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Shark Tank

'Shark Tank' Stars Share Financial Tips During The Coronavirus Pandemic

Gettyimages | Rodin Eckenroth
By Clark Sparky

It's an extremely difficult time financially for many small business owners amid the coronavirus pandemic. Most businesses have been closed, or have experienced dramatic reductions in customers during this time. The investors on "Shark Tank" are now doing their best to help give some advice to those who may need it.

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"To our Shark Tank fans, to our entrepreneurs, to our small business owners, to all of the helpers out there, the entire world is facing something we've never seen in our lifetime," the Sharks said during Friday night's epsiode. "Whether you're a small business owner or just trying to help your family, we're here with some advice."

"The moment you think you won't be able to pay this month's rent, you've got to call the landlord immediately," Barbara Corcoran said. "Be reasonable. Offer something, but ask for [your landlord's] help on letting you waylay some of your cost for a time later to catch up."

Mark Cuban offered advice on loans or grants. "There are so many places you could turn to for loans and grants," Cuban said. "Go to your state's government website. Go to your city's government website. Don't be ashamed. It's an opportunity to save your business and maybe even propel it into something bigger and better than it was before," he added.

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Business owners should also be honest with their staff. "In bad times like this, you’ve got to be brutally transparent and honest with your team," Robert Herjavec stated. "There might be some layoffs, you might have to cut certain costs. Your team needs to know what’s going on."

He also said people shouldn't waste energy worrying about the markets, which they have no control over.

"If you're worried about your investments, remember this: We went into this global pandemic with the best economy we've had in decades. These are going to be very volatile markets," Herjavec said. "But there's one thing we've learned from this kind of volatility in the past — you can't time the market."

Giphy | ABC Network

Lori Greiner told people to "look at these times as a setback; look at them as an opportunity." She added, "Start to improve your social media presence, improve your website and do the things that you never had time to do before. Get active."

Daymond John said to use this time to reflect on your business and goals. "Why did you start a business? Why are you working where you're working? Why are you trying to change people's lives? Now is the time that your 'why' is put to the test," John added.

"These are the times that will make warriors out of entrepreneurs. It will show you what you’re made of," Corcoran said. "Once you see this through, you’ll build the confidence to know you’ll get through anything."

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