Note: Kevin J. Ryan, staff writer at Inc., is stepping in for Cameron while he is away from the computer this week.
Good morning,
When the effects of the pandemic began hitting businesses across the U.S. in March, Shark Tank investor Barbara Corcoran called to check in with each of her 78 portfolio companies. One of the first things she did was ask those founders to write down all their sources of revenue--and then throw that piece of paper in the trash.
"Assume nothing from that list is ever going to happen again," recalls Corcoran. "Where else could you drum up some business?" As such, the Shark and real estate mogul has encouraged her companies to find new sources of revenue--and to prioritize finding new ways of earning business from their existing customers, since acquiring new ones costs four to five times as much.
Based on her experiences with her companies in recent months, Corcoran has learned a handful of other lessons that she shared with Inc. Check out the full story for Corcoran’s five pieces of advice for thriving amid all of the current uncertainty. |
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