait if you add. The mola something like the obama but with seven hundred pages and sold two million copies already. That's a lot of just logistics of moving around the country and those logistics or get centralized and that's a bunch of savings right there and one of the interesting things about the book industry right now is the covid. Pandemic has her book printing clients at exactly the same time as everyone is reading more books especially things like mary trump. and so. There's this incredible crunch all of the publishers who who were meant to be publishing books right now which have been sheduled for months or a year pushing them back because there's just no capacity to print them because you have people like barack obama mary trump just dominating the printing presses so we're gonna have a lot of books really crowding onto the book shelves in the next year or two which have been pushed back. Thanks to cove it. Yeah he also had a lot of books pushback because authors weren't gonna be able to tours and so publishers. Were concerned about that. So they push a big names as well

Amazon Bertelsmann Random Penguin Simon Schuster Barack Obama America John Bolton Shuster Mcgraw Hill Franklin Atlantic Frank DOJ Mary Trump
Black Friday crowds thin as shoppers go online but many still show up in person

WBZ Programming

00:26 sec | 13 hrs ago

Black Friday crowds thin as shoppers go online but many still show up in person

"Black Friday, Sony's PlayStation five was drawing big crowds. Shoppers lined up both in person and virtually hoping to snag one of the consoles. Microsoft's latest Xbox is also hot. It looks like there will be lots of yoga pants under the tree this year with Lulu Lemon, a big draw among holiday shoppers. Long lines were reported at malls, including King of Prussia in Pennsylvania and Scottsdale Fashion Square in Arizona. US safety

Sony Microsoft King Of Prussia Scottsdale Fashion Square Pennsylvania Arizona United States
Los Angeles issues new stay at home order as coronavirus cases surge

Pacifica Evening News

01:20 min | 18 hrs ago

Los Angeles issues new stay at home order as coronavirus cases surge

"Angeles County announced a new stay at home order today is Corona virus cases surge out of control and the nation's most populous county. The new order takes effect Monday and will last until at least December 20th. It comes as a county confirmed 24 new deaths and 4544 New Corona virus infections. Five day average of new cases in Los Angeles County is 4751 nearly 2000 people in Los Angeles County are now hospitalized with coronavirus. The order advices residents to stay home as much as possible and to wear a face covering when they go out. It bans people from gathering with others who aren't in their immediate households. Whether publicly or privately, exceptions are made for church services and protests, which the county Department of Public Health said in a statement. Quote are constitutionally protected rights. Unquote businesses are allowed to remain open but with limited capacity, and the same is true of nail salons and other personal care services. Beaches, trails and parks will also remain open with safety requirements. The order is more modest than the statewide closure ordered in the spring.

Angeles County Los Angeles County Department Of Public Health
A Look At The Pandemic Economy

Marketplace with Kai Ryssdal

05:24 min | 22 hrs ago

A Look At The Pandemic Economy

"While the dow hit a record high so did covid nineteen cases and hospitalizations. According to adobe analytics we spent more than five billion dollars online shopping yesterday up. Twenty two percent from last year even as reports came in from across the country of miles long lines at food banks and food insecurity. The point here is that there's not just one narrative in this pandemic economy. Luckily we've got not just one but two of our favorite folks on deck to help us unpack it. All k- davidson is at the wall street. Journal and city ready is at politico. Hey to hey can relate. Hey kimberly so city. We sort of asked us every friday. But are these numbers about people getting sick and dying and going hungry and possibly going to push congress in the white house any closer to another relief package. You know these are depressing numbers. They're horrifying numbers. And at some point they have to force congress to act of. Unfortunately it seemed like we're going to have to see this. Get much further out of control before they do. You know over the next two weeks. We're gonna see an absolute explosion of virus cases as a result of thanksgiving holiday far worse than the increase we saw after the labor day holiday and after the july fourth holiday you. You'd think we'd learn something after fualaau isn't we don't necessarily do that. But we also have millions of people as we said staring down all the deadlines unemployment aid and infections and all these other. Stopgap measures A month from now And just to throw in into in the middle of a crazy government funding deadline to prevent a shutdown having two weeks from today and then we have a little political theater theater with the electoral college and state certifications All coming up in the next couple of weeks as well and so put it together. We have a whole lot of chaos and confusion that is usually not a good recipe for what's going on but you also have a sense that we might be getting to a really really bad place the country and so maybe that will be. What gets congress. Pay attention kate. Are you seeing any indications any bright spots possibilities. That negotiations are have have a pathway forward. Well i'm not sure. If we see the bright spots yet at kimberly but i think that really the kind of do or die moment if you will is next week. Pelosi mcconnell really have to decide if they're willing to just sit down and and how hard conversation and hash out an agreement because The clock is ticking. On december eleventh is the deadline for funding the government. And we know that they've made some progress on that front But they really haven't had broader discussions about covid relief so they might have to do. Some kind of short term funding extension beyond the eleventh may be like give them an extra week till the seventeenth to get them a little closer to christmas To see if they can work something out but one other thing we haven't talked about his covert cases in congress on capitol hill. You have senators who are having to quarantine and who are getting sick and so will they be able to actually stay in session long enough to do something is another unknown so it's really tricky and city. We had know new unemployment numbers out this week heading in the wrong direction. Is there a chance. Maybe that we get pieces of relief attached to these various funding vehicles. That have to go through. It's it's certainly possible that you may get a little bit of unemployment aid for folks who would see that dry out by the end of the month. It's possible that the the trump administration might extend some of some of its own measures at least until inauguration day so they can pass off the problem to the incoming administration. They're all all these things are possible. But it's just not a situation when you've got the the political cross-currents in the moma and people just like almost paralyzed by By the the fight over the election as it is And that's that's really put them at the in in this Really difficult situation where they know something needs to be done but they're not sure that they're going to be able to do it kate. The fed has been the one stepping in with all of these different measures. While we wait on congress. Do they have anything left in their toolbox. Well we know that. Certainly they've been they've been thinking about that Third latest policy meeting. They released minutes from the meeting on wednesday and and we know that they discussed ways that they could alter their purchases of treasury and mortgage backed securities. That's something they've been doing for months now and they could They could pick pick up the pace of those to to do more to support the economy. They didn't indicate that there any imminent changes. I think that they're kind of waiting to see what What congress is gonna do and hoping as we've heard that chairman jay powell say over and over a congress really should do more. Fiscal support is really needed at this time So i think they. They know that they're the backstop and they know they might have to do something. They're getting ready for that But it's not really clear. How much of a boost day can provide especially the longer this goes on. I think they're worried that You know the the with as long term unemployment continues to rise as we get more into like a traditional type of recession. Their tools are not as effective and That's why they keep saying of fiscal support is is so important right now

Congress Hey Kimberly Fualaau Politico Davidson Adobe Trump Administration White House Kate Mcconnell Kimberly Pelosi Confusion Jay Powell FED
Black Friday 2020: Shoppers flock to Citadel Outlets for deals despite pandemic

Ben Shapiro

00:26 sec | 22 hrs ago

Black Friday 2020: Shoppers flock to Citadel Outlets for deals despite pandemic

"At the Citadel outlets here in Southern California. Shoppers lining up with masks on outside and hearing L. A county's new rules restricting numbers inside of retail stores. Kristina Barrera is out shopping long way so keep social distance between us. In the other shoppers. I think it's fine in the National Retail Federation expects sales to increase this year is people use money that they would have otherwise spent on trips that never happened during the

Kristina Barrera Citadel Southern California National Retail Federation
Free 2-hour parking in Boston on Saturdays through end of year

WBZ Afternoon News

00:59 sec | 23 hrs ago

Free 2-hour parking in Boston on Saturdays through end of year

"Business Saturday. Metered parking in Boston is free for two hours, and that's not where the perks end. WBZ Sherry Small Boston small businesses struggling to stay alive, We're getting some help from the city to entice shoppers. Everyone as the holiday season begins to look for ways that you can support our small businesses in the neighborhoods in the city. We're putting in place and transportation opportunities that can help us do that. Boston Mayor Marty Walsh announcing free two hours Saturday, parking at all of the city. He's metered spaces in commercial district's starting on small business Saturday, continuing each Saturday through the end of the year. If you don't have a car starting on cyber Monday, you can get 30% off an annual membership with the blue bikes, bike sharing program and an additional lifeline for restaurants. Outdoor dining can continue as long as it's on the restaurant's private property. Dining on sidewalks or other outdoor public property ends on December 1st. Carry small WBC Boston's news radio. It's time for

Boston Mayor Marty Walsh
"small business" Discussed on The Small Business Success Podcast

