Business Tips and Tactics with Sidney Warren

This episode explores options for businesses in light of pandemic events taking place.  Sit a spell under the Social Shade Tree and learn measures that businesses and owners can take in these unprecedented times to not only survive, but thrive.  Sidney Warren, a seasoned business owner and thought leader takes the time to sit a spell with us in the Social Shade Tree Community, and share his ideas on how we can come out successfully during these historic economic times.  His timeless wisdom promotes hope and provides promising and practical measures business owners can take.  He also gives us powerful examples of how this practical advice can translate into tips and tactics that can potentially establish businesses to be sustainable in the future.  Feel free to grab a pen and pencil, your favorite snack and beverage, and soak up the valuable knowledge, as it can only be dispensed in the setting of the Social Shade Tree Community.  Happy listening!!  

Transcript

spk_2:   0:16
thes and opinions expressed on the social shade tree do not reflect or endorse its participants or affiliates of use. Some issues may be sensitive in nature. Listener discretion is advised. Views and opinions of Johnny Neel, the second, and Melvin Carter the third the host are theirs. By listening, you agree to hold the host harmless. The social shade tree is created for informational and educational purposes only. Listeners are encouraged to seek their choice of legal, medical, financial, tax and or other professional advice as it relates to their situation. Happy listening, Social shade Tree community. This is Johnny and Melvin, and we're privileged tohave, a seasoned entrepreneur on individual who has experienced ups and downs of business cycles. UH, a Nen vivid jewel who has come out successfully on all sides. And in fact, he's been able to successfully navigate new business development, help existing businesses grow a and established, I guess, greater market presence. I'm not a business person, but he's done a lot. He's been impactful. He not only helps entrepreneurs increase their revenue, but he shows business folks how to reduce their expenditures. So today we're having a conversation with Mr Sydney Warren, Sydney Warren Enterprises business developer. You've had some franchises to. So, Sydney. Welcome to the shade tree. Compass stood the shade tree, the social shades free community.

spk_1:   1:56
Welcome on breath.

spk_0:   2:00
Thank you so much. It's a pleasure. Glad to be able to do it today. And, um, you know, talk to good folks about it. I think you guys have a novel concept with, you know, the social state change three. Because that you have to be of a certain age to remember that it was the shade tree mechanic.

spk_2:   2:20
Right? Good things

spk_0:   2:24
years ago. So yeah, make

spk_2:   2:26
well. And And the thing is, he gave a lot of he fixed a lot of cars, you know, when cars were fixable. But, you know, you got some knowledge under that change 32 so

spk_0:   2:38
Oh, absolutely. Yeah.

spk_2:   2:40
So it was Yeah. It was not all lost. So, Melvin, jumping in any time, but but sitting, can you tell us? Give us a little background on what brought you to do the types of entrepreneurial activities you do. What kind of endeavours have you done? And two questions. What type of businesses have you had? I know they've been extensive. And what Roger Toe Waco. Well,

spk_0:   3:08
that that that that that that that's a great question to be terribly. I was with you because when I look back at my career in terms of my entrepreneurialism, um, you know, it started a long, long time ago when I was a young kid, and my first business ever was lawn care business. Back in the day when gas was like 25 cents, whatever it waas I had organized the kids and neighborhood cut grass for me. That was my first bite at it, Um, that I remember to when I was little, I didn't really know a lot. Didn't really know how to read the Wall Street Journal and all that other. But I looked like I did, and I ended up teaching myself some stuff about stocks and bonds.

spk_2:   3:53
Um,

spk_0:   3:54
so, uh, it was kind of like that. So my first business was that and, uh and I brought me a lot of you know, that you did it. You did lay the the foundation for what I believe has been dragged. It has been carrying me through such to this point, which has been customer service, but I'll circle back that. Um And then from there in 1919 94 I opened up teaching

spk_2:   4:21
B

spk_0:   4:21
Y Mrs Field Storm, uh, greatest Cincinnati International Airport with two other partners. Um, as a DVD, uh, participant with H M s host. And at that time was host Marriott. So, you know, no small hotel companies such as that. And,

spk_2:   4:39
uh,

spk_0:   4:40
that's how we got started then and then from there, I threw that out. Um, about three years later, I opened up another two sets of stores. Same thing. Teach me why Mrs Fields in a Tower Place mall in Cincinnati. And they a food court, downtown Cincinnati. Then I guess about 23 year. About two years later, I did not get my first contract with the Cincinnati Bengals. The NFL, Cincinnati being in a relationship. Try relationship with team the league. And, uh, a remark. Um, and so we put that put that deal together, and I was doing pretzels there and had, of course, I was going in the subway, in the seat as well as in the sweets and on the concourse. And then that led me on to, um, MLB Major League Baseball with the Cincinnati Reds and I did a deal with them. Um, and that was great. And all while doing, I still had my stores. It, uh, Philadelphia International Airport doing the same thing. Another set of the TV wise instead of teaching the wind, Mrs Fields stores with pretzel mania, that sort of thing. So then I kind of grew those things out. I learned how the Grobe, um, to take particular brands that were inside of the brand and move them out and create a brand with that product.

spk_2:   6:16
So that

spk_0:   6:17
led me to, um, the easy. I don't know if you've seen the big icy bear or whatever.

spk_2:   6:24
Okay,

spk_0:   6:25
So I grew that I grew that business out as well to do festivals and, um, and different things around, you know, Cincinnati and Philadelphia at the same time. So I've always kind of look, that what I had what I do, You know what what I wanted to do and didn't see if I could find with that in that market

spk_2:   6:50
in

spk_0:   6:51
a particular space. So, you know, you're already scaled all you're really doing. This is going horizontal with brands to make a, you know, to make a different way.

spk_2:   7:02
So you go here.

spk_0:   7:06
No, I mean so

spk_2:   7:07
male. Really?

