economic downturns

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In this episode, Lucas Underwood is joined by Jimmy Purdy to dive into the challenges and complexities of the automotive repair industry.

Jimmy shares valuable insights on the essential business practices that must be addressed, such as taxes and bookkeeping. Drawing from a painful personal experience, Lucas highlights the importance of calmness and rationality when facing business troubles. Both hosts stress the detrimental effects of emotional decision-making and the significance of having a solid vision for any business venture.

00:00 Promote active listening to foster genuine conversations.
06:07 "Automotive trade show sparks new ideas."
10:35 Apologize if needed, but it's expected.
17:18 Dined at Gordon Ramsay's; no yelling expected.
25:52 Need to improve the industry's image professionally.
29:32 The Auto repair industry is moving in a good direction.
32:56 American savings are at an all-time low, raising concerns.
37:26 Anxiety is defined as fear of something irrational.
44:04 Advisors learn communication and perspective without emotion.
49:48 Recognize weaknesses and strengths for business success.
56:45 Struggled with back pain, stress, and work.
59:04 Product success hinges on appealing to consumers.

Introduction to Tony Pawlak:
Meet Tony Pawlak, a figure of resilience and strategic acumen in the world of stock trading. Once a hardworking truck driver, Tony's journey to becoming a full-time stock trader is nothing short of remarkable. His initial forays into the market were fraught with challenges—he lost nearly $100,000 and faced crushing debt. However, with perseverance and a willingness to learn from his mistakes, Tony turned his fortunes around, now boasting annual returns of 200-400% from market trading.

Tony’s Role and Expertise:
Tony is not only a successful trader but also a master coach at Real Life Trading. His mission is to share the strategies and lessons he learned the hard way. With over 2,000 hours of one-on-one coaching per year, Tony is dedicated to helping others navigate the complexities of the stock market. His approach is unique, having developed a trading strategy not commonly found elsewhere, aiming to guide others towards financial freedom and independence. Check out his Youtube channel.

Podcast Episode Highlights:
In this episode, Tony candidly shares his transformative journey from a blue-collar worker to a proficient day trader. He dives into the nuances of options trading and risk management, emphasizing the importance of adapting to market movements rather than attempting to outsmart them. Tony's insights extend beyond trading techniques; he discusses the parallels between financial health and physical well-being and how to thrive amidst economic downturns and the volatile world of Bitcoin mining.

Conclusion:
This episode is a rich blend of personal struggle, strategic insights, and a peek into the broader economic landscape. Whether you are a novice or seasoned in the world of trading, Tony's story, as shared in our podcast and his appearance on the "My Worst Investment Ever" podcast, offers invaluable lessons on managing emotions and achieving success in the dynamic world of market trading. Don't miss this opportunity to learn from a trader who has risen from the ashes of failure to become a beacon of success and guidance in the stock market.

As you're inspired to embark on your side hustle journey after listening to this episode, you might wonder where to start or how to make your vision a reality.  With a team of experienced professionals and a track record of helping clients achieve their dreams, we are ready to assist you in reaching your goals. To find out more, visit www.reversedout.com. 

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Welcome to Verify In Field: The Millwork Podcast. In today's episode, host Jacob Edmond sits down with the president of Atlanta Casework Systems, Marty Hammond, as they delve into the dynamic world of the millwork industry. Marty shares his journey from working at a high school cabinet shop to eventually purchasing the company, now specializing in K-12 casework and millwork manufacturing. The conversation covers challenges in gaining trust and influencing architects, the impact of COVID-19, the shift in education towards specialized schools, and the intricacies of meeting different quality expectations within budget constraints. Join us as we explore the ever-evolving landscape of millwork and gain insights from Marty's wealth of experience.

