Latest / The SmallBizChat with Melinda Emerson / Boost Your Small Business Cash Flow with Eliot Buchanan

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Boost Your Small Business Cash Flow with Eliot Buchanan · The SmallBizChat with Melinda Emerson

• 0:00
  3, 10, 1, 0, ignition, liftoff,
• 0:08
  Ending small business failure.
• 0:11
  Welcome to the Small Biz Chat podcast with a number 1 small business expert Melinda Emerson.
• 0:17
  Belinda's goal is to end small business failure, and she'll give you the information
• 0:21
  you need to succeed and live the life you've dream of.
• 0:25
  Now here's the small Biz lady herself.
• 0:29
  Melinda Everson.
• 0:31
  Hi.
• 0:31
  I'm Melinda Everson's small Biz lady.
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  America's number 1 small business expert, and I would like to welcome you to the small business
• 0:39
  chat podcast.
• 0:40
  Today's show is all about developing tighter flow management in 2021.
• 0:45
  We're also gonna be talking about the art of selling a business.
• 0:49
  And have you ever wanted to become a celebrity doctor?
• 0:51
  Well, if you do, I've got the lady you wanna talk to here with us tonight.
• 0:55
  It's really all about if you're looking for new ways to conserve cash and your business, We've
• 1:01
  got some great insights.
• 1:03
  If you've been thinking about whether or not now is the time for you to sell your business
• 1:08
  to talk about it And if you are a physician interested in creating a niche practice and
• 1:14
  becoming a media expert, I have lined up some amazing experts today who are gonna discuss how
• 1:21
  to make 2021 a great year in your business.
• 1:25
  The small business chat podcast really is a peer to peer interview show that gives small
• 1:30
  business owners a way to get invaluable business insights.
• 1:33
  The mission of small business chat is to end small business failure Our goal with small
• 1:38
  business chat is to give small business owners an opportunity to hear sage advice from
• 1:43
  multiple angles to take your small business to the next level.
• 1:47
  Today's guest, Elliot Buchanan, who is the co founder and CEO of Plastics.
• 1:53
  And I wanna thank him and Plastique for being a sponsor of tonight's show.
• 1:58
  Now Plastique is a payments company that helps small businesses pay or accept payments via
• 2:03
  credit card or cash for virtually any expense.
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  Elliot founded Plastics after he couldn't charge his Harvard tuition on his credit card
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  since then, Plastique has enabled millions of customers with more over a 100,000 small
• 2:20
  businesses to make 1,000,000,000 of dollars in payments, particularly where credit cards are
• 2:25
  not accepted and it enables them to better manage cash flow and growth.
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  Elliot is passionate about helping small businesses, and I'm so excited that you're here
• 2:34
  with us tonight.
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  Elliot, welcome.
• 2:36
  Thanks, Linda.
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  No.
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  My pleasure and exciting to also be along with that a couple other esteemed guests.
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  So happy to be a sponsor and always happy to help Small business owners.
• 2:45
  Awesome.
• 2:45
  Awesome.
• 2:46
  Alright.
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  So give us a little bit of the history of plastics.
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  Tell us about your company and And, you know, how you guys got involved in really trying to
• 2:54
  help small business owners because, you know, cash is king in business.
• 2:58
  Right?
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  So How this all came about?
• 3:00
  Yeah.
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  I'm not sure.
• 3:01
  Happy to.
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  It's been a long journey as I think everyone on this on this call can attest to being a
• 3:06
  business owner.
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  You know, each year is like 10 years.
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  But the way that the company started, I came to the US from Canada, and so I was new to the
• 3:12
  country.
• 3:13
  And one of the challenges was actually establishing my credit score.
• 3:16
  And that's when I decided to take out my first ever credit card here in the United States to
• 3:21
  try and pay.
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  It wasn't all of my Harvard tuition plan, I couldn't afford that, but a small, a small
• 3:26
  piece of it that I I wanted to pay.