spk_0:   7:07
Basically, Yes. So that's how it happened for

spk_1:   7:12
Yeah, Okay. I want a circle back, man, because you said something that was so to me that I think by young people to hear division that you had. Where did you get that vision from? Two started in early age. Because I think a lot of times I can't see the end product, but they don't see the process off the beginning. And I think for me, it z the difference between being a manager and being a leader. You showed so much vision and at a young kid, What? What did you get that vision from?

spk_0:   7:48
Well, it was a number of things, right? And it was a crazy one morning with the dead. I would five beats. I woke up. I was five. Um, then the next week at 5 600 of waking up six feet calls a little

spk_2:   8:10
thin, call

spk_0:   8:11
the other stuff and I never get it. My mom, she came home and she was like, Well, you're too big. Dig a ditch on. You might want to stress addition about what you want to be and what you want to do. And the darndest thing is like I used to read a lot, and I happened That was fortunate enough to, uh you had an article written about me in Black Enterprise magazine. I always read Black Enterprise magazine. Um, and I used to, you know, read about all you know, the black entrepreneurs. Um, and I was like, I want to be one of those guys one day, and, you know, I just paid Do not stay to that trying to just take in as much information as possible. And I still do that Tuesday. Um, I try to take in as much information from various places that I can and and, um, try to use that information. Some sidles milk, some sort of weight. But I also think in terms of just being young people out here, um, you have to, I think in order to be a good Osbourne or view, you know, opera, nor for the long term you have to be flexible. Um, I think you have to look at the market for what the market is. I mean,

spk_2:   9:40
obviously,

spk_0:   9:41
you know, there's no knock on, you know, beauty two lines and barber shops and liquor stores and all these other things. But if you go on build one bill one where other people aren't there O r. And if you're gonna and if you know, you know, you pick your shot. You know, um, you pick your shot, you figure it out. You do enough of your research, you should come up with a strategy that's going to help you. Um and, you know, to be honest with you, I've learned a lot from, um, older people. I didn't talk to guys, you know, just, you know, older guys, you older buildings, guys, and with Sydney talk to you. They tell you about what's going on. They tell you about what it looked like. How do you know how different things would happen? And, uh, in heck, man, I'm still learning from folks, you know, I talk to people all the time and asked him about what do you think about this or what do you think about that? So I guess the u ball it down. Don't be your best advocate, B. Wow. The person wants to get all the information and then beat somebody. You know, I never

spk_1:   10:56
really

spk_0:   10:57
don't read depressed. I don't believe you know. You don't just don't

spk_2:   11:03
but me. Wow. So you keep talking about stuff like wisdom and vision and scaling. Um, this is this. This may go longer. They went into your email with somebody. So I want to unpack a little bit. You talk about a set of skills that you've developed in in the franchise and industry, particularly with regard to the missus field. Brandon TCB. Why? I think it was the country's best yogurt or something like that. And so you've helped Brett build brands out? Can you help our youth and our social shade tree? Listeners unpacked the skill sets that are necessary for building a brand cause. Melvin, you talk about building your own brand to Melvin tell help us unpack that a little bit about what's what's involved with building your brand and getting your name right.

spk_0:   12:01
Well, that's about three s. A three piece doesn't three feet. Think. OK, so let's just unpack it to the first step, which is

spk_1:   12:07
when you

spk_0:   12:07
have a brand and you start looking at what you're doing in

spk_2:   12:12
spite

spk_0:   12:12
of that brain, right, so be it. Wherever it is. Um, take, for instance, the TV wide Mrs Field. All right, so I had the country special yogurt. Mrs. Field's cookies. Mrs. Fields took cookies. Had a beautiful story that Debbie Field started that business through sample. All right, so she was running up and down the streets sampling the cookies before she actually ever bought built a storm. So she understood what the customers wanted. They they determined the market, determine what the flavors of the cookies were going to be. Not the she came up with them, right? She just ended up

spk_2:   12:46
making in making

spk_0:   12:47
in making and making them until she got the right, you know, ingredients in there

spk_2:   12:52
to do that. But

spk_0:   12:54
inside of that brand has, of course, the cookies which are franchised. But then remember, you have Coca Cola products, right?

spk_2:   13:05
Right. That's a full. That's a full line of products right there on the beverage. Right? Right.

spk_0:   13:12
You know, co polar has

spk_2:   13:13
a lot of products within underneath that umbrella. So you have say something about Coca Cola didn't broke up. Okay,

spk_0:   13:21
you have. You have Coca Cola, and then you have a lot of brands inside of right that they had that aren't

spk_2:   13:29
friends that

spk_0:   13:30
you don't need to pay a franchise licence for.

spk_2:   13:34
Okay. Okay. So there I

spk_0:   13:41
for May, because I knew if I could get icy, which is the Coca Cola brand, and I have a relationship with cola, I could take that that product and grow it into something so I could grow it.

spk_2:   13:56
Elkan

spk_0:   13:57
say a ah

spk_2:   13:59
food truck.

spk_0:   14:01
I could grow it into a festival. I could grow it into a number of different things, Right? So that made

spk_2:   14:09
that brand inside of the

spk_0:   14:10
brand portable. Okay.

spk_2:   14:13
Wow.

spk_0:   14:14
So I was able to do that when you look it up, folks, and that's just fnb. But if you look at, if you look at you, look at other folks another, their brands, be it social media or whatever the case may be, if you're in social media, that means that you understand how to look at the different platforms. If you're doing it well, look at the different platforms and figure out how you can create additional business from the platform. That's more than what you came into the platform doing. Example, If I'm big and social media and I understand they Facebook and I want to grow out of business that I'm still social media, but I want. But I haven't expertise as it contains the Facebook. Then doesn't it make sense to come back and say I haven't expertise with Facebook? I need toe brand this expertise out of my overall brand. So you really outfront new product within the same product, right? You haven't

spk_2:   15:19
done

spk_0:   15:20
anything. You just drink brands workplace, where you can go ahead and say, Oh, I now can do this. Not that Facebook and my social media platform is the only thing or it was just an element. You're saying Facebook is now a new business model because underneath Facebook or a number of different things, correct. So

spk_2:   15:43
you build

spk_0:   15:43
that out and still maintain your social media people. If that makes sense at all,

spk_2:   15:50
it makes a ton of sense. And as you're talking about business value, if you build a brand within the brain and I'll go a step further and say within the brand, you've actually exponentially increased your revenue

spk_0:   16:04
right while still sitting on the same footprint. Remember sitting on the same footprint?

