Some things in the new world will change forever. Customer meetings will change forever. In the past, I never thought that I could do a Zoom call or a Teams call with the CEO of a company I’m trying to sell to. In the future, I don’t think my customers will want me to come and see them. There’s continued opportunity for remote access. Anything that allows you to connect with clients online or build the brand is going to be really valuable. I had an Instagram Live yesterday with Kris Jenner. She’s been selling online for years now. Every business needs to move online, especially small business.
Robert Herjavec, mega entrepreneur and Shark Tank star, says on CNBC that the coronavirus crisis has caused the word to change forever. Meetings will never be the same and many other post-pandemic changes are in store:
Customer Meetings Will Change Forever
When all of this first happened we wanted to use Zoom because all our customers use Zoom. But I have got to tell you, some of the security issues are really pretty bad within Zoom. So we’ve switched over to Microsoft Teams. I think that’s one of the reasons that Microsoft stock is doing so well. The use of Teams at the corporate enterprise level is really taking off. We’re also seeing Webex usage really go up. There was also the acquisition of BlueJeans (by Verizon), another video conferencing platform.
I have become very optimistic about the return, whenever the return is, and what the world will look like. Some things in the new world will change forever. Customer meetings will change forever. In the past, I never thought that I could do a Zoom call or a Team’s call with the CEO of a company I’m trying to sell to. In the future, I don’t think my customers will want me to come and see them. There’s continued opportunity for remote access. Anything that allows you to connect with clients online or build the brand is going to be really valuable. I had an Instagram Live yesterday with Kris Jenner. She’s been selling online for years now. Every business needs to move online, especially small business.
We’re Into This For The Long Haul
I used to think that we were in a light switch moment where miraculously President Trump will get on the news and say we’re all back on this date. But I think what we’re seeing now in California and in New York is that it’s going to be⎯⎯we’re into this for the long haul. Certain parts of the economy will go back quickly. But even the ones that do go back are going to be limited.
Restaurants will have to distance half the tables. If I have more space in my restaurant can I charge more along that line? I think it’s going to be challenging but with all those challenges there’s going to be opportunities. The key for me about going back is testing. What that means and how people get tested. There’s a great new saliva test that was approved by the FDA where people can do it at home and I think we just have to be able to do that at scale.
Nobody Wakes Up And Says “I Want My Life To Suck”
Shark Tank is a mirror to what’s happening in the American economy. When we started the show twelve years ago it was during the financial crisis. Nobody could get a loan. So people started a lot of businesses that you didn’t need capital for. Then we moved to online selling. This will be the same thing. If I’ve learned anything on twelve years from Shark Tank it is that the human condition is about hope. Nobody wakes up and says I want my life to suck. Every time somebody comes on Shark Tank they are full of hope and they’re full of optimism.
This is a challenging time but entrepreneurs will figure it out. The key though is you’ve got to have a growth plan. The stimulus plan, the protection plan, all these relief funds, are simply survival funds. They are not growth funds. If you don’t have a plan to grow, if you don’t have a plan to gain market share, getting a stimulus today is just keeping you in business. It’s not helping you to grow. You’ve got to have a game plan for that.
I want to know what people’s plan is for survival. It makes me want to invest in two types of companies, either a company that has a very strong balance sheet or companies like an Uber or a small business that can scale back its costs. I want to invest in a company that can quickly scale its expenses to meet a decline in revenue or vice versa. So fluidity and the ability to adapt in a small business is really going to be the key. I don’t want to invest in a business with a large infrastructure, buildings, equipment, and all that kind of stuff. That stuff is very difficult to scale down.