• 3:28
  And the purpose of that was to try and, you know, build some credit and and establish your
• 3:32
  credit score here in the which is, as we all know, really important, both as a consumer and
• 3:37
  as a small business owner.
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  And so that's how the company started is I went to try and pay Eugene at the time my first Visa
• 3:43
  credit card, and I was told I couldn't pay that way, which felt just inconvenient and
• 3:47
  disempowering.
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  You know, here I was trying to simply get something done that I, you know, as a consumer,
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  time wanted to do.
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  And I was told, no.
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  And that set off the genesis story of how the company originally started.
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  Interesting.
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  Interesting.
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  So It I wanted to ask you sort of, like, if you had to pick one word to describe the state of
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  small business coming out of 2020, into 2021.
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  What would that word be?
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  Yeah.
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  Sure.
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  I think resilient is the word I would use.
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  And just to give a quick context on that.
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  I mean, the reason that comes to mind is, you know, small business owners above any other
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  part of the economy, right, especially as we've seen through COVID, Yes.
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  There's a lot of challenges, but, you know, in talking to, you know, thousands of small
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  business owners that I have over the last, you know, few years and the 100,000 we serve,
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  That's that's one common trait amongst every business owner regardless of industry as they
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  are resilient.
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  And it feels like while it's been difficult, their their poised for a really exciting year
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  coming ahead.
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  Awesome.
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  Awesome.
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  So what do you think has been your biggest takeaway as a as a business owner yourself?
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  Going, you know, going into 2021.
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  Yeah.
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  I mean, so as a business owner myself, I'd say optionality is is sort of the theme that comes
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  to mind.
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  And what I mean by that you know, last year was so unpredictable, you know, and this is, for
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  me, my first major recession that I've experienced for many business owners they've
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  experienced multiple of these, and each one is a little different.
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  And this one certainly was very different on a global scale.
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  And, you know, I think one theme when we talk to business owners and what I think even about
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  us as a small business owner in our case is giving ourselves optionality and preserving
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  different options because, you know, having just a single plan is not really gonna cut it
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  even in ways like it may have before before this recent pandemic.
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  And so preserving optionality is one one theme that comes to mind.
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  And then secondly, just briefly, the other one that I'm thinking through is, again, as tough
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  as last year was, frankly, I'm inspired when I talked a lot of our customers around how
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  optimistic they are for, you know, maybe not first half of this year, but coming through the
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  second half.
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  And I think, actually, there's gonna be a record number of businesses started in a record
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  number of entrepreneurs and small business owners in between the market after realizing
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  maybe they weren't happy with their job before.
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  Maybe they were laid off in their forced start a company, but I think that's gonna breed a
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  record amount of innovation in this economy.
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  I agree with you.
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  And I tell people that all the time, you know, Great businesses are actually started in
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  recession.
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  We can look at the history, all the way back to the early 1900s, whether it was IBM, 3 m,
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  Microsoft, you know, CNN, you know, and then you wanna get it more recent times.
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  Uber, Groupon, you know, like, there's a lot of businesses that we're started in recession.
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  So I think mother necessity doesn't care whether it's a recession or not.
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  If people have an unmet need and you serve it, the world will be a path to your door for sure.
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  So let's switch gears a little bit and talk about, you know, how can small business owners
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  take more control of their money in 2020.
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  Yeah.
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  Absolutely.
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  So, I mean, you know, a few things that we think about, at least in the context of
• 6:54
  plastic.
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  Right?
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  One of the things small businesses that's different than say larger businesses, etcetera,
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  is we find they need they need certainty.
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  That's the word that comes to mind more than others because when they have a a need for
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  funding, it's often not planned.
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  It's very unexpected.
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  It's very last minute.
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  And so, you know, there's a variety of ways that we have learned through 2020 and into 2021
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  now that we're here that business owners can, you know, take advantage of, you know, helping
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  manage their cash flow and and helping preserve, you know, optionality where they used
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  earlier.
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  You know, there's a lot of grants and loans out there, which is nice, but they also take time.