The Small Business Success Podcast

05:30 min | 3 d ago

"small business" Discussed on The Small Business Success Podcast

"That is that is not the most useful example of ai. So i'd love to kind of hear a little bit about what your thoughts are in general for anybody who's saying i keep hearing about artificial intelligence and besides steven spielberg movie. I'm not sure what it even is. Yeah that's that's a great question. The i think if you look at today it's really machine learning. Ai like buzz words thrown around in the soccer industry today right so i'm just just level set right or artificial intelligence is really the signs of emulating human interaction like what humans would write and machine. Learning really is a subset. Artificial intelligence where the machine learning or training itself right Based on historical patterns data to predict something in the future right so that that those are the two concepts and machine learning are beyond despise words. The d. are simply a present. Our lives experience likes to take small examples out the automated self constantly. Hear about me that that's really machines. Learning how to die themselves ray Things are or Machines emulating what human interaction would be. How do i mean kate Into so or when you buy things on amazon relic out. It looks at what you're buying and suggest using. Hey by the way looking at data from people. Thanks reese suggest the following things coming out right so all of that is really really to ultimately to make things easier for humans to be able to either not have to do certain things or have to do certain things but it just really at their fingertips right And that's what even if you think about key right. Art quarter is really around automation. We talk about ourselves that sales and marketing and just the simplest example. He have and you're right. That small businesses are chaotic You know it's not include always talked about the chaos of small business. Snap so many things to worry about the last thing they need to. Why should worry about his their sales and marketing because like can health of he and his simplistic could be beautiful website. Dried leads this website. When somebody comes to my website you know and they enter a contact before rate is we wanted to automate the communication right off the get. I don't have to get the contact. Reform sent me an email as a small business. Owner gordon my check the data that put into some spreadsheets. That should just be taken care of magically for me i that's that's really the and i'm just a high level where i see a automation playing into.

steven spielberg reese gordon amazon kate
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

03:36 min | 2 months ago

"small business" Discussed on The Small Business Radio Show

"Do for them. Stephen. As small business owners really struggle this time during this time, cashflow always tightens up and it becomes critical. So if you can know what you have in the bank right now and you can have the other apps feed right into your accounting system that's really gonNA help you manage a much more lean machine. Exactly. And that's you know the data we have actually because of quality the data in the zero platform, we've been able to look at three hundred, thousand small businesses in an aggregated anonymous, humous white. And when you look at the data, you can see that for those that really do use a number of applications, the more applications that use. Let's call it cloud software to run their business, the list of impacted when it comes to drops in revenue and also the number of people employ. So we have the data that really shows the using the technology and the more you use the list luckily to be affected by they you know shocks that we've been talking. Through nineteen. So Steve, what else did you learn from this? These three hundred thousand small business owners about how they're doing now during the pandemic. Well. One of the big things where winning is we're seeing the correlation particularly between the impact of covid non chain and the restrictions on doing business and the government support. The different countries are offering this small business constituents, and there's not question does two things have to be very, very closely connected. So governments need to understand that small businesses hurting and it is important to make sure. The subsidies and support programs continue to support Small Business Walser, these words frictions on doing business, and then out of that, a bit of the Government Stu Y-, we can see across the world the the list, the impact on revenues and jobs because obviously business of getting that support. So for the US I for the US in particular, it is really important that government continues to support small business. Yeah I. Think it's been difficult here I mean we had the PGA program where Companies were able to supplement their payroll and some. Certain expenses but that's really.

Small Business Walser US government Stephen Stu Y Steve
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

03:36 min | 2 months ago

"small business" Discussed on The Small Business Radio Show

"Do for them. Stephen as small business owners really struggle this time during this time cashflow always tightens up and it becomes critical. So if you can know what you have in the bank right now and you can have the other apps feed right into your accounting system that's really gonNA help you manage a much more lean machine. Exactly. And that's you know the data we have actually because of quality the data in the zero platform, we've been able to look at three hundred, thousand small businesses in an aggregated anonymous, humous white. and. When you look at the data, you can see that for those that really do use a number of applications, the more applications that use. Let's call it cloud software to run their business, the list of impacted when it comes to drops in revenue and also the number of people employ. So we have the data that really shows the using the technology and the more you use the list luckily to be affected by the. Shocks, that we've been talking. Through nineteen. So Steve, what else did you learn from this these three hundred, thousand small business owners about how they're doing now during the pandemic. Well one of the big things where winning is we're seeing the correlation particularly between the impact of covid non chain and the restrictions on doing business and the government support. The different countries are offering this small business constituents, and there's not question does two things have to be very, very closely connected. So governments need to understand that small businesses hurting and it is important to make sure the subsidies and support programs continue to support Small Business Walser, these words frictions on doing business, and then out of that a bit of the Government Stu Y-, we can see across the world the the list, the impact on revenues and jobs because obviously. Of getting that support. So for the US I for the US in particular, it is really important that government continues to support small business. Yeah, I think it's been difficult here I mean we had the P program where. Companies were able to supplement their payroll and some. Certain expenses but that's really.

Small Business Walser US government Stephen Stu Y Steve
"small business" Discussed on The Small Business Success Podcast

The Small Business Success Podcast

05:14 min | 3 months ago

"small business" Discussed on The Small Business Success Podcast

"SAFE SPACES, right? Yeah. Arrest to learn and I think. I. We both are still on our path of learning especially when it comes our own culture. I'm definitely on that like trying to learn my own culture and I think having the safe space to do that is allowing me to thrive. Yeah I love that. It's hard to thrive and learn and change when you're in a place where you're afraid or I mean even even. Physically, like if your if your life hasn't in a play, an literally safe place like how you GonNa Learn and change. True socially as well. That's great and I think I'm I'm really glad mel mentioned like her niece and her little sister because. As, indigenous people like sense since before European contact, we always think about future generations and that's how that's how we that's one of the collectivist mindset that we function off of is how are artisans now impacting future generations and so you know I always say like our ancestors stayed resilient rest to be here today. So I'm going to save enough for future generations to. Build. A to have more opportunity than I have and I'm very privileged I'm able to. Do it from home. I've haven't education and able to now being estate helping migrant translate these systems that we don't belong to. And so I think for me it's really just and we see it in the in the youngest generation right now like they are fearless like they like working with these youth like. Cal You have way workers I ever..

mel
"small business" Discussed on The Small Business Success Podcast

The Small Business Success Podcast

05:25 min | 3 months ago

"small business" Discussed on The Small Business Success Podcast

"That's fantastic. Okay do you see what I just saw the time and this conversation is going so great I feel like we could probably all talk for like eight hours. But since we're coming up on time here, I'm going to ask one more question and Ducey I'm going to let you ask the last question because I wanNA make sure we get in like these hard hitting questions here. So this is one that's heavy on my heart like that I think coming from you guys will be what people need to hear but what are the risks of not being diverse and being left behind in this world that's going to more diversity. What are those rest for a small business owner? You know that doesn't move forward but can I? Explain. US In like a simpler way right and then try to. Connect the dots to this larger concept. So I'll tell you with just technology K. so we had to diversify into technology using more virtual platforms and most of the population that we work with is older. Older generations that have like this fear of technology or this fear of. Of trying to learn new right I'm right. The way that they're thinking like there's that whole thing right but what happened with? Let's just say somebody that's unwilling to change that mindset. They are gonNA get left behind right and then it's GonNa put them in a position where they're just okay now by myself. And everyone else keeps moving I feel like the same thing with diversity for anyone that's in envious in a small business entrepreneur space they continue to function in a close minded they're going to be left behind or space where it's just like. Now I'm just here everybody else's just have has moved on with the these concept in these in this thought process but. I agree I think. That's the best way I could explain it. We literally had a DM today from someone who was considering our product and they reached out they asked us to our CEO name. What have we done for the recent black lives matter communities and by pock, and then they asked us our percentages of.

business owner CEO
"small business" Discussed on The Small Business Success Podcast

The Small Business Success Podcast

04:04 min | 3 months ago

"small business" Discussed on The Small Business Success Podcast

"Teach I like I want to come from a point where I'm saying I I know that I don't know what I need to know. So Hey, you teach me but I'm asking people do work if I'm right if it's like, hey, why I don't want to pay you but why don't you do all the work of educating me please, right? So that was something that I hadn't I hadn't realized before and I. I realize. Okay. I. Can. I can kind of see where that issue is So along those lines, I would love to hear you know. Where you would where you would suggest somebody should start. There are resources like what is. The start if. You don't want to. Burden everybody else with doing education that I should have. Frankly right. Agreed. I have a couple thoughts right. We'll watch just basically up like this entire conversation we've been having and I think like I. Just want to emphasize the point of. How Turquoise was sharing this process that each of us individuals have to go along right we're on on this pathway in this process of where we are when it comes to Inclusion and diversity. I don't WanNa say issues but you know topics are concepts. So that process is very, very much driven by emotion in by behavior. So a lot of the work that we do is not only trying to teach these concepts but also teaching that this process is behavior change. It's like anything else I kept trying to Jim and workout I'm trying to eat better. Like many decision as he's choices, directly impact how this change is going to be facilitated over time right? So I like I think that's like one of the biggest things I want to say just being mindful of these these behavior changes in English because you are going to get an emotional response especially if it's like something that you only know you know. Might. Be might be anger might be like..

