Lisen to Mark Cuban On The Let's Go There Podcast
Mark Cuban joins Shira Lazar and Ryan Mitchell on CHANNEL Q's Let's Go There, to discuss how the country could successfully "reopen" and details steps on how small businesses will have to re-think their models in order to sustain business during and post-pandemic.
The Shark Tank investor makes one thing very clear first and foremost, he says, "Particularly now with the way the world has changed, you have to learn to be nice. Everybody wants people to be nice. You can't be successful in business anymore unless you put your employees, your vendors, and everybody, ahead of profits...if you don't take care of people now, when they're at their worst and struggling the most, when would you ever do anything nice for anybody? I think your customers, and your potential customers, and people around your business all recognize that."
During the global pandemic, we have seen that companies who have not been transparent or kind to their employees have faced major backlash and protests. Cuban says, "If you aren't compassionate and you aren't nice, then your brand is just going to get toasted and people aren't going to want to do business with you ever again."
Ryan suggests that even if more stores were to re-open, using only pick-up and delivery methods, this would not stop people from being angry about the country not being fully functional. Ryan asks Cuban how he thinks the protestors would respond. Cuban says the virus is an equal opportunity virus and that, "They would learn the hard way." Cuban encourages small businesses to think out of the box and be "agile" during this time. There are government programs out there, that he also suggests small businesses should take advantage of.
If they reduce salaries by more than 25pct then they lose the forgiveness on the loan. The PPP tries to make sure the company pays full salaries and re-hires everyone back. They are not required to, but they are incentivized to https://t.co/kBJJdkmQC2
— Mark Cuban (@mcuban) May 4, 2020
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