spk_2:   16:10
Oh my God, city, That's brilliant.

spk_1:   16:13
That is yeah, that is, that is Ah, I don't know what to say. I mean, that's awesome to have that approach. But again, we back to that to that vision. And And where does that when you sitting out with a young can't talking about it the first day he thinks about is you say entrepreneurial or you say they talk. They think, Well, I'm will be rich, You know, it's driven by the revenue portion, but they're not driven by the process. And and so I just kind of wanted to dig down a little deeper and into where that process with it, where that thought process comes from. You taking a concept of even like you said about Facebook and then expanding on that, uh, where did you get that vision? Well, what does that vision come from?

spk_0:   17:08
Well, that's probably a $1,000,000 question. Um e Oh, you know, I got that vision by just really looking at what I was doing and coming from this. Let me go this way when I'm helping people understand what they're about to start your business on Monday. I tell everyone in that in that construct that starting your business really means just figuring out what it is that you want to do. And then once you've done that, then figure out because you don't have any money and you need I mean, it's necessity, right? It's the necessity of it all. You know, I want to build more, but I don't have the capital for building. But I do

spk_1:   18:00
feel

spk_0:   18:01
so you create the opportunity from a a non capital position. And so when you're doing that, you're going to make this how this house, this outshoot of what you're doing, Okay. Ah, business because you're don't have any money in the mere

spk_2:   18:28
correct any

spk_0:   18:28
money makes you become, um, inquisitive. It makes you, um, start thinking about how do you make processes that don't cost you much or don't cost you at all because the only thing that you have in terms of real dollars and cents is your time. So if you're looking at your time and you're saying this is that this is what I have, you know, this is my sweat Equity two X Then if I grow this to here, I'm going to make this money Now money is is relative, right? Because at the height of everything that was going on for us, you know, we had revenues that were, you know, crazy high. We had crazy high revenues, but we had crazy high expenses, too. So you have to understand it.

spk_2:   19:22
Just because

spk_0:   19:22
your top line is X doesn't mean that the bottom line until you're not operating from a grand opening. Two grand closing position. Your was your working from the position that says I don't have a lot of money and everything I make is more than what I just had a moment ago. And then if I continue to build this, this is gonna build itself. And as it builds, you'll be in a position to hire people. And so that's going to increase your money because you'll be able to duplicate, you know, replicate exactly what you're doing out there. Okay, it's replicating what you're doing because once you get past your first deal and then you have somebody else doing it again, because that's what franchises about Franchising is about taking a brand, growing it and then exponentially growing it again so you will increase your revenue. I tell people this all the time. McDonald's, McDonald's operator doesn't make money until they're 70 year abysmal on a 10 year deal.

spk_2:   20:29
It was.

spk_0:   20:29
So how do you figure that? Well, they're paying off all of their expenses. Get to quote unquote money, right? You make a decent living, but that's not money.

spk_2:   20:45
And when

spk_0:   20:45
we confused living and money so that

spk_2:   20:53
you said you said a lot because I we've touched the wisdom I there was a gentleman and older gentleman that I had spoken with. He's since passed and he was saying the same thing. Only you said it a little more sophisticated, and that's not disparaging this gentleman. But he was like, You're not gonna make money until about the 7th 13 year But keep But I said, But so why would I stay in? And he said, But keep going. And to our younger folks, they may not get that, Um, you'll see some success, but keep going in me. Don't go here. Well, I'm saying about seven, he said. About the seven to the 10th year, it's going to seem like the business just explodes. And he said, but it really hasn't. It's been exploding through that first year one through seven. It's just taking the seventh year for you to realize what you've been. So thank you sitting in for that.

spk_1:   21:59
Yeah, but from the from the most split a simplistic point. You know, this is the social say tree. So if I want to split some verb, John no, I don't know why I am. You know, I'm a bunch of the street, and I might not stay everything the way city is, it beautifully put it, but But I'm just died down. Let's go back to to, uh, when you started that lawn service, you have one line more. Did you have some gas? And you decided at a young age that I'm gonna cook this thes yards, and I'm gonna make X amount of dollars at some point, you at a young age decided that man, that's too much work out there. I need somebody to help me. And if they help me, you know, you know, I got one more. I might need to purchase another lime or for that person, or that person has their own line more. You know, however, and the gas cost this amount of money, and we're gonna cut all these yards and now I can double my my revenue. You know, I'm trying to get these young people because the I want them to see the process of how you build a business from just just a point that you that you started with one line more. A lot of people want to start with the They want to start with, what with what they need. Everything they need a building, any all these things when they haven't made a dime yet. So I guess I just do that process. How can we sit? How can we sit with someone and and teach them from the most simplistic point of how did how to start their own business?

spk_0:   23:45
Okay, so let's just let's let's just go back through. This is how it happened. So I had just the one line more, right? That's all

spk_1:   23:54
I

spk_0:   23:55
But I knew that I had these customers that I was cutting the grass of the down street court, right?

spk_1:   24:03
Uh huh.

spk_0:   24:05
And I knew that me personally, if I was going to make more money, I couldn't keep cutting all the grass myself. So what I did is I just said you know what I know a friend of mine needs cutting grass. And I said to him, I said, Look, I'm gonna go and get additional jobs, and I'm gonna let you cut my job, and I'm going pay you get to keep 70% of the money.

spk_1:   24:35
What?

spk_0:   24:37
Right. So all I did was I said, Okay, I know that if I get if I do two things

spk_2:   24:46
one, make sure

spk_0:   24:47
that they're happy because they're putting out a lot. They put on the labour in it by giving them real money, a lot of money, more money than I will get it. They continue to do it right?