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  There's been a lot of disappointment as we all know, I think, in some of the government's role
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  in that setting.
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  And so what we've actually seen him, our advice to business owners, Melinda, have been
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  actually, you know, negotiate, with community you're in.
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  And and the what I mean by that is a lot of business owners we talk to don't realize that,
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  you know, everyone's in this together.
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  And a lot of the the vendors they pay, a lot of the customers that pay them are also going
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  through, you know, you know, challenging, unprecedented times.
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  And so you know, reaching out to their customers and relying on them to help give them
• 7:58
  optionality and preserve cash and say, Hey.
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  How you know, are you able to fund this payment early or, likewise, reaching out to their
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  vendors and saying, hey.
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  Can you give me an extra 15 days, 30 days?
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  You'd be shocked how many times, you know, a lot of vendors are going to work with you as a
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  business owner because it's a relationship based community.
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  The small business commanding is large, but it's very tight knit.
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  And so oftentimes you don't need to always, you know, go seek out loans, etcetera.
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  And, obviously, when you do plastics, like, you know, a very interesting platform that allows
• 8:27
  you to use your credit card to do that very quickly without taking out a new loan.
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  But even in addition to that, we tell our customers trust the community, reach out to
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  them, and you can often buy time just by way of your existing relationships and the credibility
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  you have with that.
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  I completely agree with you.
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  You know, one of the things that I was thinking about was, like, when you think about, you
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  know, 2020, there's no there was no shortage small business needs.
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  Right?
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  So it was like, you know, money, support, resources, money, you know, so There was a lot
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  of things that people needed, but, you know, what are some of the needs that you feel best
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  positioned to offer small businesses who need assistance right now.
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  Yeah.
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  I think certainty is is is the is the the name of the game.
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  And by that, I mean, you know, what we are able to offer, and again, there's a lot of
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  resources, and we like to encourage SMB to go and and explore all the resources.
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  But what we're able to do that, frankly, almost no one is able to do is a small business owner
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  can come to us today, and they may have a variety of payments and bills that are
• 9:29
  outstanding.
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  And because they're short on cash, they're struggling to make that decision as to do they
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  make a late payment or, you know, do they cut back payroll and cut back expenses which could
• 9:38
  hurt, you know, the workforce and hurt their employees?
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  And with us, they don't have to make that trade off they can use credit they already have in
• 9:44
  the form of a credit card.
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  So it's not like they're applying for a new loan that might burden them with additional
• 9:49
  debts or or a loan they may never get or never get on time.
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  They can actually use credit that they've already, you know, worked really hard.
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  And frankly, they're entitled to have because they've earned it.
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  They can use that on plastic to pay their vendors.
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  And within that credit card cycle, they're getting 30 or 45 days depending on the credit
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  card you already have, which in a lot of businesses, it's enough time to get through
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  that unexpected period.
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  And, again, because it's already present they have, it's certain.
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  So there's no guessing game for them business owners are already under enough stress.
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  And so I think certainty is the element of our product and what we what we solve that I think
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  business owners relish the most right now.
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  So about funding, right, you know, there's all there's all kinds of funding options out here.
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  Right?
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  We've got we've got banks.
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  We've got sort of like the the merchant vendors, you know, that are providing funding.
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  And then there's certainly, you know, traditional banks.
• 10:38
  Right?
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  And then wanna be clear.
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  You know, sometimes people think the SBA loans money.
• 10:43
  No.
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  The SBA provides guarantees for banks and CD advise who loan money.
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  But what advice would you have to offer small business owners who like are more looking for
• 10:53
  some funding right now to try to save their business?
• 10:56
  Yeah.
• 10:56
  I mean, so similar to a couple of things we we touched upon, you know, there are grants and
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  loans like you, you know, like you're pointing out, but a lot of them are are not certain.
• 11:04
  And they take time.
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  What I mentioned about earlier is a lot of times you can finance an extra 15, 30, 45 days
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  by just reaching out to your customers.
