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‘Shark Tank’ Star Barbara Corcoran’s Advice for Businesses Recovering from Pandemic
By Joe Connolly and Neil A. Carousso
NEW YORK (WCBS 880) — As the economy reopens this spring, businesses are increasingly struggling to fill open positions. Barbara Corcoran, investor on ABC’s hit show “Shark Tank” and founder of The Corcoran Group, says “competing for workers” is the number one priority for business owners right now.
“The workers are in charge now,” Corcoran told Joe Connolly and Neil A. Carousso on the WCBS Small Business Spotlight, sponsored by Dime Community Bank. “The (businesses) that are treating their workers like kings and queens, like they deserve to be treated, are retaining their workforce. And, those who aren’t, can’t do business because they’re cut off at the pants because they don’t have the workers to support it.”
She said some small and large businesses are offering to pay a chunk of tuition for part-time workers and other employers are offering signing bonuses to workers who commit to a term of employment.
“I never heard of that,” the entrepreneur said.
Corcoran noted some people are receiving higher unemployment benefits than wages offered, which is an unintended consequence of the enhanced federal unemployment benefits that were extended to September. There are now 23 states that are ending the $300 weekly federal bonus checks next month, including Florida, which announced Monday it would follow other conservative-majority states. It has been a key safety net for families whose children have studied remotely in the pandemic.
“Most businesses that are coming out of the pandemic are in debt,” she said. “They can’t squeeze their profit margins so what is actually happening instead is they pass along that additional cost to the consumer.”
Corcoran experienced that first-hand last week when she went to dinner at her favorite Italian restaurant in Manhattan. She noticed the service was unusually slow because they didn’t have enough workers in the kitchen, so the former New Jersey waitress lent the owner a hand and started serving dishes to customers. But, rather than earning tips, she was caught by surprise when she got the check.
“It felt like it was about 30 percent more expensive,” she said. “But, that’s the new norm.”
Restaurants are not the only businesses that Corcoran believes will be forced to raise prices this spring and summer to survive. The “Queen of New York Real Estate” still walks around Manhattan, surveying local businesses in her neighborhood, and befriending several owners who have closed their shops. The neighborhood is changing; blocks that she described as being “empty with no sign of life, no light” over the past 14 months are now bright with new faces.
“Over the past couple of weeks, I see constructions going on inside the storefronts and I see new signs out front, so we’re going to get a whole new breed of entrepreneurs who are starting businesses,” Corcoran said, adding, “The old guys won’t be back because they couldn’t take it; it was too long. But, new kids are taking their place. And, this is going around America.”
She sees a refreshing spirit among the new entrepreneurs who have found opportunities in the pandemic. In fact, she says about a third of her “Shark Tank” companies have grown somewhere between 50 percent and 200 percent. Another third are out of business and the remaining third, she said, are hanging by a thread.
“You need to learn how to try and that’s taught by the parents,” the mother of two said, telling Connolly and Carousso how she raised her children to have the courage to try and “get back up” after failures. Corcoran said “courage” is a quality successful entrepreneurs learn through great adversities.
She said she noticed a troubling pattern among some of the businesses she invested in on the show. Some of them were not effective in gaining repeat customers, which she said starts with organization.
“They were all over the place,” the “Shark Tank investor said. “I have to get them between their ears, squeeze their head in, get their ego back intact, and say, ‘Sit down, make a list of where all your businesses come from,’ and believe it or not, almost 80 percent, sometimes 90 percent, is coming from the same source. And, they don’t know it. They’re spending all their time on 80 percent of other stuff that’s not amounting to anything.”
Corcoran said that lack of focus can prevent businesses from upselling and finding new customers.
She told WCBS 880 digital tools assist in many areas and encouraged owners not to think of digital as a foreign language, but rather as something they need as part of their operations. An example she gave on the Small Business Spotlight is South Carolina-based Daisy Cakes, which she invested in on season two of “Shark Tank.” When their store closed due to COVID-19, owner Kim Nelson, once reliant on her Southern charm, made frantic calls to customers with ideas for cakes of the month.
“And then, she went online and started selling cakes through Goldbelly,” said Corcoran, adding Daisy Cakes sales tripled within a month. “What a wakeup call.”
The real estate mogul likes to use her social platforms to have fun, too, and said business owners should look at social media as a “free public relations vehicle accessible to all.” If you’ve been on Corcoran’s social media pages recently, you’ve seen the millionaire Shark dancing and “being silly” in TikTok videos.
“Does Facebook or TikTok or a stunt event of me bringing down my phone booth down to a park in New York City and reading tarot cards – all stunts, all ways to attract attention, all ways to entertain people – does it materialize in business?” she asked rhetorically. “I truly believe it does.”
“Each and every time you touch someone’s funny bone, get their eyeball on you, they’re predisposed to liking you. And, when people like you, they want to do business with you,” said Corcoran.
