EntreLeadership - Business Owners Are Facing Unique Challenges

Episode Date: May 12, 2020

Tune in to hear Dave Ramsey and Daniel Tardy respond to some business owners' fears around Coronavirus.   Give us your feedback on these daily, COVID-19, bonus episodes: Text DAILYBONUS to 33444   Want to bring in Alex Judd and experience an EntreLeadership Workshop with your team? Click the link below: https://www.entreleadership.com/workshops   Get access to the EntreLeadership Weekly Report Tool, FREE, for you and your team for 3 months: Text TEAMHEALTH to 33444 or visit entreleadership.com/weekly-report   Follow us on social media to stay plugged in to everything we’re doing to help the small business owner win: LinkedIn Instagram Facebook Twitter YouTube Learn more about your ad choices. Visit megaphone.fm/adchoices

Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios. It's the Dave Ramsey Show, where debt is dumb, cash is king, and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice. This hour we're going to talk to business people, small business people, people that want to be small business people. We call you entree leaders, entrepreneurs and leadership combined, entree leadership. If you're an entree leader or want to be and you've got questions about business, call in. Daniel Tarty, Executive Vice President of the Entree Leadership area of Ramsey and operating board member as well sits here with me today during this hour to answer your questions. So small business questions are open right now. We are big fans of small business.

We are small business. Daniel grew up in one. I grew up in one. We both run one that has grown slightly larger than a small business, but still relatively small compared to the business. big dogs out there. And we have been working with small businesses now for decades, helping them. And in the middle of this coronavirus suppression, this shutdown of the economy, many of you are facing some unique opportunities and some unique challenges. And sometimes they're somewhat the same. So we're taking questions from business people this hour. Leadership questions,

business questions, startup questions, close down questions. The phone. numbers triple 8. 825-5-2-2-2-5. That's AAA 825-5-2-2-5. You know, Daniel, what's interesting is under our listening audience with 600 to seven radio stations and about right at 10 million people, just between 9 and 10 million on podcasts, some of those around the world, obviously, and another million on YouTube.

under those signals, there's several different things going on. I mean, we're in Tennessee, and we're back to work. Our office opened up on Monday. Our 1,000 people are back in here from the work at home to do that now. And in most areas of Tennessee, the restaurants are starting to open at 50% capacity. And today or tomorrow, the barbershops open, which doesn't bother you or me, You and I are in great shape on that. But we are tired of looking at our shaggy coworkers.

We have some shaggy coworkers, James. But anyway, you know, in other areas, it's still completely shut down. So we're talking to business people out here right now that are in varying degrees or varying phases of how this thing is playing out in their lives. And they're in different industries. Some industries are booming. Well, here's what I'll say about this, Dave. It is right that everybody has a different experience and are in different phases of how they're experiencing this. But I've been reflecting on what it is that causes us to feel angry or sad or upset with how all of this is going. And, you know, the difference between our expectations and our experience is what causes all of that. You know, we didn't expect all this to happen coming into this year. But what's cool about business owners, as a stereotype and a positive, I say that in a positive way. Business owners don't have a new experience that's hard

and then lower their expectations to live inside that experience. They figure out how to create a new better experience in spite of the odds. And so across the board, small business owners in this country right now, whether they're coming back online in a physical sense or they're trying to still adapt and get scrappy, they are solving problems and they are showing. up for their customers, however they can do that right now, and that's inspiring. Yeah, it's everything from a restaurant selling, you know, meat.

We've been buying it from a local restaurant meat out the back door that's perfectly legal to do that. That was not black market. But they've never done that before. A great local steakhouse. And this week they quit because they're going to need it when they reopen, right, as they're reopening. So the $10 fillets are gone.

I can't get them anymore. But I sure have been buying a bunch of them and eating a bunch of them. and so to help support them, and plus it's a great deal. And we, you know, we've been at home cooking and, you know, the Ramsey's gathering and those kinds of things. So it's a different, you know, we at Ramsey, at our company, we've gone through the first month of the whole process where we, or 45 days where we working from home, but also where everyone else was at home, universally. And we had to figure out ways to serve them in that situation. And we've launched a bunch of products this month that we did not intend to launch this month.

to offset the losses in revenue in areas that just disappeared. And it's worked. Well, what's cool about that is we've shown up with a lot of those launches, just not trying to figure out how to make money, but just how to serve our customers and doing a lot of free things. But what's happening is there's so much engagement on that stuff, we're going to look up in a year from now and go, whoa, that's a line of business now.

We innovated something. We invented. We gave birth to a new thing. And, you know, that's the nature of business. You experiment with something. You get it out in the marketplace and let people chew on it, and they like it, and you keep doing more of it, and you figure out how to kind of monetize that over time, and that becomes an entire line of business. And you also have figured out what doesn't work. A lot of you are trying to make debt payments on your business.

It's killing you. And a lot of you had absolutely no cash position at all, and it's killing you. And you figured out those things don't work, and so you've got to pivot away from that as you come out, and you go, never again. Well, I'll be caught deeply in debt and no money. Well, Dave, talk about this a little bit because we don't want to. to rub it in your face and say, told you so. No. But we have been preaching and living this for years, not just in personal finance, but in business.

When we teach business owners, it's not special debt because it's business debt. The same principle of the borrower is slave to the lender applies in business. And it's a wake-up call, and we've been talking with our leadership team about how our message has been validated in this. Again, we're not trying to put ourselves up and say, look what we, but in a sense, if you haven't been listening to this, this is the time to lean in and apply these principles. Even if you, you know, it's not, it told you, no, when I went broke, the people that said, I told you so to me, they weren't helpful. Right.

But the ones that said, okay, what did you learn? So that you don't never go back. Do a CSI on the, do an autopsy on the patient here. Okay, why did you go broke? What did you learn? What's your takeaway? And my takeaway was the people that were telling me that I was crazy for going that deeply in debt were right. That was my takeaway.

And it wasn't that they said I told you so, but it was like, yeah, I get it now. A man with an experience is not at the mercy of a man with an opinion. I got it. I'm going to do this. And game on. So open phones for businesses this hour. Daniel Tarty joins me from the Entree leadership team. And listen up, guys.

We're doing something new. Speaking of the new things we're doing, we're hosting a free digital event series called Entree Leadership Summit Unlocked. Entree leadership is one of the premier business events in the world. Premier leadership events in the world. It's going to help you stay fueled up. each Thursday during the month of May, we're going to release an Entree Leadership Summit talk from you for you

for free. This Thursday is a talk I did a year and a half ago prophetically called market disruptors. How you're either going to disrupt the market, you're going to ride the wave of disruption, or you're going to be crushed by disruption. We are sitting square in the middle of a market disruption.

We're going to have Marcus Buckingham on next week. Henry Cloud on the next week. Pat Lynchione on the next week. Completely free. Make this a priority. It kicks off May 7th. Along with the videos, we're going to send you a free discussion guide that you can download completely free to RSVP and get the team discussion guide for you and your team each Thursday.

You can text the word right now, unlocked to 44222. That's unlocked to 4422. Entree Leadership Summit unlocked. Four special messages for the next four Thursdays.