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  It's basically a free loan.
• 11:14
  Your customer wants to maintain their business with you.
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  Your vendor, in most cases, wants to maintain that relationship they've had long standing
• 11:21
  ties with you, and they'll often say, you know, actually, yeah, we're fine for 30 days and say,
• 11:26
  Melinda, it's been great to have your business.
• 11:28
  So please, like, you know, we know you're going through a hard time and, like, we want you in
• 11:32
  business.
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  And it's in their best interest because if you bought a business, they're not gonna earn your
• 11:35
  future revenue.
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  So Again, we often encourage those owners to leverage that that resource before they think
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  about applying for a net a net new loan.
• 11:42
  And then, of course, there's solutions like ours, which you know, can be also really
• 11:45
  valuable.
• 11:46
  Like, we just we we touched upon briefly, which is, you know, they can they can basically defer
• 11:50
  all their vendor payments for 45 days for next to nothing by using credit.
• 11:55
  They already have without taking on new loans.
• 11:57
  So we also, you know, within our interest, but we often encourage them to do that that as
• 12:00
  well.
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  Awesome.
• 12:02
  Awesome.
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  Now I have a question.
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  Can you pay your stove with with plastic?
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  Many have tried.
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  Now the the the short answer is no, and the primary for that.
• 12:11
  Linda is is risk.
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  And without getting too much detail, risk from the perspective of, you know, if someone's
• 12:17
  trying to pay themself, it can be indicative of a an unhealthy behavior because if you think
• 12:22
  about it, one thing we like to steer really clear away from is ensuring the business owner
• 12:27
  and the individual is already going through a hard time.
• 12:29
  We don't want them even further, you know, debt that they can't afford.
• 12:32
  Right?
• 12:33
  So it's a delicate balance and often paying yourself can get you, you know, get you in
• 12:37
  trouble and be unhealthy for you as a business owner.
• 12:40
  And so we we tend to discourage that.
• 12:41
  And then for other reasons, we just simply don't allow it.
• 12:44
  So you can pay almost any recipient and vendor, not just the United States.
• 12:47
  Actually, we do famous all around the world, but you cannot fund yourself.
• 12:51
  Got it.
• 12:52
  Got it.
• 12:52
  Well, I'm gonna put a pin in it right there.
• 12:55
  And up next on small fish chat live, we're gonna come right back and talk more about
• 12:59
  managing your small fish's cash flow in 2021.
• 13:02
  I'm Melinda Emerson, the small biz lady.
• 13:04
  You're watching small biz chat live, and we will be right back.
• 13:08
  People and businesses everywhere use plastic to pay for virtually anything using their credit
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  Plastic.
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  It's the smarter way to pay.
• 14:02
  Back a small fish chat live.
• 14:03
  I'm back with my guest, CEO Elliot Buchanan of plastic.
• 14:08
  We're talking about how to boost your business cash flow going into well, we're already into
• 14:14
  2020 1.
• 14:15
  Right?
• 14:15
  We're not going into it.
• 14:16
  We're in it.
• 14:17
  So let's talk about the future, Elliot, let's talk about 2021.
• 14:21
  And what are your some of your assumptions about some of the things that are gonna happen
• 14:25
  with the small business community this year?
• 14:27
  Absolutely.
• 14:28
  I think a couple of trends coming to mind.
• 14:29
  Right?
• 14:29
  One is and I touched upon this briefly earlier, but I am a strong believer in it, which is
• 14:33
  there's gonna be more businesses started than ever before.
• 14:36
  And This is not just because I think people, you know, there's been a record number of of
• 14:41
  layoffs, right, which is not a great statistic.
• 14:43
  And you can look at it in a narrow sense, but again, If you look at it in a broader sense, I
• 14:47
  think it's gonna force some innovation that otherwise wouldn't have happened.
• 14:50
  And you're gonna see a lot of businesses started that otherwise may not have started.
• 14:53
  And I think that's gonna be a really positive thing.