Jim
"small business" Discussed on The Small Business Success Podcast

The Small Business Success Podcast

02:42 min | 3 months ago

"small business" Discussed on The Small Business Success Podcast

"In a more diverse environment at that time that I had previously, I could really see how having all those points of views at the table really made us a better team. It was it was fantastic totally and I think a lot of times I'm thinking through marketing head space but I think we're talking to so many different types of people everyone looking at me with think I'm. White and I get it. I look really white is especially now I haven't been in the sonnen stain in most of the time but I mean the fact is no one would realize I I'm probably more like Heinz fifty seven right and you know my my mom is Mexican. My Dad's German Polish all these other things mixed in and the thing is too. It's not just about. Diversity within your actual workforce. But if you're workplaces diverse than you're going to be able to speak to more people that are your audience and possible customers or clients. So what do you think about that? Like that to me is one of the things I think people miss I've hardly ever seen an entrepreneur that says, no, I don't want more business. So like how do you think it affects the end live reaching your clients and reaching the right people to make sure you have diverse mindset yes. Oh I, like one thing that I think especially with our Youtube argue to just came out with two days ago yesterday to. Is Representation matters like that is huge with diverse populations. Give you see yourself in these positions or you see yourself in these spaces than you like right than that is how you get there and I think out now and I think that is a big thing and we you know what I like with our Youtube. It was Kinda like this idea like this representation, we want to teach people but like it, that's really what it's been doing you know and and so I think that's a big a big key to takeaway when you're diversifying not only just in how you do things but also the people who are in Newark spaces. You know 'cause you coming from education in really trying to Trying to casino like education teaching people how to. Best serve the populations they wanNA serve and my background being in social work and my backer mostly being like macro level social work. So it's a lot of system level like how do you work a lot with with really high foundations and regional you know organizations and how how do these.

White Newark
"small business" Discussed on The Small Business Success Podcast

The Small Business Success Podcast

05:47 min | 3 months ago

"small business" Discussed on The Small Business Success Podcast

"Teen was going there every summer and it's hot one year I did like a roofing project and my soul's shoes were burnt through by the time it was done but I mean it was just so much funnier just working and so much about culture in you know other people, which is one of my favorite things to do. So thank you guys for being here and I'm excited to share your culture everyone of how that works in like the business environment these days. So to jump off, Ducey, should we ask them a little bit about like transitioning and adapting during covet? I think that's a great place to start I want I wanted to just ask like how you know how you are all. Holding up or or if there's anything that in the way that you've been working that, you think you know some things that you found success or some things that you have found to be more difficult that you could share with our audience that would be helpful to. Other, small business owners out there and people trying to get stuff done remotely. Thoughts. I might go overtime. Nine. To say. You know like Turquoise in. I. I did this on my own for a long time trying to be an entrepreneur and being you know going into a business owner. navigating the systems here locally with like let's just say like co working spaces or small business administration and whatnot. A lot of times for working being a member of a community and working primarily sovereign nations..

business owner. Ducey
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

08:16 min | 7 months ago

"small business" Discussed on The Small Business Radio Show

"Because someone asked me you know. How would you rate the government response for Small Business? I said well you know. It's a for effort really F for execution. Because I can't imagine them wanting to distribute this through banks. I mean. Think about it when you get a bank in between a small business and their money. What could go wrong with Jay Right? I mean this was in my opinion the wrong way to do it and I know it happened this way because they felt well. Banks have relationships with small businesses. We can get some money this way but I thought it was. You have people competing with each other trying to get a loan. Yes yes. That's that definitely was an issue over. Yeah I agree with you that the intent was good and I also think that the government moved quick And credit to them on that but I think what happened is they have to find it. Channel can dispose. That's Ju- in the same way that even if you look at the Fed the Fed is doing all kinds of things today that would would have been considered impossible like buying corporate corporate bonds and Iris Bonds and Sawn and ECON directly in markets and the decade near to create a special focus vehicle to do that just simply to be within the limits of the law so in this case the government decided that he. I'm going to dispute these lawns and use a vehicle. That already exists which backs. So maybe that wasn't too bad in southeast implementation of that so as you pointed out once you get once it gets down to the wire. The banks are actually going to focus on relationship. They're going to focus on the people that they will put some. That's exactly what happened to you this. I I have a friend who runs a small business in us in Austin Texas owned several things just watching what happened to him. He went to the bank and he was gone done because he wasn't accustomed to the basket. He goes to approach and the backs. Mundy's going to customers. I wind up going to probably the larger the relationship with which is against what we think to do. That's the first thing that won't work. Second thing banks stepped up with processes that Green Batteries for London. Exactly where we need to be removed. Exactly Yeah so. Tell me what you needed to use. The bag says the channel vehicle to do. This was a certain amount of education that needed to get out to that. This is how we're to approach this time and this is how you need to change the processes so I I agree with you. Intend was right navy's on things could have been improving the execution in my opinion banks designed to manage their risk and not to give money quickly and this was designed as a self certifying program where all he had to do was submit your nine forty nine forty one tax payroll tax and you get the money but then the bank saw that well. Maybe we have some riskier because if there's some fraud it's GonNa come back on us. And so they got nervous. And so they started requiring more things reduce their risk like they always do. Yeah it's it's interesting. Vj because it seems that in a sense however this program is kind of making small business owners into unemployment agencies employment agencies because the money's going to go towards making sure they keep these people employed. Why couldn't we use what they use in some European models where they're just paying seventy five percent of someone's compensation up to a certain amount then we wouldn't have to use small businesses employment agency I agree with that in committee to look at this whole thing is to understand Wha what what is used as a small business face at this time the teetering between liquid illiquidity and insolvency right. And what are the issues that businesses have today? Let's think of their obligations was employee. That's an appointment. The second one is obligations. Which is things like mortgage or rent those two those are the two big ones on? Of course it operational cash flow. So what would have made sense was to approach the banks package that included all trip so basically and even let the Saudi approach small businesses and that would be important for small businesses to even notice for example using my my my friends. Business example get He wasn't even aware of the of the F. Cra Act you know the families. I grow response. Act which which allows co payment to employers allows It takes a lot of young players to get twelve weeks of payment. So now he is working with Partial Information Ritchie. Knows about me he doesn't know about this other About the of. Cra didn't know about the ideal. So if if this had been approached at a program for the businesses that told okay. Here's what you need with. The employees regular backstop employs okay. We're going to back. So how are we GONNA do it? May which one we actually pay them to. Sierra is famed. That's an example of a adhesive comes back. The money comes back from the from the government number two. We'll suspend some new ideas you talked about unions. Don't pay us. Don't nuclear attacked us. That's about cooking. Businesses bright don't pay payroll taxes on on these employees so we take care of employees. Pick a second part which is Reaches the big insolvency issues mortgage and loans. We're going to tell lenders. And landlords to basically call Timeout College. Time out three months and you these obligations are not use it. It's just not do for the speed of payments and non so that takes out the issue of that address the second big issue then it allows businesses to focus on the operational side effects. What do I need to supply so do I need to do to keep this business? Select maybe I need to invest in online capabilities right now. Maybe you need to put up a website quickly. So I don't lose all the business and the customers already have so then it allows them to focus on the third part which is getting cash Louis to the business and what he lets about the foot. Which is solvency and keeping the employees? This could have been built together as a as a as a package with treat with a three legged stool and when they approach the bank or Sba a web it has to get that brought by advice of the elements of Your Business Options each of them. This is what you can do. That would have helped businesses. Get a grasp of the problem and realize where they could actually spend the money and it's got to be easy and it's got to be automatic and I love what you said that now small businesses in the. Us are so focused on their cashflow. Should they keep their employees shouldn't they? Are they going to get the PC? Aren't they are not spending their energy trying to reimagined there or investing in Areas? That really could help them term executive. Exactly that is exactly right. Because it's so Bible now right so the anticipation should be. You're going to spend all the money to get the how to keep you. Keep your get his at bay and all your credit and you and you have to. You don't have the time to be mental model of the business. People are not visiting anymore. What else can you? So that's the part that. What tools could you use? You might be a small retail company. Might be a design shops. You might be an architectural firm. You have to invest in tools now to make sure that people who are you suggesting customers can walk as a with as minimal amount of disruption as possible and you can continue to go to the service. There's no time to do that because the survival amount so the European what is the barrier for the US implementing Canadian or European model. Where we're just going to pay X. percent of someone's compensation is that historically Americans have some. There's something wrong with feeling like we're giving something for nothing. I think politically. I think there might be a hard one to do. Simply because of the mindset that this that this would become government taking over private sector or all that this is going to become a handout which might explain some of the things we see in some of the measures we seen the current. Take the current date which keep the employees or you do not or you can use this. Only you can use this money to pay supply as an example that is going to be fraud in the cement. I don't think we can't afford them. And maybe some of this stuff pro. It could be like museum here. We talked about this. Some of the companies got the goalie. So that could have intending not be plugged. That may just could have been added a better planning.

