This web video was recorded a little over a month ago, but I believe that the suggestions are still completely valid as they can help business owners in the current crisis.
Cuban fields a lot of questions from Foster that come from concerned business owners and Cuban answers with aplomb.
I heard a lot from Cuban about being honest and transparent with all stakeholders during the crisis to get a firm foundation to start with. Also, one of the first questions concerned how to keep a business afloat that is in danger of going under. Cuban stressed that honest communication with stakeholders (such as vendors or employees) may yield a great idea that could take the business in a different direction. Another suggestion is to negotiate for better contract terms.
Being adaptable, agile, and resilient were key terms that Cuban highlighted for business that will make it through the crisis with success. Conveying the steps the business is taking to get out of the crisis is super important. Get ideas from wherever you can. Flexibility with others is another trait that I picked up on as a good business practice from the video.
“Being nice goes so far” and we need to be mindful to keep good relationships intact both during as well as after the crisis.
Additional discussions involve Artificial Intelligence, Ambient Voice programming, Robotics, Precision Medicine, Innovative Products for America 2.0, and the book Healthy Buildings.
I was delighted to learn that Cuban is a “reading machine” and spends hours reading to stay a few steps ahead on business trends.