• 14:55
  And the other aspect of of that, why I think that trend's gonna gonna dip in terms of more
• 14:59
  more business owners starting than ever is people, I think, this crisis was different.
• 15:04
  You know, 2020 was a different crisis than prior crises.
• 15:06
  There wasn't just an economic crisis.
• 15:08
  There was a socioeconomic crisis.
• 15:09
  There was a crisis, you know, speaking of mental health, and it was on a took an
• 15:13
  emotional toll on a lot of the population.
• 15:15
  For those reasons, I think a lot of introspection happened.
• 15:18
  It's gonna force people in a good way to say, am I really doing what I'm happy to do?
• 15:22
  And why didn't I start that idea?
• 15:23
  Or why was I, you know, I've often been told by others I couldn't start that.
• 15:27
  And I think now you're gonna see people say, now now is the time.
• 15:30
  If not now when and that that thesis is gonna stick more this year than it ever has before in
• 15:35
  my opinion.
• 15:36
  And so that's one trend.
• 15:37
  And then secondly, I guess, you know, frankly, there's, I think, a little bit of an eroded
• 15:42
  trust in what I'll call institutions broadly speaking.
• 15:45
  And I mean, governmental, I mean, and I mean financial.
• 15:48
  And, you know, a lot of lot of these SMBs relied on loans that, you know, didn't often
• 15:52
  come to fruition or went to sources that were much larger than the SMBs despite their needs
• 15:58
  being greater.
• 15:58
  And so because of that erosion of trust, I think the positive trend of that in the SMB
• 16:02
  world is there's gonna be a record amount of early adoption of technology with SMBs.
• 16:08
  And that also means, you know, all SMBs are gonna win in terms of their ability to have
• 16:12
  access to new technology and new apps and new services, whereas in the past, SMBs are often
• 16:17
  they've often been left behind in the technology game.
• 16:20
  That's no longer gonna be the case, and that's gonna be a win, I think, for all SMB.
• 16:23
  Well, it's interesting.
• 16:24
  I feel like in the last 2 to 3 years, everyone has figured out, oh, there's 30,000,000 small
• 16:29
  businesses.
• 16:30
  Maybe we should start trying to sell to those people.
• 16:32
  I think that's amazing to me.
• 16:34
  It's like everybody used to chase enterprise customers.
• 16:37
  Right?
• 16:37
  We need to inter we want blue chip.
• 16:39
  Now all of a sudden, they're like, wait a minute.
• 16:41
  There's only 1850 of them but there's 30,000,000 of these other people.
• 16:46
  It's like, yeah.
• 16:48
  We've we've always been here.
• 16:49
  We've been waiting on you guys to pay pay some attention to us.
• 16:52
  So I think it's kind of interesting, but I completely agree with your point about trust.
• 16:58
  I think trust has been majorly eroded I think people who desperately needed EIDL loans and
• 17:04
  were turned down because of their credit scores when they were trying to save their businesses.
• 17:09
  And then sometime, you know, save their whole personal livelihood, I think, was completely
• 17:14
  disingenuous.
• 17:15
  And, you know, a lot of small businesses have been hurt.
• 17:18
  I couldn't agree with you more.
• 17:21
  So what challenges do you think might get in the way of small businesses this year, though?
• 17:25
  Oh, boy.
• 17:26
  And I think that, you know, the pace of this recovery is gonna be a little episodic.
• 17:32
  And so back to my earlier point, I mentioned, which is I think SMBs, they often crave control
• 17:39
  and a word we use that I, as I used earlier, certainty.
• 17:42
  Right?
• 17:42
  They want they they they they want to have certainty.
• 17:44
  Even I'll see it's the exact opposite of what comes with starting and running the business.
• 17:48
  And I think Again, unlike prior crises and SMBs that have lived through 1 or more, this coming
• 17:55
  through this one's gonna be a little more episodic and and and cyclical and seasonal
• 17:59
  nature.
