What it takes to run a business

Podcast

This week, in a special bonus episode, Marcus Sheridan talks about the revolutionary strategy that he used to save his pool-building business during the Great Recession and that he’s been sharing ever since. That strategy is to volunteer answers to the questions your customers always ask—especially the questions you’ve been taught not to answer, at least not until you absolutely have to, such as those about pricing and potential problems with your product or service and who your best competitors might be. In this conversation, Sheridan also explains how to implement a content marketing strategy, why he isn’t a big proponent of social media, and what most business owners get wrong about marketing.

This week, Liz Picarazzi tells Jay Goltz that she’s pursuing multiple sales opportunities—and ponders what would happen if those opportunities actually came to fruition. Would her company, Citibin, be able to handle the additional volume? “In my fantasy world, where I am a lot,” Liz says, “I look at where this could go. And just like you, Jay, I go to, ‘How in the world would I produce all of these?’” Liz and Jay also talk about the pros and cons of pricing transparency: Do you volunteer your premium price up front? On your website even? Or do you wait until you’ve made your sales pitch and gotten your customer excited? Plus: we indulge a little further discussion on the merits of the 21 Hats brand.

This week, in episode 101, the tables are turned, as I announce that I have sold 21 Hats and then take questions from Shawn Busse, Karen Clark Cole, and Jay Goltz. The buyer is Toby Scammell, founder of Womply, which provides software services to small businesses and helped more than a million of them obtain Paycheck Protection Program loans. I will continue as editor-in-chief, but much of what the sale will mean for 21 Hats has yet to be determined—including, for example, and as we discuss here, whether we will keep the 21 Hats name. Meanwhile, Shawn, Karen, and Jay also talk about how Karen solves problems for her big tech clients and what smaller businesses can learn from her process. And Jay explains a change he’s making to his 401(k) plan that he believes will make it fairer for all of his employees.

This week, in episode 100, two years after the pandemic first hit, Shawn Busse, Jay Goltz, and Liz Picarazzi talk about what they’ve learned, what they’re doing differently, and whether their businesses have gotten weaker or stronger. Leading up to the pandemic, Shawn—still carrying scars from the Great Recession—did a series of workshops on how to prepare for the next recession. “And so in that regard,” he tells us, “we were really well prepared” for the pandemic. Plus: public companies are increasing prices aggressively and then bragging on earnings calls about the extra profits those increases are generating. Is there a lesson in this for privately-owned businesses? Also: Why does Jay seem more invested in his picture frame business than in his home furnishings business?

This week, in episode 99, Shawn Busse, Paul Downs, and Jay Goltz talk about the tendency of many businesses to obsess about their logo, their website, and the need to drive more leads. To which Shawn suggests concentrating first on customer experience. And Jay agrees: “It's better business,” he says, “to make your customers happier than to keep trying to find new customers.” But Paul has his doubts: “You can have your internal house in order, as I do,” he says. “And you can have a great website, as I do. But it's not driving new business to us at the moment.” Plus: Shawn, Paul, and Jay react to recently publicized strategies to address the labor shortage, such as giving out raises more than once a year and encouraging new employees to take a vacation before they start work.