Small Business fraud Jay Right Fed Mundy US Austin Texas Cra navy London Ju Timeout College Sierra executive Sba Iris Bonds Louis Bible Sawn
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

15:54 min | 8 months ago

"small business" Discussed on The Small Business Radio Show

"A lot of small businesses are taking the brunt of this economic shutdown. They're laying people off by the hundreds of thousands in some cases. They're losing their life savings with businesses close but the federal government passed a two trillion dollar assistance program last week with billions allocate to small business. Here talk about the programs that the federal government has to help. Small businesses is Senator Marco Rubio from Florida. Who's the chairman of the Committee on Small Business Entrepreneurship? First of all senator. Thanks for joining our show. And how were you and your family during the during this crisis well thank you and we're doing fine wherever once in working from home and trying to get the word out as much as we can. Thank you for having me on the show but now everyone listening this well and following all the experts I hope so well. Mo- small business owners as you know are really suffering and they think this two trillion dollar package is a good start but there's a lot of confusion out there as we're small. Businesses should really start. Where do you think they really should begin in getting assistance? If they're looking for their small business well I gotTa tell you theoretically and ideally. He's entry points to this program and that is a bank that you already have a relationship with explain to works Small business that qualifies meaning you. May you either meet the SBA guidelines for small business or you have five hundred employees or less. It's not it's either or You go to a lender that lender able to forward to you a grant and the amount of two hundred and fifty percent of your monthly payroll Before the crisis and before you were forced to close down or before everything started closing down and as long as you spend that money on payroll benefits rent or utilities. Those as long as you spend it on a combination of those things. You won't have to pay any of it back if you decide to spend it on for a different purpose it turns a year from now it turns. It doesn't become a loan. It's all a year from now a year. From now and the books closed it turns into a one percent loan I say the ideal place to go is the bank. You already have a relationship rates. Because they've are when. They opened the account. Are they already confirmed? Your Business Status already confirmed that you're a real business with a real employment identification number and so forth and And they can they. Also if if you're operating accounts with them I have great insight into your payroll and what it is. You pay people. What it is you spend on that expense so that that I think is going to be the fastest way for most people all over eight hundred banks. That are preapproved to start immediately and And so hopefully people are already in that process that started yesterday on on Friday yesterday and so we we are. We hope that that process will will accelerate here and the banks will do everything possible to save their clients. Business will the application I looked at seems really Senate simple senator. It seems like you just gotTa Fill your name in your tax. Id Number what your payroll is what you need the money. Do you think banks are going to be asking for a typical information like tax returns and personal financial statements? Now there's no reason to an effective. They're not supposed to. Because there's the there's the banks have no skin in the game none. They're being paid a fee a five percent Too Long three fifty and then it scales down the way to one percents of the larger ones. They're being paid a fee basically process paper because it's one hundred percent guarantee by the federal government There is a They have a guaranteed buyer. If they decide they don't WanNa hold her. It will turn into a loan. And they don't want to hold it so they're really. They're the liability. If mislead on on your form so bottom line the banks are basically just being used as a distribution point and being paid a fee to do it by the government so that there is no credit check. There is no underwriting. There is none of the things that come on because this is not designed to be alone in fact the only reason why there's a long-term vision on the back end of it is because we wanna make sure that as much money as possible is being spent on payroll. That's why it's called a payroll protection paycheck protection program manager standing. Is that seventy five percent to be spent on payroll right. Yeah theoretically obviously people could spend more but we want them to at least maintain the payroll possible now. Look there may be some instances in which you can't do that right. You can't find people to work. You're in an owner or people even if you're even if you ask them not to work you can't even find people put on payroll go out and find. The perfect strangers never worked before and put him on payroll and that's why there are provisions in this on the back end. Mitigation so as an example. Say That you look in the middle of this crisis. Tried to hire boys but you can only get six of them back. The other four were gone. And you're not going to go out and pay some four strangers at our works for you before a paycheck and you don't even know if they're good and but Four months five months later when things got back to normal you went ahead and hired for more people. you'll be able to at the end. Show that and say look. We tried to hire people. We couldn't find good. We hire most of them back but not all of them and there's an opportunity to for them to basically Sarah. What will will forgive that because we understand you made real good efforts and so there's a provision in the bill for that as well cinema this principle really good point because a lot of small business owners are asking what happens if I've already closed my business down you know. I run a SPA. I run a bowling alley. Can I still get this loan forgiving? If I back later it seems like you can you can and you can. Also by the way. Go back to the people you laid off and say look after two weeks. I'd like to pay you for the two weeks that I laid you off or I'd like to hire you and pay you on to have you on board so that one would restart the you're here. And essence what we think. Many small businesses would love to be able to pay their employees if they had the money in the bank. They don't want to their employees. Go but they just don't have the cash it depends on the industry. There are a lot of people out there for example that might run a restaurant where you're allowed to run takeout that you're not allowed to have in dining well you can't really keep your the revenues for takeout don't make sense to justify a full payroll But now with this place you might be able to bring some people back and pay them their salaries that you're paying them before and there's also by the way unrelated to the paycheck protection program but complementary to it. There's a new tax credit right that you will receive at the end of the year For whatever money you spend on payroll so so. There's another incentive as well so when things get back to normal so we've tried to create them any incentives as possible because it's good for the worker but frankly it's also good for the small business. It's going to be tough for a small business to shut down. Imagine the say a restaurant again and all of a sudden you have to go out and hire a bunch of new. People that you've never worked with before that you have to train from scratch that there's a startup impediment there could could prohibit you from starting really prohibit a lot of people from starting so so we wanted to address that as well. So how soon do you hope that the money will start flowing to small businesses? Once they've applied to the bank will frankly theoretically okay now. Every banks can have different procedures but theoretically it should be able to flow immediately in essence. Let's say that I'm a small business. Ten employees and I have an account with the small business division of a local bank or one of the national banks. They've already confirmed an employer. Domin employer day already. Did all that due diligence? Today they open my account. They already know what my payroll is. I may even be using the services they provide. There are two bunch of these banks provide payroll services for small businesses so for them. The confirmation is instant and by the way if the banks get wrong. They're going to be held liable their health. Harmless to that so really. There's no reason why they couldn't. Immediately disperse those funds into that account. Now I can't speak for every bank with every banks gonNA follow that procedure. You know what? I'm increasingly comfortable with. Is that the banks particularly the bigger national ones but a lot of the community ones are going to take care of their customers. Their depositors What I'm more concerned about our what happens to the people in the small businesses that either have a banking relationship with the bank that That that doesn't participate and that's why does the practice of bringing additional banks into the mix and what happens to those small businesses and independent contractors to who are covered by this ten ninety nine poise? Who may not have a regular banking arrangement? There are people that don't use the banking system from the way. They conduct their business. So you know that remains to be seen but That's the ones I'm more concerned about. And that's why we're trying to a treasury. Is doing everything possible to create an alternative ramp for additional financial services to to to be a part of a rebuild? If you are a sole proprietor or your independent contractor in your part of the GIG ECONOMY. Can you still take advantage of this program? Correct and they they they will begin. Applications for sole proprietors will begin April tenth Which is I guess six days from now and And the rationale for that is They need to create. There's we've never done that before. So they need to create a new set of forms and guidelines for how we're going to verify for in those situations but the goal here is wallace to understand the nature of our economy. You know the guy that cleans your pool the guys do your landscaping people who drive a newborn car. These folks is kind of a new dynamic in our economy that has really taken off in the last decade. And so it's going to take just a little bit more work to sort of create the parameters that now that doesn't mean so proprietor. You know there are sole proprietors who are escorts employees Things of that nature they would be treated as a that that they would. They would be treated at the business concern. We're talking about people that work on ten ninety nine basis you know and and may not necessarily be incorporated in any way But work for themselves and can show some record of it. And that's what they're creating so that. That will begin to six days from now of Friday April tenth. Now my understanding is that is part of your payroll people that get paid over one hundred thousand dollars. Don't qualify the first one hundred thousand dollars to do so only up to one hundred the first hundred the first one hundred thousand dollars if you have an employee that makes one hundred fifty you you can pay up to the appropriate but you can pay him. What what you want say theoretically but calculate what your monthly payroll is at salaries over one hundred thousand dollars. They will only take the first hundred thousand dollars into account when determining your eligibility amount so I asked listeners of the program to send in questions because they knew it was going to interview so I got a couple of questions I want to ask. You one comes from Chris Keith. He said that with almost ten million Americans filing unemployment last couple of weeks. Do you foresee US doing something? Like Canada did with covering more costs or France with a steady stream payments to Americans or American business owners. Well I think that that really is a would have to be part of a whatever we're going to do to recover from this and as I tell people and we have some experience with this unfortunate because a natural disasters hurricanes one of the keys is the first phase in all of this is the is the The acute phase..

federal government senator Senator Marco Rubio SBA Mo chairman Senate Committee Florida US Canada program manager Chris Keith Sarah
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

