The Challenges Of a Cashless Society
Brian Asingia impacted many companies with his knowledge of innovation. He is an advisor, asset manager, and author of Cashless Society 101. Brian is also a former Wall Street analyst with over 10 years of executive strategy experience. He is also the chairman and CEO of The Pearl Dream Inc - a company that trains, advises and funds ethical entrepreneurial leaders.
In his career, he has explored various types of deals. In this episode, he brings an analysis of the market, talks about investments, and brings some insights about raising capital for your business. To understand how to apply all this in your career, stay glued to this episode.
What Is A Cashless Society
By definition, a cashless society is a society where all money transactions are made electronically or digitally, with no physical cash in hand. Due to COVID, this type of system is here to stay. You may ask, how does this affect business? Businesses are being pushed to adapt 100% to this form of payment. An example was the subway systems in New York City, with fully electronic payment. By credit card or cell phone transfers.
Keep Your Business Up To Date
Brian's advice for every business, regardless of industry, is simple and effective: digitize your business and save costs. These two factors are directly linked. Because anytime you digitize, you're cutting out a lot of costs from other processes that were done analogically.
According to Brian, as long as your business involves tech in the company's processes, you're always going to be okay. As an example, the businesses that survived the pandemic were somehow interlaced with technology. Companies had to adapt to online sales and remote transactions.
Additionally, Brian points out that organizations need help to navigate this new digitized automated world. Everyone uses technological tools. But financial literacy, intellectual property, legal, financial, or even regulatory aspects of these tools are left out. It is important to study these aspects. Especially to make transactions, raise funds and make investments more effectively.
Lessons For Getting Investors
1- In most companies, investors want to see the ability to get a customer, clients and the ability to revenue for the founders. Many people don't understand that it's just the tiny percentage of companies that actually get funded before they actually have profits. In most cases, investors need to see, at some level, the opportunity proven in the market.
2 - Brian shares that in his mentorships with organizations who want to get investment. His advice is: explain to investors why you need to raise this capital, what kind of capital, and for what purpose. Assessing the internal value, which could be from talent, IP, or actual revenue. This inventory has to be done.
You have to be able to communicate that yourself. The investors won't tell you what's valuable and what's not. That's up to you as a founder to explain and defend the right strategy you want to go with. Do you ever stop to think about how you would explain to an investor the reasons that led you to look for investment? Keep this very clear in mind.
In the end, a cashless society is probably not much different than the digital currency world that we are already in. If your business is not fully prepared for this form of payment, it may be time to start. Ask yourself, how are you preparing your business for a cashless society?
Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.