Watch Joe Connolly and Neil A. Carousso’s conversation with Barbara Corcoran on the Small Business Spotlight video above.
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Republican Mayoral Candidate Fernando Mateo Says Public Safety is Key to NYC’s Recovery
By Lynda Lopez, WCBS Newsradio 880
NEW YORK (WCBS 880) — In one month, New York City residents will head to the polls to vote in the mayoral primaries.
It’s likely that the winner of the Democratic primary will be the next mayor of New York City, but there are two Republican candidates vying for the job: Fernando Mateo and Curtis Sliwa.
For this week’s 880 Weekly Rewind, anchor Lynda Lopez spoke with Mateo, a 63-year-old Dominican Republic-born entrepreneur and activist for taxi drivers and bodega workers.
As crime rates rise in New York and the city mounts a recovery from the pandemic that has devastated the local economy, disproportionately hurting those in Black and Latino communities, Lopez asked Mateo what his priority would be to get the city back on track.
“Well the first thing we need to do is make our city safe,” Mateo said. “Public safety is the most important thing because no one can afford to live in a city that’s not safe. Businesses will not thrive, people will not go out, people will be afraid to commute to and out of the city, we will not have tourism.”
He said his first order of business would be “refunding the police” followed by “reforming bail reform.”
“And then making sure we get our law enforcement agency to work very closely to engage our communities, to engage the people in the communities, to become part of New York City’s people,” Mateo said. “Let’s not forget, cops are human beings like we are. They just wear a uniform and they go out to work to serve and protect, but they’re just like you and I. They’re parents, they’re brothers, they’re sisters, they have mothers, they’ve got fathers, they are part of what the fabric of New York City is all about. So it’s about getting them more to engage.”
Mateo said the NYPD hasn’t had leadership in seven and a half years.
“They haven’t had a mayor that backed them, they haven’t had a police commissioner that backed them, they’ve had no support in seven and a half years. So we’ve destroyed the fabric of public safety in New York City and we’ve gotta bring it back and I am the person to do that,” Mateo said. “I was able to work with the NYPD through many situations, cabbies getting killed — two and three a week, bodega owners being killed and robbed — five, 10 a day, and we were able to create programs that united both industries and brought them together to make our city a better city, a safer city and the Democratic administration has destroyed that in seven and a half years.”
For weeks, the MTA has publicly criticized Mayor Bill de Blasio for stalling their request for more police officers in the subway to combat a rash of violent attacks on riders.
The mayor on Monday announced he would be adding 250 uniformed officers underground, on top of the 3,000 already deployed throughout the system.
Some of the Democratic candidates are saying police have not been deployed effectively in the subways.
Lopez asked Mateo how police should be used to tackle this problem in the transit system.
“Read my words, because I’ve been saying this for three and a half months since I declared my candidacy — I will have two police officers in every train station platform throughout New York City. I will make sure that every subway platform becomes a safe haven for anyone that’s seeking refuge, help, or running away from a crime or a criminal. I Will make sure that there are zero victims in the train stations. 24/7, seven days a week, you will see two men or women in blue protecting anyone that enters those subway stations. We need police resources, we need to make sure that people are safe and how dumb can you be to defund the only agency that keeps New Yorkers safe.”
On the Democratic side, former New York City Sanitation Commissioner Kathryn Garcia is gaining momentum, rising in the polls and receiving a wave of recent endorsements, namely the editorial boards of the New York Times and the Daily News, as well as the Four Freedoms Democratic Club.
Lopez asked her if she credits those media endorsements for her rise in the polls.
Kathryn Garcia, 2021 New York City Mayoral Candidate and former New York City Sanitation Commissioner. “Our strategy has always been that we wanted to be peaking in May when the electorate really is paying attention. The endorsements have been fabulous, we are super thrilled to have gotten both the New York Times and the Daily News because the city really needs someone who knows how to get things done and can deliver on the vision,” Garcia said.
Turning to the current situation with the crime in the subways, Lopez asked Garcia what needs to be done to address the violence, other than injecting more police into the system.
“Well, first and foremost, we need to listen when the MTA says we’ve got a problem because that’s the city’s job. We’re in charge of making sure the subways are safe. It’s also true that we need to embedding mental health professionals with police so that they can address people who may be a danger to themselves or others,” Garcia said. “It is real, we have seen an increase in subway crime, and it has to be stopped because the subways are our arteries, they’re our life blood. we need to be on them so that we can get to work and get to school.”
Last month, the NYPD’s transit chief accused the MTA of “fearmongering” and said police statistics show crime is down 53% in the system, year-to-date.
Listen to The 880 Weekly Rewind with Lynda Lopez for in-depth reporting and deeper analysis of the top stories of the week, produced by Neil A. Carousso for WCBS-AM New York.