16:23 min | 8 months ago

"small business" Discussed on The Small Business Radio Show

"You know I never wanted to be a small business owner when I first started out in the early early eighties. I want to be President of IBM but for me. I then got tired of my boss. There who promoted incompetent people over myself so I struck on my own. My next guest is also an accent. Entrepreneur Markets Babcock. Start out as a personal trainer at a big box gym when he was twenty which eventually led to strike on his own. Her Name Mobile Mobile Studio and eventually formed a partnership with fellow personal trainer but at time he was twenty four. Marcus welcome to the show. Great to be here today. It's good I fine for most small business owners. If we knew actually what we're in for we probably never would have struck out on our own because it's just way too crazy absolutely it's kind of the debris mindset in the beginning like. I could be my own boss and comes second. So so why is that? Isn't that because we read all the things about these great incredible success stories? And we think we'RE GOING TO BE THE NEXT. Michael Dell Bill Gates. Yeah exactly I think in some peoples cases like myself. It's it's forced onto them so I actually ended up getting laid off at the big box gym and Had become a small business owner but then just the dream of. Hey now my future is really in my control. And I'm very confident myself and I'm GonNa make the same big of course that's the dream like. Okay now I work for myself. I can work anytime I want to with anybody that I want to. It's going to be fantastic. I control over my own life but it doesn't quite turn out that way does it. Yeah no not not quite You find yourself working more hours Less less pay more expenses. And you're not like really doing the fun stuff anymore. You're not doing the stuff that you were doing beforehand. Which my case was actually doing the training with with the people who is more about the marketing bringing New People on organizing all of that. And I think that's the most difficult part of having your own business because most of us get started to solve a problem. Help a customer but we don't realize there's all this other stuff right around running a business as you said marketing keeping track of. Who's paid who hasn't paid setting appointments all the things that kind of get in the way of actually doing the work yeah. It was very humbling. I was like Oh yeah I can. I can definitely track money on my own I can. I can organize my calendar on my own. I can keep track of all my clients Piece of paper or my head and then it actually start scaling and I'm going. Whoa spending twelve hours a day trying to manage the business. And then you know it felt like another twelve hours doing the actual training and that's a that's a real big issue. You said when you scale tell us about your journey and how it all worked out so when I was in the big box gym I had like a or nine clients which was a good load for me I was also doing a full time college at the time too and then a little thing called college right. Exactly just mixed in there Anyone I struck out on my own I actually took a year off college and decided to Kinda grow. That business I.

business owner Bill Gates Entrepreneur Markets Babcock IBM President Michael Dell Marcus
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

08:08 min | 9 months ago

"small business" Discussed on The Small Business Radio Show

"Small business customers Aharon seen collar clubs customer that wasn't enacted by this across the board and in some cases particularly particularly in states it has been severely impacted that Hold On of course in some countries like Italy. You're seeing the Act Office. We haven't come across any customer of that That wasn't impacted and the suffering untying to stay afloat and we've already heard some bad stories but booking that he's going to in fairly salm it's interesting to me whenever one of these global crisis comms and I've been through many of them. I told my wife now. This is my last recession. I think I can weather. I'm Kinda done after this but I almost feel like Raju. It's a game of musical chairs right in. Every recession had its own character affects different kinds of people. And you never know where you're going to end up like so for this. This particular recession restaurants are hit really hard or movie theaters or stores but the people in the delivery business. They're doing or if you offer your civil service online. They're doing great. You just never know where you're going to stand and it does have unintended consequences because things definitely keep flowing all way down the chain. Don't they generally and what we're seeing is? The initial part of it is recording back to the middle but what we haven't come to the ripple effect on the land. I think that is GONNA be. I believe could be scary so this is not something that would end with covered nineteen but there is a carnival handle student economic impact. That could be a that. Could last several seven months income case even possibly. It's several years probably. I'm also worried about the emotional cost. It is for Small Business Owners. Because you've dealt with small business owners for so many years and it's hard to own your own business and even under normal conditions it takes a toll. How can we really help? Small businesses during this time support them not only economically but emotionally emotionally is more important at this point because an isolated right and it's important that it has to be done as a community and for businesses allows individuals this is not the time to really profit from From the situation this is the time where we process and see how we can come out of this as a community together and basically you know handsome and to pull together and make sure that decline more of a social thing that is the key. I think emotionally. We ought to be dead this morning. I saw a landline that Sentiments as publicly on on quicker asking the tenant not to pay the rent instead against US money to keep the The healthy did employs. Wow that's hot love to see more of those emotional impact. Where each one does this part and we can come out of together. And I think it's done in a lot of different ways in one of the things. I like about the tools that your company has like Zo home meeting. You're able to connect through video with people and I think without the social contact of being in person that video takes on an entirely new way and use. Don't you think it takes a new land use and if used well it can be very impacted frequently do a lot of video calls. We're ready to start clear but increasingly solo but because everyone is staying home now obviously went home. Gets coming coming to your room even as you do work and we make it. Ask bottle of the communication now. Interestingly in all the kids and their families off employs as well you can turn it into something something pasta as well and video conferences on Bruin family. All of these things that are out of it I think can I believe they'll be something good? Come over scandal today about video and I was never a fan of video because it's like well I don't want to see what I look like or things like that but now it's really a way to keep me focused and it's almost almost as good as being there with them and you're right. You can actually see a picture of them inside their home. So it does bring people closer. Gobs newly does bring people closer and families closer. You're not meeting Just a your colleagues family leave for Christmas parties instead now you you get lucky. Ask The community as a family to get get these things get out of this particular situation. It connects emotionally talking about the emotional burden that easy and crucial here right because people still. I think you WANNA be something. They want to be a part of something that is greater than themselves. They want to be an admission. And if you can try to solidify your employees during a very difficult time to be part of a larger mission. It really goes a long way in having a loyal community early eighties. The tough times that really determine the actual of personality often of individual our company. How empathetical you hope you know. What at the moral values that that caddy does insperity show off using the F? Times it's an Auckland. That does that was in check and employees taking care community not taken care act us. Make sure that the community has been well if somebody needs to so I loved when you guys launched today the Small Business Immerse g subscription assistance program. Tell us about it and why it wasn't important initiative for zo how to support the been hearing from some customers who have been linked to even be in a small monthly because doing the tough times did not have any income on the storms events will cancel bathing suit reading smoke. Cancel so they'd have knowing but then the cow expenses to pay so gilding dispute did not having any income if we can help to reduce those expenses. That'll help these business. Stay afloat when things come back so from our side we wanted to or V to not want to be an expensive expense to our customers so we said if we can help our customers out. That's the most who need this doing speedier than by. Not This is not time to profit. This time to help the community in this case our customers have been holding company with knowing. Mustards completely customer. Funded now we found his to the back. So why was it so important? Because he's been around for twenty four years. Why was this so critical as part of a core value in your culture and of the basic question? Why are you even business? If we hadn't business to just make money then that's interesting and not today it is about including the lifestyles employees and customers and when when your family member is in need some help go out there and offer some help if you and. That's what they're trying to do. So tell us about the specifics of this program so we are asking customers summit the form and tell us which industry they're coming from.

Small Business Owners Act Office Aharon Raju US Italy Auckland
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

06:49 min | 9 months ago

"small business" Discussed on The Small Business Radio Show

"Customer that wasn't enacted by this across the board and in some cases particularly particularly in states it has been severely impacted that Hold On of course in some countries like Italy. You're seeing the Act Office. We haven't come across any customer of that That wasn't impacted and the suffering. Trying to stay afloat. And we've already heard some bad stories but booking that he's going to in fairly salm it's interesting to me whenever one of these global crisis comms and I've been through many of them. I told my wife now. This is my last recession. I think I can weather. I'm Kinda done after this but I almost feel like Raju. It's a game of musical chairs right in. Every recession had its own character affects different kinds of people. And you never know where you're going to end up like so for this. This particular recession restaurants are hit really hard or movie theaters or stores but the people in the delivery business. They're doing or if you offer your civil service online. They're doing great. You just never know where you're going to stand and it does have unintended consequences because things definitely keep flowing all way down the chain. Don't they generally and what we're seeing is? The initial part of it is recording back to the middle but what we haven't come to the ripple effect on the land. I think that is GONNA be. I believe could be scary so this is not something that would end with covered nineteen but there is a carnival handle student economic impact. That could be a that. Could last several seven months income case even possibly. It's several years probably. I'm also worried about the emotional cost. It is for Small Business Owners. Because you've dealt with small business owners for so many years and it's hard to own your own business and even under normal conditions it takes a toll. How can we really help? Small businesses during this time support them not only economically but emotionally emotionally is more important at this point because an isolated right and it's important that it has to be done as a community and for businesses allows individuals this is not the time to really profit from From the situation this is the time where we process and see how we can come out of this as a community together and basically you know handsome and to pull together and make sure that decline more of a social thing that is the key. I think emotionally. We ought to be dead this morning. I saw a landline that Sentiments as publicly on on quicker asking the tenant not to pay the rent instead against US money to keep the The healthy did employs. That's hot love to see more of those emotional impact. Where each one does this part and we can come out of together. And I think it's done in a lot of different ways in one of the things. I like about the tools that your company has like Zo home meeting. You're able to connect through video with people and I think without the social contact of being in person that video takes on an entirely new way and use. Don't you think it takes a new land use and if used well it can be very impacted frequently do a lot of video calls. We're to start clear but increasingly solo but because everyone is staying home now obviously went home. Gets coming coming to your room even as you do work and we make it. Ask bottle of the communication now. Interestingly in all the kids and their families off on employees as well you can turn it into something something pasta as well and video conferences on Bruin family. All of these things that are out of it I think can I believe they'll be something good? Come over scandal today about video and I was never a fan of video because it's like well I don't want to see what I look like or things like that but now it's really a way to keep me focused and it's almost almost as good as being there with them and you're right. You can actually see a picture of them inside their home. So it does bring people closer. Gobs newly does bring people closer and families closer. You're not meeting Just a your colleagues family leave for Christmas parties instead. Now you you get working as a community as a family to get get these things get out of this particular situation. It connects emotionally talking about the emotional burden that easy and crucial here right because people still. I think you WANNA be something. They want to be a part of something that is greater than themselves. They want to be an admission. And if you can try to solidify your employees during a very difficult time to be part of a larger mission. It really goes a long way in having a loyal community early eighties. The tough times that really determine the actual of personality often of individual our company. How empathetical you hope you know. What at the moral values that that caddy does insperity show off using the F. Times it's important that does that was in check and employees taking care community in taking care. Act US. Make sure that the community has been well if somebody needs to so. I loved when you guys launched today the Small Business Immerse G subscription assistance program. Tell us about it and why it wasn't important initiative for zo how to support the been hearing from some customers who have been linked to even be in a small monthly. Because doing the tough times did not have any income. I mean they had to shut down. The storms events will cancel bathing. Suit reading smoke. Cancel so they'd have knowing but then the cow expenses to pay so gilding dispute did not having any income if we can help to reduce those expenses. That'll help these business. Stay afloat when things come back so from our side we wanted to or.