spk_1:   25:02
Yeah.

spk_0:   25:03
So I didn't need to go by any additional lot of Moore's because additional line wars was not gonna increase my my overall process.

spk_2:   25:14
The only thing

spk_0:   25:15
that was gonna help me increase prospect was bodies that could push alarm bells. Okay. And the

spk_1:   25:23
only way

spk_0:   25:23
that I could get somebody to put the lime or is that I had to give him way more money than it was getting

spk_1:   25:28
before, And in that process, you're developing an individual because I'm pretty sure you have a certain way that you cut that grass that you because your customers prefer you to cut this way. So I'm pretty sure you sit down with my brother and said, Man, we got toe. You know, this is the way we this is how we we cut the grass. This is this is the uniform way we look at how we take care of our customers. So I want I want I want to dig deep about in that in that process because I wanted young and old people to understand that when you started at that when you started at that 0.8 that 0.0 you know, this is how you build people. You build your business. And that's how you become a leader.

spk_0:   26:18
Yeah, you do. And you know, and just to get there, Yes, you become a leader. But you also increase your customer service. See, I've always believed to this day I'm on Lee. A strong is my least profitable Uphill.

spk_1:   26:37
Wow. Okay. And the reason

spk_0:   26:41
that I say that is because if I can keep them happy and served in that account, they're gonna always be with me.

spk_2:   26:53
And about

spk_0:   26:53
that customer service is about, you know, I don't care if you cut in grabs or sweeping the street. If you look like you're doing it efficiently, professionally, um uh, like you know what you're doing. Still police. Um, people are gonna want people gravitate towards that. You know, it is the example that you gay couldn't have cutting the grass in such a way where you had the line, then it And that was a part of some people like then line straight. Some people like Amanda diag. Some people didn't kick her,

spk_2:   27:38
but at the

spk_0:   27:38
end of the day, what they did care about Waas. You said you were going to do something and you did it. Number one, number two. You did it, Curtis, You know you did. It was, you know, courteously. No, you know, Was everybody happy all the time? Of course not. We don't live in that kind of world. Never have never will. But if they did have a problem right back over there re cutting it again from top about it, people

spk_2:   28:06
like that.

spk_0:   28:07
People like to see you react positively towards a negative situation. And then that trans that transcends what you're doing on the business side. Because people say you know what the guy does. It You know, I had a problem with the grass, came back over and we cut the whole thing for me. Ain't that something?

spk_1:   28:26
Yeah.

spk_0:   28:29
I mean, it's above, and B r is everything that you do in terms of business and growing a business. It has to do with your customer service, your customer services, everything. People just don't recognize that sometimes they get into a place called Well, I got the best this or I got the best debt. No, it's the customer services to communication that you go ahead and you have what? Your customer that says

spk_2:   28:53
that

spk_0:   28:53
this is what it is. I'm telling you. I love a shade tree mechanic, right? Love,

spk_2:   28:58
love, right? The

spk_0:   29:00
reason I love them not because they cheaper, although that is a part of the But I love him from the standpoint that they will sit and they will talk to you and tell you what is going on. And you

spk_2:   29:10
could have had this

spk_0:   29:11
conversation because it's really a conversation. Commerce is no more than just a conversation. People get it messed up because they try to build too much into it. Is this the conversation? And if you're having these conversations with people on the business side, you're gonna always come up to the notes with new place. They're gonna always love you because of which you go to a place Because, um, you

spk_2:   29:36
like the people.

spk_0:   29:37
I mean, a look. You take Waco, for instance. Double our burger,

spk_2:   29:42
foreign

spk_0:   29:43
them. I mean, probably got his license plates on the wall. They got a great burger, though. The people are

spk_2:   29:50
nice,

spk_0:   29:50
but at the end of the day, a hamburger is a hamburger is a hamburger, and, um, bread is bread is bread, lettuce and lettuce, lettuce, tomatoes, tomatoes, tomatoes. But why did you go to double our? Because you like the people.

spk_2:   30:05
Yeah. Wow,

spk_0:   30:07
that's that's what it is, right? Because regardless of the cow, I mean, the calendar cow is a cow. Hamburger is a hamburger hamburger. You know, it just is It's just the fact that you like the people, you see him back there working on the burger used. You can sit there with them. You can, you know you can, you know, you can shoot the gift and keep it movin, Or you started to say anything or they just say, Hey, how you doing today? I mean, it's all that kind of stuff, and I think that is a lost art. I think that a lot of folks have for gotten that, um in the screen, generations that we live in, that it's the screen is going to tell us what to do or whatever the case may be. It's not not the case that

spk_2:   30:49
count out to double our, so I mean, agreed. So

spk_0:   30:56
like, I mean, it's a good burger, you know?

spk_2:   30:59
So

spk_0:   31:00
at the end of the

spk_2:   31:00
day,

spk_0:   31:01
it's just that kind of thing.

spk_2:   31:03
So here's the question. Uh, we want we want to kind of expand a little bit. So, Sidney, you've done a lot with the S B A and businesses and unpacking franchise development for us, and we walked people to be able to get in touch with you. And so we're gonna put your information out there for folks to be able to reach you later on. But here's another question. Could you expand your conversation a little bit about how an entrepreneur can grow their business and maintain their position economically in light of this Corona virus economy, for lack of a better term, help us with that. A little bit of what would you be doing if you were a business person? Now?