• 17:59
  And so I would, you know, therefore, caution some SMBs around, you're gonna see, I think, a
• 18:04
  dramatic catalyzing ramp and a positive direction out of this, but you may see some
• 18:09
  some some cycled down again and some setbacks.
• 18:12
  So maybe a little bit lumpy if that makes sense.
• 18:14
  And therefore, SMBs, you know, being entrepreneurs as they are as I am often can get
• 18:18
  ahead of our skis, if you will.
• 18:19
  And I think in this, post crisis world, I think, you know, being cautiously optimistic
• 18:25
  and preserving optionality, which I also mentioned earlier, is gonna be the key to
• 18:29
  getting through 2021.
• 18:31
  I agree.
• 18:31
  I agree.
• 18:32
  Well, thank you so much, Elliot.
• 18:34
  It was great insight that you provided.
• 18:36
  Alright, Elliot.
• 18:37
  What's your favorite podcast?
• 18:39
  Probably there's the blitz scaling podcast with Reed Hoffman around just rapid scaling start
• 18:44
  up.
• 18:45
  Good stuff.
• 18:45
  Good stuff.
• 18:46
  I've listened to him too.
• 18:47
  That's a good one.
• 18:48
  Alright.
• 18:49
  My next question, what is your favorite business app?
• 18:53
  Oh, an Uber account in a non COVID I did I travel too much on Uber?
• 18:58
  Uber definitely can't.
• 18:59
  If you wanna say Uber, say Uber.
• 19:01
  I mean, you're
• 19:02
  all gonna
• 19:02
  said your own, but you
• 19:04
  you I plastic.
• 19:06
  No.
• 19:07
  I I don't want that'd be too that'd be too close to the home, but I I only got my driver's
• 19:10
  license a year ago as well.
• 19:11
  So that's why it's super.
• 19:13
  Oh, wow.
• 19:14
  Okay.
• 19:14
  No.
• 19:15
  That's another podcast interview to tell me about that.
• 19:18
  Alright, Elliot.
• 19:19
  What's your favorite old school marketing too?
• 19:22
  Probably leverage friends and family.
• 19:25
  That's how this business started.
• 19:26
  I had no connections in our first customers who are friends and family and probably wouldn't
• 19:30
  have started if we didn't use that
• 19:31
  I think that's a perfectly good one.
• 19:33
  Leverage, friends, and family.
• 19:34
  Good stuff.
• 19:35
  Alright.
• 19:36
  Last question, you guys.
• 19:37
  Favorite business book you've ever read.
• 19:40
  Probably, the hard things about hard things by, again, Horowitz.
• 19:44
  He's a venture capitalist.
• 19:45
  That is a great book.
• 19:46
  That was a great book too.
• 19:48
  And, actually, one of my favorite books is Disrupt You by Jay Samet.
• 19:52
  That's one of my favorite business books I've recommended it to a lot of people.
• 19:56
  And my favorite thing about it is he says you wanna disrupt the world.
• 19:59
  That's great.
• 19:59
  Start by disrupting yourself.
• 20:01
  Love it.
• 20:02
  Thank you so much for being my guest.
• 20:04
  On smallbizchattonight.com.
• 20:07
  Alright, everybody.
• 20:09
  I am Melinda Emerson, the smallest lady, and I always appreciate you for coming and joining us
• 20:14
  for the small fish chat podcast.
• 20:16
  If you want more information on how to start or grow your small business, for to my blog at
• 20:21
  succeed as your own boss.com.
• 20:24
  I'm Ellen Emerson, the small business lady, your host.
• 20:26
  Until next time, Remember that you've never lose in business.
• 20:30
  Either you win or you learn.
• 20:31
  God bless everybody.
• 20:34
  Thank you for listening to the small biz chat podcast with Melinda Emerson.
• 20:39
  For more resources and small business success strategies, visit succeed as your own boss dot
• 20:45
  com.
• 20:46
  Subscribe to this podcast wherever you listen to podcasts and join us next Wednesday.