Small Business Owners US Act Office Raju Italy F. Times
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

09:02 min | 1 year ago

"small business" Discussed on The Small Business Radio Show

"Your business better and avoid these cashflow crunches of the future and the relationship is so important because I think Karen they just don't need the the money but they need advice on how much money they should do and how they should manage their cash flow something then a bank can give to them at the. SBA did loans. Another inch part must be counseled a million small businesses small businesses. You know they're all by themselves else there. And they need advice and counsel so we need to go back to using the data to enable the lead me in a smarter way and then Dan giving more advice giving counsel having that relationship. Do you think the banks really are are recognizing this because you know you're in touch with a lot of big banks. Do they see a market here. Well there's a long tail to the distribution as you can imagine there's a bunch of banks which you know include some big ones J. P. Morgan Chase and others who have said we're not GONNA see this market to you know the new entrance and they also see for the first time they maybe that the consumer business is going to have squeezed margins already in mortgage rocket mortgage. They're taking a lot of that business. At small businesses complicated and the margins might still remain there so they are ren- thinking and re emphasizing the small business. Dr Dr Borrower and. I think that could be to the benefit and then you have people like square for doing something. Banks can't do which is lend six thousand dollars dollars on average it's too small so if the printing field gets really wide we're going to get a lot more options and products for small business owners when people say who the winners and losers. There's I say look I'm agnostic. I want the winner to be the small business over Ryan more choices they have at the appropriate rhys level. Probably the better. I think that's absolutely the case in the more easy. The customer experiences in the more transparent the better. Now there is one dark side of all. uh-huh uh-huh yeah. We're going so great up to this point Karen. I know and I'm an optimistic and I have to say you should worry a little bit about black boxes in algorithms and what is going to go on inside these lending algorithms and cower we going to regulate it now I know regulation is a bad word but I'm looking for some protection -tection for the small business do you know today if I take a loan To buy a truck I get Schumer box with all the disclosure lugers of all the costs if I take that same loan to By a truck for my small business my landscaping business. I get zero. I don't get any mandatory disclosures and I could get taken advantage of by some hidden fee so I think that's just wrong and I think regulation. It's got to get fixed to change that absolutely well. There's a lot of talk that we're heading into a recession right. We've had ten years of prosperity and things run in cycles. What do you think's going to happen to lend during that period of time because usually it dries up? It's all great to win money when the economy's good when it's not so good you know. Oh I've been around a long time now and I've been through a few of these recessions and all I can tell you it's coming. We don't know when but I think small businesses need to be repaired. And when that happens is you know. People tightened down on credit and it's important to have a backup plan a plan. B So small all businesses have to be very very careful in order that they can withstand those recessions because they get hit the hardest New Beginnings Call Fintech Small Business and American can dream. What was your inspiration for writing? This is so important to come out with. A small businesses are so critical to the economy. I had that experience variance being responsible for them but I WANNA make sure war that they got stay front of mind in the economic omic use and the economic policies that our government puts forward. And secondly I see technology just totally changing the game and I wanted and to see if I could make sure that small businesses get opportunity for new products and services but also get protected in the new environment as has innovation comes in. Because I think that's how you know we're going to have an economy that's inclusive and that gives opportunity and I called it FINTECH small business the American dream because I am a big believer that small business is the way to come to this country and built yourself a life often prosperity. That's my family story and I hope that will be the story for the future Americans. I hope so too so here at the beated. SNB Conference on sale. Ever ever roll off my tongue. Why is important for you to be here and talk at the conference? I came to this conference and I made it at least a so many familiar faces from my days. Sba there is a whole community out there. That is helping small businesses and I also saw one of the award award. Winners here Eric Groves from line -able I'm an early investor. Actually in a line of all for a reason that I think is related to this conference. Small businesses businesses are by themselves. They are isolated and alone busy running their business and sometimes they reinvent the wheel. It's very important that they have community and then they get access to the products and services and knowledge and advice. That helps them succeed. The people who try to do that are here at that conference and I hope that the future Through things like a line of bull or maybe you know fintech revolution will improve the ability of small businesses to easily not be so alone and have more access to things that help because small business owners. Tell me all the time if they have someone to talk to if they have a mentor. That's really important Karen. Just tell us what you're doing briefly now. I think you're lecturing at Harvard. I am I am teaching at Harvard Business School. I'm teaching entrepreneurship. I'm on Book Tour and I'm delighted delighted to have the opportunity now to go around and talk about these critical issues. I was in Japan. I was in Europe I've been all over this country. I'm a believer in small business and I'm glad to be back with something to say about Potentially a bright future while love what you do the SBA in thank you that you're out. There again. Champing the small business. Thank you. We'll be right back. Breath of small business owners are confused about where to advertise online and had to actually get results. You've gotta be diligent because you can lose a lot of money fast if you don't choose the right platform and the right audience. The question I always get is should I advertise on a search engine like Google or social social media platform like Lincoln facebook or twitter for small business. Owners linked in is the place to drive brand awareness generate leads and build long-term purposeful. Chris full relationships that result in boosting their business is because effective search engine advertising should target audiences not keywords. Lincoln's network has more than five five hundred. Seventy five members and their advertising gives you the ability to effectively target the right message to the right people while they're working. It has the marketing tools to help help you target your customers with precision down to their job title company name an industry in fact four to five customers or on linked in our decision makers at their company funny so you're building relationships with people that really matter. This will result in higher quality leads and more website traffic so to redeem a one hundred dollar free linked to add credit and launch. Your first campaign. Please use this website for listeners of small business radio show you gotta go to Lincoln Dot com slash SB are. That's linked Lincoln Dot com slash. SB are your free. One hundred dollar ad credit remember that terms and conditions apply. Let me know about your results. You've already upgraded your cell cell phone to a smart device which let's use the Internet to be more productive on the go but what about your desk phone next. Steve is a smart business phone system in the cloud out with a simple setup through an Internet connection you can soon have access to your office communications wherever you are stay. Seamlessly connected with clients in stay more mobile than ever before with. Just one low monthly cost. Give Your Business More than just a basic desk bone visit next. Tiba DOT COM or call. Eight hundred seventy nine zero six hundred to learn more today next Tiba Simplifying Your Business. Communications stick around to get your small business unstuck more small business radio with Barry Moles.