spk_0:   31:48
Well, number one, um, I'm gonna go back to I'm gonna go back to customer sharp. But how do you hold your business even though that you don't have beat walking through the door? That's the thing, right? Because if you don't have them coming through the door, you not get much need so and so and so. So you can't really hold your customers. Right? But here's the deal. Right now, you should be encouraged. Now, I know a lot of people be floored by that. We used to be encouraged. And here's why. Number one. You already have recognized a couple of things that happened this out of your business. One. You had an opportunity to go ahead and fix some aspects

spk_2:   32:29
of your business

spk_0:   32:29
that you never really had a chance to go in fix before because you didn't have time. But you just you all of a sudden got the time to do it. So you fixed your business, then you already have your customers. All you have to do is just come back and and and redo the touch point, which is really basically back and touch them again. They're your customers. So you kind of know who they are. Get some sort of way. Let him know that you steal their and that's going to get you back to not where you were three Khurana but is gonna get you on the go for because to go forward, everything is going to change. Number one, Your competitors are doing it. Number two, um, your customer who you've been doing business you've been doing work for for so long. They believe that you're it gives them a sense of community because at the end of the day, they know that you care. So they care to make sure that you are successful. Okay, So the adage of 80 20 is really is really riel Because you have to go back to you know, the 80 20 rule, which is 80% of your revenue, comes from 20% of your face. So you if you use that and say ok, here, here's where we can go and do what we need to do. Now keep in mind I'm not This isn't gonna be easy, but I also realize that even though your businesses shuttered or may or may not be shuttered or just greatly reduced, you're still fixed. Expenses are still your fixed expenses, all right. Your gas and electric is still gas electric. Your went is still. You're right, your employees. You probably you may cut some back door. You may have kept, um, or you, you know, it's 100 different things there, but you're still the fundamentals of your business is still your fundamentals of your business. The you know, the wall is the walls. The roof is the root, you know, the ground is the ground. So when you start looking at that in your inventory is still your inventory. So you still have that. You just just put a pause on where you are. So the reason that I believe that this is a great time to be in business is because number one if you're going to be an entrepreneur, entrepreneurs are risk takers. Risk takers air out there really figuring out what it is that's going to make them successful. So they're looking for, you know, reduced, You know, reduced prices on goods that they use, or whatever the case may be, you know, there is there. It's just the case of where you are. Then you have to start thinking about how do you negotiate? Because your customer base remember, 80 20 so that 20% of those folks who are coming back to you are going to come back to you. But they may not have all the money that they used to head. Right? So you're gonna have to come down to them. And they'll appreciate you because you came down to that.

spk_2:   35:41
Well,

spk_0:   35:41
right. So you what you're doing is do you say Okay, I'm gonna make it. I'm gonna make less money. Her job Then I used to make, but if I reduced my cost of up my operational cause, it'll all set. So it goes to the other question, which is? How much money is money. Money is a margin. It's just a way of keeping count. Because at the end of the day, if your business costs you $2 to run, if it was open or closed, and if it was open to cost you three and if you made six, you're only 50% up, right? But you

spk_2:   36:20
pay their

spk_0:   36:21
expenses, but you cut down on your overall margin. So if you go ahead and do that same job for, say, you know, 5 50 right, you're cleared your costs and you cut into your profits. But what did you do your long term business? Because it's always the long game that you have to play. You can't play the short game because the short game tells you increased price offset expense. That's the short game. That's how that's how competition comes in. And, you know, since in your apple cart, no, maintain your price structure, bring it back or reduce it to let people know that you actually feel where they are because, you know, you realize that it's gonna take two buckets. So total water out of the boat didn't know what get

spk_2:   37:14
that. It makes a lot of sense is wow. And so And so as you navigate the ups and downs, you kind of level out your business because people start to realize you there for the duration.

spk_0:   37:28
Absolutely. Because guess what you are. The effort in duration because your competition is Either they've increased price or kept

spk_2:   37:36
price

spk_0:   37:36
where it waas and people

spk_2:   37:39
can't

spk_0:   37:39
afford them, so consumers vote with their feet.

spk_2:   37:45
Oh, wow. So one. Yeah, Go ahead. Go here.

spk_0:   37:51
Okay. So once the consumers voted with their feet, then you have to make your adjustments. Now, your competition's gonna have less volume than you because they didn't make the adjustment. Okay, changing oil is still changing oil, right? Double Our burger is still double are

spk_2:   38:13
so So you've actually made. So you've given you You've given our listeners an opportunity to, uh, extend their business through the hard terms, increased their revenue in line of a pandemic event by reducing their overhead costs and kind of so so so to speak, stretch in the field and then coming out of that pandemic event by increasing revenues further with a larger customer base through retention and expand it customers. Wow. Didn't

spk_0:   38:45
instead of grabbing

spk_2:   38:48
Wow, Maybe you got something. I know what you want to ask me.

spk_1:   38:54
Well, I mean, I mean that that is the perfect. I mean that if we have a way in a star, that's the perfect stone. You know what you explain, toe try listeners is if you're listening. Uh, this brother has given you some insight on how to how to take your business to the next level. Because I'm I'm sure now that with this game with it, when you can cut your overhead and increase your revenue, then you know that building doesn't seem like I really need that building anymore. You know, I can do I can do business. Outside of those four walls, I think of blood. People imprisoned themselves inside of building or inside of ah facility. But they don't understand how to get outside their facility and do the things they need to do to create revenue, customer service, all those things. So Manu did I really appreciate that? That that that that opened my eyes.

spk_2:   39:57
So So go. So I want I want to kind of close out. But can you tell our shade tree, social shade tree. Can you tell our social shade tree community how they can get involved with you? What services do you offer on? You may want to tell you about the Is it the paycheck protection program? I know you're in S b a counselor and you help people with business planning out. How can we How can we reach you, Sydney?

spk_0:   40:28
Okay, I can be easily reached of you could contact me on email, which is Sydney Warren at me. That's s I D n E Y W a r r e n the at symbol empty dot com Or you can call me on the phone is easy. Ah, to five. Form 481 81. The easy right there. If I can. I can always talk to folks about something or if I can't

spk_2:   40:54
attend counseling that can always

spk_0:   40:57
find somebody who can.

spk_2:   41:00
Okay. Yes, sir.

