PROFILE

DennistheProf

SMB Financing Expert, FitSmallBusiness.com
Dennis Shirshikov is Fit Small Business’ authority on small business financing. His work has been featured in USA Today, the Wall Street Journal, Huffington Post, Business Insider, and Bloomberg. He has a Masters in Risk Management with an emphasis on Financial Modeling. When not working with small businesses, Dennis teaches Economics at Queens College.
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  • Posted on: 03/30/2020

    Is Kroger’s pick-up only store a solution for grocers now and in the future?

    The positives are obvious: safer environments, fewer contaminants, and fewer worries. However, supermarkets and other stores that deal with pick-up only perishable goods must also be ready for the risks. These include needing a high selection quality, similar to the way the shopper would treat their own groceries. It also means having the infrastructure to handle returns when they inevitably happen. Overall it's a positive move for the virus and a good time to do some testing and gather data for a post-COVID-19 world.
  • Posted on: 03/27/2020

    Can Nike’s coronavirus playbook work for others?

    Avoid defeatism. Follow in Nike's footsteps and offer your products online. Leverage your physical location as a warehouse, photography studio, and shipping hub. Manufacture demand by leveraging social media, engage with the people that already love your product, and ask them to introduce more. Count on your strengths. Nike can't write a handwritten note filled with kind words with every package it sends, you can. Nike can't respond directly to a question as the face of the business, you can. Nike can't say that by supporting it you support your local economy, you can. Borrow the strategy, apply your strengths, and come out ahead.
  • Posted on: 03/25/2020

    How should retailers guide staff through the coronavirus crisis?

    These are good things to cover with staff amid this outbreak. I would also urge small business owners to listen to their staff at this time. There are a couple of good reasons for that:
    • We are in unprecedented times and communication can reduce stress and anxiety related to that:
    • We all want to do the right thing and no one has a monopoly on good ideas;
    • We want to do our best and to get the best performance out of every resource we have, reduced stress and open communication can help with that;
    • We want to know the best way to reach and keep our customers, employees have a different perspective right now;
    • It's free!
    So definitely tell your employees to practice distancing and keep them informed, but don't forget that listening is half a conversation.
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