Fintech Small Business SBA Karen Harvard Business School Lincoln Dot J. P. Morgan Chase Dan Dr Dr Borrower Japan Harvard Europe Schumer Ryan Barry Moles Eric Groves Lincoln Steve
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

09:02 min | 1 year ago

"small business" Discussed on The Small Business Radio Show

"Your business better and avoid these cashflow crunches of the future and the relationship is so important because I think Karen they just don't need the the money but they need advice on how much money they should do and how they should manage their cash flow something then a bank can give to them at the. SBA did loans. Another inch part must be counseled a million small businesses small businesses. You know they're all by themselves else there. And they need advice and counsel so we need to go back to using the data to enable the lead me in a smarter way and then Dan giving more advice giving counsel having that relationship. Do you think the banks really are are recognizing this because you know you're in touch with a lot of big banks. Do they see a market here. Well there's a long tail to the distribution as you can imagine there's a bunch of banks which you know include some big ones J. P. Morgan Chase and others who have said we're not GONNA see this market to you know the new entrance and they also see for the first time they maybe that the consumer business is going to have squeezed margins already in mortgage rocket mortgage. They're taking a lot of that business. At small businesses complicated and the margins might still remain there so they are ren- thinking and re emphasizing the small business. Dr Dr Borrower and. I think that could be to the benefit and then you have people like square for doing something. Banks can't do which is lend six thousand dollars dollars on average it's too small so if the printing field gets really wide we're going to get a lot more options and products for small business owners when people say who the winners and losers. There's I say look I'm agnostic. I want the winner to be the small business over Ryan more choices they have at the appropriate rhys level. Probably the better. I think that's absolutely the case in the more easy. The customer experiences in the more transparent the better. Now there is one dark side of all. uh-huh uh-huh yeah. We're going so great up to this point Karen. I know and I'm an optimistic and I have to say you should worry a little bit about black boxes in algorithms and what is going to go on inside these lending algorithms and cower we going to regulate it now I know regulation is a bad word but I'm looking for some protection -tection for the small business do you know today if I take a loan To buy a truck I get Schumer box with all the disclosure lugers of all the costs if I take that same loan to By a truck for my small business my landscaping business. I get zero. I don't get any mandatory disclosures and I could get taken advantage of by some hidden fee so I think that's just wrong and I think regulation. It's got to get fixed to change that absolutely well. There's a lot of talk that we're heading into a recession right. We've had ten years of prosperity and things run in cycles. What do you think's going to happen to lend during that period of time because usually it dries up? It's all great to win money when the economy's good when it's not so good you know. Oh I've been around a long time now and I've been through a few of these recessions and all I can tell you it's coming. We don't know when but I think small businesses need to be repaired. And when that happens is you know. People tightened down on credit and it's important to have a backup plan a plan. B So small all businesses have to be very very careful in order that they can withstand those recessions because they get hit the hardest New Beginnings Call Fintech Small Business and American can dream. What was your inspiration for writing? This is so important to come out with. A small businesses are so critical to the economy. I had that experience variance being responsible for them but I WANNA make sure war that they got stay front of mind in the economic omic use and the economic policies that our government puts forward. And secondly I see technology just totally changing the game and I wanted and to see if I could make sure that small businesses get opportunity for new products and services but also get protected in the new environment as has innovation comes in. Because I think that's how you know we're going to have an economy that's inclusive and that gives opportunity and I called it FINTECH small business the American dream because I am a big believer that small business is the way to come to this country and built yourself a life often prosperity. That's my family story and I hope that will be the story for the future Americans. I hope so too so here at the beated. SNB Conference on sale. Ever ever roll off my tongue. Why is important for you to be here and talk at the conference? I came to this conference and I made it at least a so many familiar faces from my days. Sba there is a whole community out there. That is helping small businesses and I also saw one of the award award. Winners here Eric Groves from line -able I'm an early investor. Actually in a line of all for a reason that I think is related to this conference. Small businesses businesses are by themselves. They are isolated and alone busy running their business and sometimes they reinvent the wheel. It's very important that they have community and then they get access to the products and services and knowledge and advice. That helps them succeed. The people who try to do that are here at that conference. I and I hope that the future Through things like a line of bull or maybe you know fintech revolution will improve the ability of small businesses to easily not be so alone and have more access to things that help because small business owners. Tell me all the time if they have someone to talk to if they have a mentor. That's really important Karen. Just tell us what you're doing briefly now. I think you're lecturing at Harvard. I am I am teaching at Harvard Business School. I'm teaching entrepreneurship. I'm on Book Tour and I'm delighted delighted to have the opportunity now to go around and talk about these critical issues. I was in Japan. I was in Europe I've been all over this country. I'm a believer in small business and I'm glad to be back with something to say about Potentially a bright future while love what you do the SBA in thank you that you're out. There again. Champing the small business. Thank you. We'll be right back. Breath of small business owners are confused about where to advertise online and had to actually get results. You've gotta be diligent because you can lose a lot of money fast if you don't choose the right platform and the right audience. The question I always get is should I advertise on a search engine like Google or social social media platform like Lincoln facebook or twitter for small business. Owners linked in is the place to drive brand awareness generate leads and build long-term purposeful. Chris full relationships that result in boosting their business is because effective search engine advertising should target audiences not keywords. Lincoln's network has more than five five hundred. Seventy five members and their advertising gives you the ability to effectively target the right message to the right people while they're working. It has the marketing tools to help help you target your customers with precision down to their job title company name an industry in fact four to five customers or on linked in our decision makers at their company funny so you're building relationships with people that really matter. This will result in higher quality leads and more website traffic so to redeem a one hundred dollar free linked pinhead credit and launch your first campaign. Please use this website for listeners of small business radio show you gotta go to Lincoln Dot com slash SB are. That's linked Lincoln Dot com slash. SB are your free. One hundred dollar ad credit remember that terms and conditions apply. Let me know about your results. You've already upgraded your cell cell phone to a smart device which let's use the Internet to be more productive on the go but what about your desk phone next. Steve is a smart business phone system in the cloud out with a simple setup through an Internet connection you can soon have access to your office communications wherever you are stay. Seamlessly connected with clients in stay more mobile than ever before with. Just one low monthly cost. Give Your Business More than just a basic desk bone visit next. Tiba DOT COM or call. Eight hundred seventy nine zero six hundred to learn more today next Tiba Simplifying Your Business. Communications stick around to get your small business unstuck more small business radio with Barry Moles.

Fintech Small Business SBA Karen Harvard Business School Lincoln Dot J. P. Morgan Chase Dan Dr Dr Borrower Japan Harvard Europe Schumer Ryan Barry Moles Eric Groves Lincoln Steve
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

08:50 min | 1 year ago

"small business" Discussed on The Small Business Radio Show

"I've always thought that one of my dream jobs would be the head administrator at the SBA because they can have incredible impact on small business owners here joining us for look inside is Karen Mills. She's the former head administrator at the. US Small Business Administration. She's also the author of a great new book. It's called Syntech small businesses and the American Dream Karen so glad you could join us here. Bead Embi Global Conference I am delighted to join you hear Barry and and I will say you're right to want to have that job because it is absolutely the best job in the world so tell us what you love about that job. Well I loved that job. Bob was that I was the person in President Obama's cabinet who was responsible for all of America's small businesses and entrepreneurs what could be better and and flying on Air Force One. That was good to best seems like a huge responsibility. Saying I'm responsible for like twenty seven million small businesses and basically the economy. Well let's thirty million thirty million businesses and half the people who work in this country owner work for small business. So it really is half half of America's jobs I would say you know I went to sleep at night worrying about all these small business owners but in some ways the most important the thing was to have a seat at the table because everybody loves small business but not everybody does they think about it and it was my responsibility ability to pound the table in the White House and make sure that people paid attention to this critical part of the economy. It seems to me reading the news that there's a lot of politicians that talk about. They do have sports small business. When it comes down to brass tacks nothing really happens? So what what. What were some of your biggest accomplishments when you were at the SBA well? I went into a my job running the SBA. In the first quarter of two thousand nine. And I don't know if quarter that was a bad time my my first few months on the job lost one point eight million small business jobs and I could see that this was a disaster because small all businesses depend on banks for their loans. Banks had gotten overextended with all those bad mortgages and they just cut off small business lending and and even good businesses were getting their credit lines. Poll I came to the job. Actually venture capitalists so. I was a risk taker and I didn't know any better. I decided we should should solve this problem. That was my job so I went to the White House and I was able to convince Larry Summers. Who is the head of the National Economic Council and President Obama to let me do something really bold and that was to raise the SBA guarantee rate now the SBA doesn't make loans guaranteed bank loans? And they it allowed me to raise that SBA loan rate to ninety percent so we would guarantee ninety percent of any loan that a bank would make and it worked and we were able to get a thousand banks back to SBA lending. In six months. I would go around the country after that and talked to small businesses. It was the the most amazing thing. 'cause they would say you know you save my business. We were running out of money. We couldn't get anybody to pay attention and when we did that we turn the spigot back on for lending that taught me small. Businesses important to the economy and access to capital from banks is important to small businesses. And what kind of risk is that to the government. I know the banks are glad to do that. If the government is taking the risk do a lot of small business do they not recover the money from a lot of small business owners. What's the rate of non recovery but the SBA even though we're taking on more risk ninety five percent of those small businesses paid back? Wow so it was a pretty great deal for the government. Got One hundred billion dollars more capital out the economy and the net cost to the taxpayer was Ciro because we would charge iffy fifty and that paid for all the losses. So I think it's just a critical jewel that the US government has taxpayers. Taxpayers Really. Aren't out any money for it and we do a lot for small businesses. Now there's been a lot of small business owners I think by in general don't like banks right. They say bank is a four letter word because it's kind of like they give you an umbrella where it's not raining than take it away when it is raining. Banks are not really in the business of taking that much risk. Give them what they charge the industry. The industry has changed a lot since that time. Tell us about what the current state of small business owners getting capital. What the best way to do what is now? I wrote this book which has Fintech Small Business in the American dream. Because I believe that we are about to see a transformation in small business lending as you point out small business lending has been a painful process for maybe fifteen hundred years. This hasn't changed. Xerox a whole pile of paperwork right sock down down to the bank. You wait three months for an answer. Then they say well I you know what I can't really tell if your business is making any money just give me a personal guarantee today. We're about to see a change. In the reason is small business lending is hard because of these two problems. The first this one is it's hard to tell what's going on inside a small business we call in Economists call that information opacity. You know you just don't even even know if the small businesses making money. The second problem is that all small businesses are different. One day you're lending to a funeral home the next day day to a dry cleaner next to a parts company and it's not transferable knowledge now technology and big data. An artificial intelligence has the power to take away those frictions and barriers. That have been making small business lending so difficult. I see that we could have a transformative moment. Things could change. And that's what some of these lenders like cabbage. That's actually what they do right. They don't they get ah the feeds from the small business analyzed the data before they make the loan exactly and cabbage is a great example. They were an early innovator here and they kind woke up the banks because they suck all the data out of your quickbooks account in your bank account and they can look inside and see in your cash flow really. Looks like well what happened is they started to get a lot of customers because you could get your loan in a minute and sandbank was taking weeks months but then the banks woke up and it turned out. They have a big advantage actually to one they have customers reported. Trust them and to have low costs money from your deposits so they can make the loan cheaper. So now it's my prediction. Shen that banks will come back in this game figure out how to give better technology. Intestinal spirits us all of this new each day. And then you're much more affordable because they're gonNA see it was credit worthy and who's not it could be a virtual virtuous cycle because maybe they'd have fewer losses and give you your home even more cheaply. I hope so because while I think that folks like fun box and cabbage they really provide immediate. Answer it's easy to get that capital of course pay pal. All these people are doing this. It is quite expensive money and I think for for small business owners don't have good cash flow. It almost becomes a vicious cycle for them and they can't get out of these loans. I worry a lot about how expensive loans and that's why. I really hope that the playing field will open up now and banks will come back in because imagined the community nitty banker. Who knows you really well? Now they could have a small business dashboard. which has all of your cash flow projections uh-huh and oh by the way you could have the same dashboard yourself? And he would say to you you know or she would say to you. You are preapproved for seven thousand dollars. Absolutely because I can see you could pay but look how the discussion about whether you should take fourteen thousand and maybe open up next door and now you're having a conversation but the relationship banker and it's almost back to the olden days when you really got advice as well as money so maybe I'm an optimist but that would be my vision of what I call small business. Utopia you'd have a dashboard with pre-approved button in a relationship with your banker that allows you to manage.