spk_0:   41:06
In terms of the S B A stuff I am, Ah, score mental work. Um, and so

spk_2:   41:11
you could always go through score, which is a free

spk_0:   41:14
service, but the federal government and get counseling that way. Um, and so you can always reach out that wait to do stuff. But if you go to the triple P, the paycheck protection program, um, here's how that situation works and and And I want everybody, and I can you know, you invite me on Facebook or you can find me

spk_2:   41:37
on Facebook with

spk_0:   41:38
Cindy Warren on Facebook as well. I can send you over documents and, you know, so you could feel those things out and, you know, and take your shot at it from my understanding that a lot of the small banks are doing a lot of work at some banking friends over a T, F and B bank, which they're telling me all the time. Like now we're swamped. It's just it's in there. We're getting it done. Are you confined a smaller bank online? A lot of people don't realize you could find a bank online and run your application through it as well, so there's a lot of opportunity there to get that done. But the, um, triple P program is really based off 2.5 times you are payroll peace. Okay. 2.5 times your payroll take their highest payroll month. I would suggest, um and come up with the number. Now it says that you

spk_2:   42:38
helped him. So So it s so if someone has a payroll of $10,000 they could potentially get $25,000. Absolutely. And then would help. And that would help them. That would help tide them over. Um,

spk_0:   42:57
Well, well, you gotta use that. You have to use those dollars. I mean, you know, you have to use those dollars are earmarked for payroll.

spk_2:   43:06
Exactly

spk_0:   43:07
what to keep their employees. Um, you know, that's how that's how that program set up. But they have a whole bunch of programs that are inside of that hold, P p p. Um, thing that I think that people need to do you don't need to get to is, you know, they have They have grants, Um, that you have. I think it's 74 months on them, Um, on the payback at zero interest. Um, there's just a lot of different things in there I would suggest spoke to either go to SB A or go directly to the, um Go have a sit

spk_2:   43:46
down with

spk_0:   43:47
your banker. Um, Okay. You say, you know why are you not? Why Why would you have to sit down with your bank and I'm gonna tell you something. Interview Your banker. You

spk_2:   44:03
have interviewed your

spk_0:   44:05
banker. Your banker is the person who add your revenue. Has your dollars is their job to protect you. So if you're working with a bank that you can't

spk_2:   44:18
talked

spk_0:   44:19
to a loan executive or person inside of that, you need to find a new bank.

spk_2:   44:25
Wow.

spk_0:   44:26
um, you get a cashier's check and you walk your money over across the street or where you're gonna go with it. But you need to be able to get services for your dollars. It's not so much. Just you go make a deposit anymore. You're not in a you don't have a luxury of doing that anymore. The Coben Viruses made sure that you are no longer in a position to really, really not maximized services that people have that you're doing business.

spk_2:   44:57
And so we need to hold those institutions accountable.

spk_0:   45:01
Well, it's it's accountability. But you see, the institutions are more about holding you accountable, right?

spk_2:   45:07
Right. You

spk_0:   45:08
You know, what is that old saying? Ah, closed mouth. Don't get it. Um, if you close helping at your bank where all your money is, you're not going.

spk_1:   45:24
But I'm just thinking about it as as a vision there as a as a visionary. I mean, we could take this this this unfortunate incident now and start to teach our individual, especially the African American community, the importance of Oh, now we need a bank way had one central location where all our businesses were doing business with this particular bank and this is State was sitting his back. We could go. We have a personal relationship with Sydney now. And and now City knows what type of individual we are. He knows what kind of business we have. And he's more willing to do to lend money on to give you money and that aspect because he knows that you're credible and that you're and that you're gonna get the job done. Am I correct all the reason to

spk_0:   46:22
no tell. That's the exact reach. But I think that you need to even reach for that. You need to reach further. And when I say you should reach further than the further reaches is that it should be more about arm. I'm doing business with you, Mr Bank. You need to do more business with me because you're in the financial business. And do you know of any programs that can help my small business?

spk_2:   46:47
Okay. Wow.

spk_0:   46:49
You go to the grocery store to get groceries right? You go to Harry to get hamburger and beans and ice cream. I love ice cream. That flag dream came up really

spk_2:   46:58
quickly.

spk_0:   46:59
Um, but while

spk_2:   47:02
you're

spk_0:   47:02
getting all these things are also getting a roll of toilet paper, which, if you can find it, that's just a joke. But at the end of the day, you're getting many things at the at the grocery store, right? You get the prescriptions filled, you can. In some cases, you can get a health check, right? Oh, so why shouldn't you ask your baby? What else? What else do you have? Because I need to know,

spk_2:   47:26
Right, Right.

spk_0:   47:29
But we don't, do

spk_2:   47:30
they?

spk_0:   47:30
What do we do?

spk_2:   47:31
We just

spk_0:   47:32
make the deposit and walk out the door.

spk_1:   47:35
But my total feelings on this is that we on cat on the the day that we have more cash than any other day as a laugh as a community is Sunday, Sunday is ah is tied day. I guess you call it. And my feelings is that if all these churches of all it just taking all the African American churches got together and said we're going, we go bank with one person, and that's the bank. We're going away. So now we got economical strength that we can walk in there and borrowing power and say to that individual No, this is what we want for our community. This is what we want. You know, instead of going in and in separate entities, I think we got more borrowing power in power. I mean, you know, boring power in numbers. Correct.

spk_0:   48:30
You give your right. But you see, here's I've heard that that that discussion has been going around for years, right? Um, and and I'm a firm believer in it. Um, but where I sit with that is, although we do have these churches and all these other folks, um, who are making deposits for whatever reasons that they're making them to whatever individual, thank that they're making too, is all finding good. That's great and dandy. Where I sit with that and work, I said what? That isn't that simply say that's good. But you know what? Um, in case we don't get all of us together, I'm gonna go in and negotiate a position with them to do that because financial institutions have fiduciary responsibility to green brain to be made. Solve it. So

spk_1:   49:29
yeah,

spk_0:   49:29
you know. Yes, we have a lot of money in the African American community to do many things. And yes, if it was concentrated, it would have more power, but no, because we're not banking in the numbers that we need to. So we have to take an individual position as not manure. You have to go and say, I'll do all I can and get everybody. I can get to do this. But I need to build my relationship with this bank basically the same way that I build my relationship with God.