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WCBS Virtual Business Breakfast: Rising from the Depths of the Pandemic
Presented by First National Bank LI. Member FDIC.
Streaming Thursday, June 17, 2021 at 9 AM EDT
Submit your questions for Joe Connolly and the panel here or tweet us using #WCBSBizBreakfast.
NEW YORK (WCBS 880) – Many industries have gone through a seismic shift in the last 15 months, and now, business owners are looking for new growth opportunities and ideas to reinvent their companies for the post-pandemic economy.
WCBS Business Reporter Joe Connolly will host the WCBS Virtual Business Breakfast, presented by First National Bank LI, with a panel of New York business leaders in health, technology, marketing, and retail. You can stream the WCBS Virtual Business Breakfast here and the WCBS 880 YouTube channel on Thursday, June 17, 2021 beginning at 9 AM.
Dr. Alexi Nazem, M.D., MBA was ahead of what has proven to be a critical shortage in nursing staff when he founded Nomad Health in 2015. The company digitizes the healthcare hiring process to help clinicians be fully staffed while managing crises more effectively and efficiently. It also points healthcare professionals to career opportunities and higher paying jobs.
Nazem, an internal medicine specialist at Weill Cornell Medical College and an attending physician at New York Presbyterian Hospital, saw a sharp rise in demand amid the COVID-19 pandemic as hospitals scrambled to fill positions and healthcare workers from around the world stepped up to aid in the fight. His goal is to transform the healthcare industry with Nomad Health by scaling innovative solutions to issues exacerbated in the pandemic.
Shoptiques.com is a marketplace for more than 5,000 boutiques across 2,000 cities and 30 countries. This e-commerce site provides sales support to small businesses, including housing a point-of-sale system, an affordable mobile app, and an integrated marketing platform. Lindsay Lightman, Shoptiques Chief Marketing Officer, is taking the company into a new age using new technologies and proven digital strategies to help small business owners mange inventory, scale digitally, and reach new customers – essential to rise from the pandemic.
Andi Jennings owns New Jersey-based marketing agency MadCreek, LLC, which recently added digital strategy, video production and tech consulting to its traditional branding and advertising services when the pandemic accelerated a shift in consumer behavior to e-commerce. Seven of their top team members are mothers; MadCreek’s pivot into the work from home environment seemed seamless. They are sharing their expertise with their clients, including Rutgers and Seton Hall University’s athletics programs, AAA, and a number of local businesses and non-profits.
“We made them look professional so they can continue to work during the pandemic,” said Jennings. She will share how to organize your business to grow despite the economic uncertainty on the WCBS Virtual Business Breakfast, presented by First National Bank LI. Member FDIC.
You can share your questions for Joe Connolly and the panel by submitting the form on this page or Tweet @WCBS880 and @JoeConnollybiz using #WCBSBizBreakfast in your post.
MEET THE PANELISTS
About Alexi Nazem, Co-Founder & CEO of Nomad Health:
Alexi Gharib Nazem, MD, MBA, is the co-founder and CEO of Nomad Health, the first online marketplace for freelance clinical jobs. In addition to leading Nomad, he is also a Clinical Assistant Professor of Medicine at Weill Cornell in New York.
Previously, he led field operations for the Institute for Healthcare Improvement’s successful 100,000 Lives Campaign.
Alexi trained in internal medicine at Brigham & Women’s Hospital in Boston after receiving an MD from Yale and an MBA from Harvard. He also holds a BS in Molecular Biophysics and Biochemistry from Yale.
About Lindsay Lightman, Chief Marketing Officer of Shoptiques, Inc.
As Chief Marketing Officer of Shoptiques inc., Lindsay is responsible for developing and managing the companies B2B and B2C marketing strategies; as well as identifying and negotiating strategic partnerships. This includes overseeing the Shoptiques.com marketplace customer acquisition, marketing, merchandising, and support; developing and growing Shoptiques Managed Marketing Services for luxury boutiques; and building the Shoptiques SaaS offerings designed for small business owners, focused on helping small get smarter.
Lindsay joined the company in 2018, as Head of Support & Business Development, bringing her over 7 years of experience in global marketing and relationships. In this role, Lindsay helped bring to market Shoptiques first tech product, SPOS; was tasked with bringing new business into the portfolio; and developed account management and technical support for Shoptiques VIP boutique partners.
Prior to joining the organization, Lindsay served as Director of Global Strategic Market
Development & Chief of Staff to CRO at True Fit. During her tenure at True Fit, she nurtured long-lead retail relationships with enterprise retailers like Nordstrom, Kate Spade, Ralph Lauren. Lindsay managed the global events strategy, PR and communications, and social media marketing, developed a client success program and marketing strategies for retailers to grow customer adoption of True Fit, and facilitated the onboarding of new retail brands onto the True Fit SaaS Platform.
