It is getting personal.
This week alone, I have sat though several meetings whereby one of the young startups I have invested in will soon shut its doors.
The ad market is tough; the VC community isn’t investing; and banks won’t make receivable loans. Investors are skeptical and tired.
Cash is king but there is no cash to be had.
And a SPAC that I was involved with couldn’t get its deal approved. The investors all wanted/needed their cash back. We lose our angel investment.
It is tough out there. Protect your cash. Save money. Be smart.
On investments, I am now in the mode of doubling down on winners; doing my pro-rata investment on deals that can get financed; or walking away from the bleeding corpse. It is that bad out there. No new investments will be approved or sought out for a long, long time.
And mark my words, spending Trillions upon Trillions of tax dollars as our Dear Leader insists upon will not straighten anything out anytime soon.
Follow –>
I. Congratulations on the win! Sounds like it was an exciting game. First goal on the bad end of two-man advantage?…what was that we were saying about convenience? Doesn’t exist.
Speaking of kids and where the cash is; looks like the lunchboxes are a hit.
II. On the back of my new TD check-card there is an easy to locate box with two main numbers:
Real People: 888-***-****
Automated: 800-***-****
III. I have recently noticed other banks putting in extra effort (directive really) in an attempt to compete with this human-friendly environment.
Way to little-to-late.
I called a professional number a few days ago and got a live person on the line. The man asked if I was surprised to find a person on the line. He was making a good effort to ensure my concerns were addressed.
Here; here.
The vast, under-served market?…compassion. (Maybe an essence of the double-bottom line?)
IV: My suggestion for a possible catch-phrase;
TD Bank; Large windows; take the pens; children and pets welcome.
They would see 10% increase on whatever growth they have over the next 6 months
(Probably more than 10%; with current conditions I’ll exercise restraint in speculation.
Very Truly Yours, Jeff
Regret to hear about the start ups. Maybe venture capitol could be more localized for a time. That is to say, maybe today’s first round VC is $25,000.00 rather than $2.5 mil.
You may remember I mentioned a the appearance of a new banking co. as a possible positive result of the current situation. (TD Bank)
After further investigation (I opened an account:-)
I am happy to report that this is indeed the case.
The bank is operating on a completely different plane than anything we have seen in the us in…well, maybe ever. This also relates to my note of inclusion as part of the model and appeal to the guy or gal waking down the street.
This is not to say that a fanfare is played and pedals thrown when one enters, but there is a very friendly “Greeter” similar to an upscale steakhouse. The main counter is modeled after a nice hotel, as opposed to a back-alley liquor store. They have containers filled with literally hundreds of pens, an umbrella rack with complimentary umbrellas, dog treats ladies and gentlemen (as in; bring ‘em in. They’re included.) Ditto kids. There is actually a little place labeled “Kids Corner.” (Imagine that, children are included too.), the space is wide and open, windows are large and ubiquitous, their coin counting machine/area is called the “Penny Arcade;” as in, “wink…wink; a reference; a fun reference; we know that the people walking through the doors are living, breathing creatures.
The bank is the result of a merger between Commerce Bank and TD Banknorth; a Canadian Co. A still-solvent Canadian bank takes action on an opportunity created by a weak US banking trend.
I’ll stop myself before I get going on this one; I could write a dissertation. Do want to mention two following points: I perceive the ethos of the bank to be a Canadian import; would not have been possible without downturn; See: The segment in Michael More’s documentary, “Bowling for Columbine,” in which he visits Canada.
TD Bank promotes itself as,
“America’s Most Convenient Bank.”
…OK. Whatever
Then, commits to continue to focus on proving,
“an unparalleled Customer experience”
…which is all the good stuff we have been talking about.
These are somewhat competing concepts. One has
relatively little to do with the other.
The company does well to include a mention of America in it’s catch phrase; as parent corp., TD Banknorth, is a Canadian import. However, to so prominently promote convenience here is highly ill advised.
As I write that, I realize why I honed in on these two “core values” as being competitive. They are indeed. One is Canadian; from a different culture. The other is strictly American. Oh no; the Americans are going to screw this up.
Convenience is not, not, not a selling point. In fact, maybe shocking, “convenience” as a concept for the individual does not exist. Humans do not seek convenience. We do just the opposite. We strive to make things as difficult as possible for ourselves.
It’s an instinctual directive.
Convenience is wholly negligible as a part of the individual’s decision making process. As is stands, the slogan might as well be; “Yesterday may have been Tuesday.”
“Convenience,” is a situational condition existing in the relationship between the provider and the individual. Convenience is a “provider side” responsibility. Its inclusion in the equation is critical for the business to compete in the market. It does not make the business any more “appealing” to the individual. Convenience either is or is not. It’s not a concept.
Speaking of Cash being King, convenience, and conceptualization.
One of the elemental problems in the US economy is that there is no concept of value. There is a reason we were using paper checks, and have cash and coins. They are tangible. They exist. We can touch them, look for them in the mail, smell it, toss it in a fountain.
This helps the individual in their conceptualization of value. In a cashless and paycheckless society how does the individual gain a concept of value?
During all of this focus on the economy, the House and the Senate passed, and George W. signed into law, The Check Clearing for the 21st Century Act, called “Check 21.” Ever heard of it? Know what it does?
I’m not even going to get into it.
A cashless society is a bad idea.
Not having cash on you does not make you more safe.
A paycheckless society is a bad idea.
The “convince” built into the banking industry exists entirely as a cost-saving measure of the corporation. In a sense, “convenience,” amounts to taking advantage of the individual.
This is an intrinsic weak-link in our economy. One is unlikely to hear anyone who is trying to “fix” the economy mention it, or “Check 21.”
Oh; and there’s cash to be had. It’s in the pockets (or “non-conceptualized signifying data points”) of the public
Best, Jeff
Ted,
I find your blogs about business fascinating because of your success. I hope that your club understands the economy in regards to ticket prices. We own 4 seats in the corners and with a $4 increase per seat per game are looking at somewhere near a $700 increase for the season.
I understand you are also increasing the money you put out in payroll and sponsorships are challenging. Simply put, if i could afford an extra 700 bucks for the family I wouldn’t have bought 4 of the cheapest seats.
It’s a fine line, just wanted to say its hard to justify $3000 on hockey tickets when smart business people are telling us to save cash. I love going to the Caps game, but is it something that is affordable to a family of teachers? (maybe one or two a year is more reasonable)
thanks for your consideration