spk_2:   50:08
Wow.

spk_0:   50:09
And and make sure that I'm doing all I can. Now you can open, you know, with banks, go in there and refer other people to that bank, which will give you more staying power. And then the bank understands who you are and understands what the community is. That makes sense. But more often than not, individual bank accounts or individual bank accounts. And so bank live into this place called is an individual situation. So I think that if you can bring staying power to a financial institution that says I can actually replicate and bring additional people, um, you, as a business owner, builds Ah, certain amount of, uh,

spk_2:   50:54
trust

spk_0:   50:55
within that institution. Did they say You know what? This is a good guy. We're going to continue to do these things because if you're collectively broke bringing people to the table, then they're going to give you information as an individual so you can bring others through the table. And so everybody can start seeing because, quite frankly, you know, I don't really do a lot with small banks. I'm still, you know, I'm still at Bank

spk_1:   51:21
of America

spk_0:   51:22
for no other reason that I travel and there's branches everywhere. I need to be right, you know. But that's the only reason. You know, there's no other reason to be there, To be honest, um, and I do know the people at the bank and they're nice folks, but we're not doing anything with them per se. But when I was with and when I was in Cincinnati, I was at 5th 3rd Bank. I had a very strong relationship with the lending authority and the bank, the bank manager, So I was able to do some things there as well. So you know, it's a kind of a double edged sword a little bit, but I do think as a small entrepreneur you have to build that relationship with that bag and say, Hey, Mr Baker Or or Mrs Baker. Uh, I'm doing this project, and I need you to be involved because I bank with you, um, and asked them the one fundamental question that everybody does not ask. And I will tell you what it is, Mr Banker or Mrs Banker. What is your signing authority?

spk_1:   52:35
Well, yeah,

spk_0:   52:38
because they're signing authority. Tells you how much they can give you on their signature.

spk_2:   52:49
Well, if they

spk_0:   52:51
can, I did a deal with T Bank, and it was for 450,000. And the guy who I was working with? Yeah, he ran it up to, you know, to the back office, but he had signing authority toe 500,000.

spk_2:   53:12
Okay,

spk_0:   53:14
so he was able to sign the loan off for me.

spk_1:   53:20
That that was that was my next question. Even so. So So So So banks, like you're saying, can consign off on certain amounts of money, but also as an individual that certain people can walk in and get what they used to call What? I think they still call the signature Long, right?

spk_0:   53:42
Yep. Those are signature long, but signature

spk_1:   53:44
loans

spk_0:   53:44
in the past tense. Work my words now They want to look at

spk_1:   53:49
your paper,

spk_0:   53:50
you know? But you'll

spk_2:   53:52
find

spk_0:   53:54
loans were always backed up with. I'm saving account.

spk_2:   54:00
So you waken go a little. We go a little bit longer. Sydney doesn't have to get to the golf course.

spk_0:   54:07
No, I'm OK. I'm fine.

spk_2:   54:09
The question so sitting, maybe maybe help our listeners understand a little bit. And we You know, when you talk about banking, certain banks have different appetites for lending. Um, absolutely. Maybe you can share with our listeners. Like maybe some some banks may water Landau commercial real estate. Some banks may not like commercial real estate. Some banks may want toe lin to manufacturing facilities. Some banks may want Elin to, um, restaurants help our listeners understand what they may need to do when they're interviewing banks to get that type of information. Can you help on that? Love it?

spk_0:   54:56
Absolutely. Um, and here's one of those. I learned this from older gentleman years ago, so I think he I think he I think he would be taken right down. But, um, every most banks have appetite on your right. Johnny, they haven't appetite for different lines of vehicles because each of those lines have different collateral and collateral situations and a surety place in placement. So when you're interviewing a bank, if you're gonna do food and beverage, then you should go to a bank. Where who they do food and beverage. And the only way to find that out is to go up in there and

spk_2:   55:41
ask you,

spk_0:   55:42
How do you feel about food? Better. Um, and they don't tell you. Um, you know, if you're gonna do

spk_1:   55:50
real estate,

spk_0:   55:51
how do you feel about some? You know, some some banks, like real estate, A lot of things don't. But a lot of things like real estate from a perspective that it's ah, you know, it's a physical thing, and so you can always lean upon it and you know, if they're going to keep that paper in the house, because sometimes they take that paper and they'll sell it. Um, you know, they'll group it up together with broken up together without the things and sell it to somebody else. But, um, it's just about it sometimes means about how the terms were set up. Um, so when I think about finding stress tolerances or tolerances for what bank I'm going to go visit and speak with to see if they're going to do a loan with me. I know going in that this is what I'm looking for. And I'm not willing to, um, do

spk_2:   56:42
anything

spk_0:   56:43
else but that. So from my conversation, we're gonna have It's gonna be around just that, Um and they'll say things like, you know, I was in a deal before Nexus. I want all the credit cards, or I'm gonna give you the time to give you the loan. Plus two points, you know, prime plus two or prime plus one point. So that's the prime rate. Plus, you know, one or two points over. Um, so you have to be a stupid at what you're looking forward. Um, because you don't want to get into a situation where you're at prime plus three or five or six, because that's gonna big. So prime is three, and you've got six. That means that that's a nine. That's 9%. So you don't want to be in those kinds of situations. Um, but then you want to always be in a situation with them to that says, Hey, if I accelerate the paper repayment what we look like, or if you go into it and you say to him, you say, Hey, look, I'll do this loan with you, but I'm gonna need the first year of just interest payments on, um, nothing on principle. Um, well, do that because you get to write off all the interest on the attack number one. So you get the TV, that's a counter back out, and you still get to get the amateur ization of your property or whatever it happens to be. So you still you know, that's a double whammy. That's a good you know. That's a good good hit for, you know, it's a it's a twofer. So you've got to realize what you're doing. You have to go into the bank knowing what you want, exactly not what you think you want. Now it was somebody told you what you think you should have about what you do know you should have. So when I what I'm talking about, you know, saying to the bank, I don't want to do a deal. I'll do a deal with you for two to open prime. You know that this, um well, I don't know I'm like, No, I'm you know, I know what I can pay. So I know what that's gonna be. And then I'm gonna I'm gonna roll a deal that's gonna have first year interest only, um, and they like that because they're getting their money first. Um, you know, don't sort things or you go to a landlord, for instance. And you say to the landlord, I want 13 26 and the 37th month Read free, right?