0:00 Introduction and Guest Background
02:21 Journey to Becoming a Business Owner
04:05 Transition to Ownership and Business Evolution
04:32 Understanding the Casework Industry
05:10 Challenges and Strategies in the School Market
09:01 Insights on Factory Engineering and Safety
12:46 The Impact of Batch Size on Production
17:02 Economic Challenges and Industry Trends
22:16 Changes in Product Demand and School Design
24:19 Adapting to Modern Education Infrastructure
25:22 Quality and Customization in Millwork
26:32 Understanding Client Expectations and Product Quality
27:24 Challenges in Meeting Quality Expectations
31:27 The Intricacies of Millwork and Business Management
42:31 The Evolution of Millwork Industry and Future Predictions
48:16 Closing Remarks and Contact Information

https://duckworksmw.com/podcast/marty-hammonds-journey-as-a-millwork-business-owner

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In this episode, host Colin Mitchell welcomes Andy Paul to discuss the importance of the buying experience in sales. Andy highlights data that shows the buying experience is the most important factor in a buyer's decision-making process. He emphasizes the need for sales teams to focus on creating a positive buying experience to compete and win against other vendors. He also discusses the importance of disqualifying leads and making the right choices in sales. 

Follow the Host:
Collin Mitchell (Partner, Leadium)

Our Episode Guest:
Andy Paul (Author,  Sell Without Selling Out)

Sponsored By:
Leadium | The leader in outbound sales appointment setting

*If you'd like to be a guest on the show or have any questions, email us at guest@salestransformation.co - Just tell us why you're reaching out and we'll contact you as soon as we can!

In this episode, host Colin Mitchell welcomes Andy Paul to discuss the importance of the buying experience in sales. Andy highlights data that shows the buying experience is the most important factor in a buyer's decision-making process. He emphasizes the need for sales teams to focus on creating a positive buying experience to compete and win against other vendors. He also discusses the importance of disqualifying leads and making the right choices in sales. 

Follow the Host:
Collin Mitchell (Partner, Leadium)

Our Episode Guest:
Andy Paul (Author,  Sell Without Selling Out)

Sponsored By:
Leadium | The leader in outbound sales appointment setting

*If you'd like to be a guest on the show or have any questions, email us at guest@salestransformation.co - Just tell us why you're reaching out and we'll contact you as soon as we can!

I write weekly about issues concerning small businesses for several publications. The next topic I will be writing about is small business closures. When you hear about retailers, restaurants, fitness centers, and the travel industry there is no doubt they are hurting in 2020. But this is also a big country with 30 million small businesses spread across many verticals. This means there are still a lot of small businesses out there that haven’t been impacted as greatly by the COVID-19 pandemic. 

A key reminder though when you’re looking at numbers is how do they compare to other related measures. The three biggest government agencies that report statistics on small businesses the Chamber of Commerce, the U.S. Census Bureau, and the Small Business Administration (SBA) all report 7 to 9 percent of U.S. small businesses close each year. There are about 30 million small businesses in the U.S. and around 6 million of those businesses have employees outside of the owners. If you take a 7 to 9 percent closure rate of those 6 million employer businesses that would be about five hundred thousand business closures each year. 

The silver lining is when there are economic downturns it also creates opportunities for some businesses to grow or new businesses to start. Businesses have had to learn to adapt to working virtually and leverage technology to run their business. Online sales have increased 28% year over year in 2020, which means businesses have had to pivot from selling products only in-store to selling online as well. 

A lot of people that received PPP loans in the Spring are starting to work out how to get them forgiven because those loans are starting to come due. You need to go back to your lender or bank and fill out the forgiveness application. If your loan is forgiving be mindful of the tax implication, whatever expenses you covered using the PPP funds will not be deductible on your taxes. This means your taxable income this year will be greater than you might normally expect to pay. Make sure to talk to your accountant early so they can help you prepare and know what to expect on your taxes. 

Some of the technology categories that have become mainstream today are virtual meeting platforms, customer relationship management (CRM) applications, cloud-based accounting systems, and office systems in general like project management or HR applications. One of the biggest problems facing businesses though is security so you need to partner with an IT firm to ensure the systems and tools you are using are updated and secure. 

Resources Shared: 

• Loan Forgiveness
• Thryv