What We’re Learning From Our Our Millennial Business Owners
1. THEY EMBRACE TECHNOLOGY AND IT'S HELPED THEM QUICKLY REACT AND ADAPT TO THE WORK FROM HOME ORDERS. HOW?
They're already set up to collect all client payments electronically - no paper checks to deposit at the bank
All of their bills are received via emails and paid via apps... That means no mail, no scanning, no printing checks
All payroll records are in the cloud and set up with payroll providers who offered great reporting and assistance (i.e. Gusto) to apply for their PPP loans. Some clients received their money within 6 days of the PPP loan applications being taken!
They don't rely on servers, everything is safely in the cloud
They can easily work from home with their laptops, no other equipment needed, no need to learn new software. Which means business continues as normal (or as normal as can be in these unpredictable, stressful times!)
2. THEY ARE NOT SCARED TO DREAM BIG AND THINK OUT OF THE BOX. A FEW EXAMPLES:
A restaurant partnered with local hospitals to service them at a discount to keep their doors opened, running all the funds through a nonprofit
Some have completely revised their pricing strategies and product bundles
Using new tools to share information on the go
and SO much more
(and of course, we're working right alongside them and making sure their ideas can be successfully monetized!)
3. THEY KNOW WHEN TO ASK FOR HELP. WE'VE BEEN ABLE TO OFFER GUIDANCE FOR THEM IN A VARIETY WAYS, SOME EVEN FOR FREE
PPP loan applications
Upgrading their technology platforms
Moving all clients to ACH payments to collect in 48 hours instead of 60 days
Reviewing their cash flow and building forecasts for what the next few months will look like
Sharing information we're learning on podcasts, in articles etc... For example if you have any extra cash, ads are discounted up to 90% right now. Your competitors are not advertising, so maybe you should! Take advantage of less-crowded channels.
We're a young business and we relate to them. We're all in the same boat so let's come out of this on the other side together!