Lindsay received a Bachelor of Arts degree in Economics, and Bachelor of Arts degree in Spanish Linguistics from Occidental College in California.
About Andi Jennings, Founder & Creative Director of MadCreek, LLC:
Andi Jennings has spent 25 years in the advertising and design industry with the majority of her career leading MadCreek, LLC as founder and creative director.
With an award-winning design portfolio, and a history of diversity and longevity in the MadCreek client roster, their extensive, brand management experience, top-line creative direction expertise, and strategic digital and social management, allows them to stand the test of time and keep their clients current.
MadCreek’s clients include the athletic programs at Rutgers University and Seton Hall University, Union Catholic High School, AAA, Hoboken Cultural Affairs and JustinTime Foundation.
They are guided by a strong belief that their job is to function as a problem-solving tool and find ways to turn any idea into reality.
Andi recently realized that her lust for creativity and problem-solving had no boundaries. She dove into multiple labors of love, creating art societies and town-wide ‘art walks,’ managing fine artists, and co-writing children’s books. She tackled interior design projects, taught software applications, and has even written short stories and memoir essays.
Her newest adventure is co-founding “Project CheerUP!”, a positivity movement, uniting cheerleaders to “CheerUP!” the world, literally.
The WCBS Business Breakfast series with Joe Connolly is produced by Neil A. Carousso.
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An ‘I Love NY’ Campaign for New Yorkers: Why NYC’s Recovery Will be a Team Effort
By Joe Connolly and Neil A. Carousso
NEW YORK (WCBS 880) — New York City is reopening, but the recovery will not be like turning on a light switch.
Despite large swaths of the economy given a green light to reopen, including sports, entertainment, culture and hospitality, there’s still much to learn about what the post-pandemic economy will look like.
The Center for an Urban Future, a non-partisan think tank that promotes local economic mobility, found technology jobs make up 40.1 percent of available positions in the city that pay more than $80,000 a year, doubling open jobs in New York’s financial industry.
“I fear the most for the lower wage workforce in New York City – many of whom are already disproportionately hurt because of the pandemic – people in restaurants, retail, nail salons, child care,” said Executive Director Jonathan Bowles on the WCBS Small Business Spotlight, sponsored by Dime Community Bank.
“A lot of them may be hurt by these structural issues like remote work,” he acknowledged.
Bowles also pointed out business travel may continue to suffer due to the convenience of remote meetings. That could hurt the hospitality sector as many businessmen and women patronize local establishments and attend Broadway shows when they’re in town.
That’s why he believes it will be up to New Yorkers to participate in their own city’s recovery by shopping local.
“New Yorkers have got to take on some of this responsibility,” Bowles told Joe Connolly and Neil A. Carousso.
He proposed an “I Love NY” campaign marketed towards New Yorkers rather than tourists to stir up Big Apple pride that has been a hallmark of the city’s resiliency and bravado through past crises.
“After 9/11, it almost felt like almost like a patriotic duty to go out and see a Broadway show. We got to make it like it’s a patriotic duty again to go out and support our small businesses more than before, because otherwise, a lot of them just aren’t going to hang on,” said Bowles.
The local business leader believes in New York’s recovery and sees the technology and healthcare industries growing as well as a variety of traditional hospitality businesses in the outer boroughs.
“We did a little analysis of new business formation in Brooklyn and found a significant increase,” he said. “Even compared to the months prior to the pandemic, new businesses are being formed and a lot of those are retail and restaurant businesses.”
Bowles calls that “encouraging” and believes foot traffic in those neighborhoods will remain elevated as a percentage of people will not return to city offices full-time. They’ll likely spend more money in their own communities.
That also means businesses will have to reinvent themselves and figure out ways to grow profit margins through parallel services.
See what it will take to get New York City moving again and the new types of businesses that are thriving on the 200th Small Business Spotlight episode above.
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WCBS 880 Weekly Rewind: Rising Crime Could Hinder NYC’s Recovery, Companies Scramble to Shore Up Cybersecurity in Wake of Colonial Pipeline Hack and How Vaccinating Kids Will Help Return to Normal
By Lynda Lopez, WCBS Newsradio 880
NEW YORK (WCBS 880) — As New York City plots its recovery, crime is rising overground and underground. Plus, this week companies scrambled to beef up their cybersecurity after the Colonial Pipeline hack took the massive fuel conduit offline. And, FDA Advisory Committee Member and Infectious Disease and Vaccine Expert Dr. Paul Offit opines on how inoculating kids, who are now approved for Pfizer’s COVID-19 vaccine, could accelerate the return to normalcy.
Hear deeper analysis of the top stories of the week and original reporting on The 880 Weekly Rewind hosted by Lynda Lopez Friday nights at 7 PM on WCBS-AM New York. Listen to this week’s full show, produced by Neil A. Carousso, on the media player above.
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