Center for Insurance & Risk Management Director Cindi Burleson was on a recent episode of the Arkansas Shrimp Tank Podcast.
Burleson spoke with co-hosts Matt Haas and David Sims about the development and growth of the program — the only of its kind in Arkansas — and how 2020 has changed the way we view risk management.
Burleson is a lecturer in the Department of Economics, Finance, and Insurance & Risk Management. Listen to the full episode here and catch a video recap above.
Cynthia Burleson, director of the Center for Insurance & Risk Management in the UCA College of Business, was featured in June on an episode of the Insurance Town podcast.
Cindi Burleson, director of the Center for Insurance & Risk Management
The podcasts talks to personalities and leaders in the Arkansas insurance and risk management industry and is hosted by Heath Shearon. The duo discusses Burleson’s journey from the industry to the classroom, UCA’s involvement in insurance programs and events, the Arkansas Insurance Hall of Fame — housed in the UCA College of Business — and the insurance program’s noteworthy internship program.
The College of Business’ four-year insurance and risk management degree is the only of its kind in the state. The program was designated as a Global Center of Insurance Excellence last year.
Listen to the podcast here.
If you’re a small business owner, the last couple of weeks have been filled with long days, more stress and anxiety, and questions about the future as the country responds to the COVID-19 pandemic.
School closings, mass event cancellations and postponements, and social distancing have challenged small business models across the country, including in Arkansas. How can small businesses respond to obstacles created by COVID-19?
Remain Calm
Jeff Standridge, Ed.D., adjunct instructor of Finance and managing director of the Conductor, said small business clients, customers and employees are looking to the owner for guidance.
“Your attitude and demeanor can make them feel comfortable or worried,” said Standridge. “Your thoughts impact your feelings, your feelings impact your actions, and your actions impact your results.”
Put Yourself in Your Customer’s Shoes: Reach Out!
Business owners should figure out ways to make customers more comfortable in doing business with them in the middle of self-isolation and reduced trips outside the home, said Standridge.
“Before you decide to close for two weeks, look for ways to reduce human contact points within your business,” he said. “If you can serve your customers remotely, you should do it.”
It is important for customers to see care, concern and empathy from businesses, said Standridge.
“It builds trust and loyalty,” he said. “Reduce risks, increase convenience, go above and beyond to meet their physical and emotional needs.”
Reaching out to top customers or clients, asking how they can be helped and informing them of changes your business is making can be helpful.
“Everyone is facing this crisis together, so be transparent about what your business is going through,” said Standridge. “Customers can empathize with brands facing a crisis, as long as you communicate with them properly.”
Doing the Right Thing Now Will Benefit You in the Long Run
The potential for negative press, ill will or loss of business from the general public is possible for the firms and businesses that do nothing or are slow to respond to the crisis, said Parker Woodroof, Ph.D., assistant professor of Marketing.
Whether it is transitioning to online services, reimbursing clients for missed or canceled services or offering gratuities, “being the first small business in the competitive environment gives you a competitive edge and advantage,” said Woodroof.
Go Online
When many stores shuttered in China and workers stayed home in response to COVID-19, Standridge said the savvy business owners shifted their sales strategy to social media, email and phone calls to avoid heavy losses.
“If you’re closing your store, find ways to keep your employees earning a paycheck by reaching out to your clients, selling on social media, putting your email list to good use or using a video tool to reach new leads,” he said.
Keep Your Routine
Things may not seem the same at the moment, but it’s important to keep some semblance of a routine.
Always have coffee with a mentor? Lunch with a fellow small business owner? Keep those appointments, said Vance Lewis, Ph.D., assistant professor of Management, just adapt.
“You can still have those morning coffee chats, greetings, lunches and comradery over the phone or internet just as easily as in-person.”
Plan for Cash Flow Implications & Get Help
Develop and plan for scenarios likely to result in an increase or decrease in demand for your products and services during the outbreak, said Standridge.
“Determine any potential impact on business financials using multiple possible scenarios that affect different product lines or store locations,” he said.
Other strategies that can be implemented include:
Cynthia Burleson, director of the Center for Insurance & Risk Management, said it could be beneficial for small business owners to consider business income coverage.
“This is nuanced and often misunderstood,” said Burleson. “Owners need to understand their policy to see if they may have the potential for partial help due to loss of income.”
For more information regarding the policy, click here.
Doug Voss, director for the Center for Logistics, Education, Advancement & Research and Scott E. Bennett Arkansas Highway Commission Chair, encouraged small businesses to negotiate payment terms with financial institutions.
“Protect your employees’ health and financial well-being to every extent possible, and avail yourself of state and federal assistance programs,” said Voss.
For more information on programs available to small businesses, click here.
The Conductor provides free, one-on-one virtual consultation for small businesses.
“We work every day to help business owners in Arkansas to get their game plan together if they need guidance or assistance,” said Standridge.
Go to arconductor.org to set up a session.