SBA Fintech Small Business Banks Obama America US Syntech Karen Mills Bob US government Barry White House Larry Summers Xerox
"small business" Discussed on The Small Business Radio Show

The Small Business Radio Show

08:50 min | 1 year ago

"small business" Discussed on The Small Business Radio Show

"I've always thought that one of my dream jobs would be the head administrator at the SBA because they can have incredible impact on small business owners here joining us for look inside is Karen Mills. She's the former head administrator at the. US Small Business Administration. She's also the author of a great new book. It's called Syntech small businesses and the American Dream Karen so glad you could join us here. Bead Embi Global Conference I am delighted to join you hear Barry and and I will say you're right to want to have that job because it is absolutely the best job in the world so tell us what you love about that job. Well I loved that job. Bob was that I was the person in President Obama's cabinet who was responsible for all of America's small businesses and entrepreneurs what could be better and and flying on Air Force One. That was good to best seems like a huge responsibility. Saying I'm responsible for like twenty seven million small businesses and basically the economy. Well let's thirty million thirty million businesses and half the people who work in this country owner work for small business. So it really is half half of America's jobs I would say you know I went to sleep at night worrying about all these small business owners but in some ways the most important the thing was to have a seat at the table because everybody loves small business but not everybody does they think about it and it was my responsibility ability to pound the table in the White House and make sure that people paid attention to this critical part of the economy. It seems to me reading the news that there's a lot of politicians that talk about. They do have sports small business. When it comes down to brass tacks nothing really happens? So what what. What were some of your biggest accomplishments when you were at the SBA well? I went into a my job running the SBA. In the first quarter of two thousand nine. And I don't know if quarter that was a bad time my my first few months on the job lost one point eight million small business jobs and I could see that this was a disaster because small all businesses depend on banks for their loans. Banks had gotten overextended with all those bad mortgages and they just cut off small business lending and and even good businesses were getting their credit lines. Poll I came to the job. Actually venture capitalists so. I was a risk taker and I didn't know any better. I decided we should should solve this problem. That was my job so I went to the White House and I was able to convince Larry Summers. Who is the head of the National Economic Council and President Obama to let me do something really bold and that was to raise the SBA guarantee rate now the SBA doesn't make loans guaranteed bank loans? And they it allowed me to raise that SBA loan rate to ninety percent so we would guarantee ninety percent of any loan that a bank would make and it worked and we were able to get a thousand banks back to SBA lending. In six months. I would go around the country after that and talked to small businesses. It was the the most amazing thing. 'cause they would say you know you save my business. We were running out of money. We couldn't get anybody to pay attention and when we did that we turn the spigot back on for lending that taught me small. Businesses important to the economy and access to capital from banks is important to small businesses. And what kind of risk is that to the government. I know the banks are glad to do that. If the government is taking the risk do a lot of small business do they not recover the money from a lot of small business owners. What's the rate of non recovery but the SBA even though we're taking on more risk ninety five percent of those small businesses paid back? Wow so it was a pretty great deal for the government. Got One hundred billion dollars more capital out the economy and the net cost to the taxpayer was Ciro because we would charge iffy fifty and that paid for all the losses. So I think it's just a critical jewel that the US government has taxpayers. Taxpayers Really. Aren't out any money for it and we do a lot for small businesses. Now there's been a lot of small business owners I think by in general don't like banks right. They say bank is a four letter word because it's kind of like they give you an umbrella where it's not raining than take it away when it is raining. Banks are not really in the business of taking that much risk. Give them what they charge the industry. The industry has changed a lot since that time. Tell us about what the current state of small business owners getting capital. What the best way to do what is now? I wrote this book which has Fintech Small Business in the American dream. Because I believe that we are about to see a transformation in small business lending as you point out small business lending has been a painful process for maybe fifteen hundred years. This hasn't changed. Xerox a whole pile of paperwork right sock down down to the bank. You wait three months for an answer. Then they say well I you know what I can't really tell if your business is making any money just give me a personal guarantee today. We're about to see a change. In the reason is small business lending is hard because of these two problems. The first this one is it's hard to tell what's going on inside a small business we call in Economists call that information opacity. You know you just don't even even know if the small businesses making money. The second problem is that all small businesses are different. One day you're lending to a funeral home the next day day to a dry cleaner next to a parts company and it's not transferable knowledge now technology and big data. An artificial intelligence has the power to take away those frictions and barriers. That have been making small business lending so difficult. I see that we could have a transformative moment. Things could change. And that's what some of these lenders like cabbage. That's actually what they do right. They don't they get ah the feeds from the small business analyzed the data before they make the loan exactly and cabbage is a great example. They were an early innovator here and they kind woke up the banks because they suck all the data out of your quickbooks account in your bank account and they can look inside and see in your cash flow really. Looks like well what happened is they started to get a lot of customers because you could get your loan in a minute and sandbank was taking weeks months but then the banks woke up and it turned out. They have a big advantage actually to one they have customers reported. Trust them and to have low costs money from your deposits so they can make the loan cheaper. So now it's my prediction. Shen that banks will come back in this game figure out how to give better technology. Intestinal spirits us all of this new each day. And then you're much more affordable because they're gonNA see it was credit worthy and who's not it could be a virtual virtuous cycle because maybe they'd have fewer losses and give you your home even more cheaply. I hope so because while I think that folks like fun box and cabbage they really provide immediate. Answer it's easy to get that capital of course pay pal. All these people are doing this. It is quite expensive money and I think for for small business owners don't have good cash flow. It almost becomes a vicious cycle for them and they can't get out of these loans. I worry a lot about how expensive loans and that's why. I really hope that the playing field will open up now and banks will come back in because imagined the community nitty banker. Who knows you really well? Now they could have a small business dashboard. which has all of your cash flow projections uh-huh and oh by the way you could have the same dashboard yourself? And he would say to you you know or she would say to you. You are preapproved for seven thousand dollars. Absolutely because I can see you could pay but look how the discussion about whether you should take fourteen thousand and maybe open up next door and now you're having a conversation but the relationship banker and it's almost back to the olden days when you really got advice as well as money so maybe I'm an optimist but that would be my vision of what I call small business. Utopia you'd have a dashboard with pre-approved button in a relationship with your banker that allows you to manage.

SBA Fintech Small Business Banks Obama America US Syntech Karen Mills Bob US government Barry White House Larry Summers Xerox