spk_2:   59:09
Okay,

spk_0:   59:10
you can do that. The reason is is that Is this the negotiation? It's all about a conversation it goes back to. When I was talking about, um cutting the grass and everything else and getting other people to cut the grass, it was just a conversation. The worst thing can happen is they say no and you say, OK, that's great. I'll go find someone else. Um, but you have to be willing. Just sit and say I'll go find someone else. You have to be that person

spk_1:   59:41
because, uh,

spk_0:   59:43
in these times

spk_2:   59:45
in

spk_0:   59:45
this time, right now, everybody is in the same black.

spk_2:   59:52
Everybody had to go home

spk_0:   59:53
and work from home. Most right, So everybody's in the same spot. You know, everybody is in the exact same spot. If you're not on salary, you are hourly. You're not the only person that was narrowly working. You're not the only person that was a salaried work. You're not the only one that has a mortgage payment. You know, everybody is at the same starting block on this reopen. That's gonna happen. Everybody's at the same spot. The question becomes, what have you done to enhance your position? To come out of the starting blocks running as fast and this true as possible.

spk_2:   1:0:36
And so So what? That is phenomenal advice. And one of the things you've taught me in our previous conversations is everything is negotiable except for death. But, yeah,

spk_0:   1:0:50
that the only thing that's really in truly the

spk_1:   1:0:52
only thing that that the

spk_0:   1:0:54
only thing that you can't the only thing that you cannot avoid and, um, you can't avoid it just it's just gonna happen, you know? Just just win. But until you get there, you got a shot to at least negotiate. And

spk_2:   1:1:10
before you died,

spk_0:   1:1:11
Now you can still negotiate a plot. You know I want

spk_1:   1:1:14
this one over here.

spk_0:   1:1:19
It is what it is. You know, you gotta have you

spk_1:   1:1:25
talk about those older players I had all played. Told me when it goes right into what you said, conversation rules the nation,

spk_0:   1:1:34
you know.

spk_2:   1:1:35
But that was great. It is not a good thing. So So anything you want to share with our listeners as we part brother warn, How do we reach your in?

spk_0:   1:1:51
Yeah, you can reach out to me of Sydney Warren at me dot com. That s I d n e Y W a r d in the ad sign mg dot com. Or you can call me on the phone to five for 481 81. Um, I called everybody back. Um, yes, I was just It is what it is. Um, I enjoy helping folks out. It works for me. Um, I think my party thing that I would say is is threefold. Number one. Um, he reminded everything is negotiable an

spk_2:   1:2:26
hour from

spk_0:   1:2:27
that position, Um, and operate from position that, um, your business means something, and you could take it down the street. Um, so you don't have to feel this, though. You're you're locked into a situation. The second thing is, um, the pandemic, the corona, all that I employ you to stop watching television. Depressed, is you.

spk_2:   1:3:00
Yeah, because

spk_0:   1:3:02
you know it will slow you from. It'll deter your thinking from where you need to be and look at your business. Um, taking a deep dive into your business makes total sense. And I think the last thing that I would want everyone to do is I want people to look at their their self and their business and create a budget and start looking at what you're really cost. Start and then start making adjustments to those meaning that you don't that you know, your mortgage is your mortgage. You gotta pay. Your rent is you're rich, you have to pay. Um, but you don't need as much cable. You may

spk_2:   1:3:50
not because

spk_0:   1:3:51
you're not really you live with it. Take a really honest, um, assessment of what services that you do use and, you know, get rid of some, teach others, but make the adjustment because it is about making the adjustment. So I think it's important that people with business owners as individuals, just human beings, um, make the adjustments and you make those adjustments and you should be fine. Um, and you will be surprised at all the things that you've been wasting money on for so long because as a business owner, you've got to look at every line line by line of expenses that you have. But as an individual, you have to look at your life in terms of line by line, everything that you do. Um, you know, I here on many people say, Oh, I don't do this because the X or I don't do this because of why And when you listen to it, it's really more about convenience. This is

spk_2:   1:4:58
right. Intention

spk_0:   1:4:59
being true. The Inconvenient

spk_1:   1:5:02
truth

spk_0:   1:5:02
is things have changed. You either are going to rise to the moment. Are you gonna fail? But Kevin Small, he had a book and I read in a long time ago and it says sail up. And I read that book and I believe in that. Fail up, you know, fill up early even though you fall and you sail upwardly because guess what? On the other side of this thing, it is a beautiful place, so just be prepared.

spk_2:   1:5:32
Wow. Thank you, sir. Mill with anything you want to And

spk_1:   1:5:37
his brothers There s so much today. I mean, you know, he really has enlightened me as an individual. And I know he's done a lot for the shade tree. He's broken down Teoh. They stay back in the in the hood, toe 1/4 pound that You know what the rial is and what the fake it is. So, uh, way really weird. Thank you sitting. And I tell you what, man, I'm gonna be reaching out to you. And I know John is gonna be reaching out to you lied, you know, for advice. Your brand and is really great. You have a great brain, you know? So you and you've got a lot of knowledge. So we definitely want to sit down in a and discuss some things we can do in the future.

spk_2:   1:6:21
At Inter, never male. Avoid it. The struggle is real.

spk_1:   1:6:26
You're gonna struggle, Israel,

spk_2:   1:6:28
You get really rough. Well, this is Melvin and Zanni and Sidney Warren and we're out from the social shade tree. Be blessed, Be safe and we'll see you on the other side.