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BUS INE SS E S DI S CUSS TH EIR ROAD TO RECOV E R Y
UNP R ECEDENTED TI M ES CAL L FOR UNP R ECEDENTED M EA SUR ES. As our city, our state and the world adjust to ever-shifting standards of normalcy, businesses are finding innovative ways to adapt and position their teams for continued success. While the road to recovery may be paved with uncertainties and challenges unique to each industry, one thing is certain: New Orleans is no stranger to resiliency, and our professional community has all the expertise, prowess and determination needed to emerge stronger and more prosperous than ever. In this exclusive section, Biz New Orleans asked business leaders about their tactics for readjusting, working remotely and staying focused on their corporate missions during the historic COVID-19 pandemic.
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B I Z F O R W A R D : T H E R OA D TO R E COV E R Y
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One Step at a Time The only thing you can control is how you approach the unpredictable.
THR OUGHOUT HER CAR EER , K I M NGUY EN
has always embraced risk. Her fearlessness and determination, coupled with her drive to create a solid foundation for her family, propelled her through the ranks of the restaurant industry and led her to establish three successful restaurants with her husband, Luu Tran. When faced with the challenge of adapting to a global pandemic and a transformed business climate, Nguyen was ready to meet the task head on. It might have been impossible to prepare for, but with the livelihoods of so many riding on the decisions she made as a business owner and leader, Nguyen chose to persevere. After all, the ups and downs are all part of the process, and if Nguyen has it her way, this new challenge will lead to growth. In what ways are you thriv ing and pushing forward as a business during COVID-19? We stayed open the whole time. During the restriction period, we followed guidelines and continued with takeout orders. It was essential for us to remain open. We closed down one location, but to stay afloat, we had to keep Magasin Kitchen open. It was a hard decision, and after discussing it with our staff, we decided to go day by day and fight. We all have families, and for my team, this was their only source of income. Filing for unemployment was not an option for them. We had the opportunity to remain open or
to close, and I was happy we stayed open. Our takeout has always been a considerable revenue source for business; although we lost half of our dine-in sales, we must say that we were incredibly blessed and received tremendous support from our landlord at South Market District. Are there any lessons you have learned? We learned that we couldn’t control a lot of things, and most importantly, we learned that our staff and community need us just as much as we need them. Samin Nosrat says the beautiful thing about cooking is that it’s a pretty quick process, and really, it doesn’t allow much time to get attached to the results: whether a dish stinks or turns out beautifully, you have to start over from scratch again the next day. So we start every day fresh and embrace the good, the bad, the new and the uncertain. I have to stick to that, because that will be the only way to survive. How have you maintained a sense of company culture? Our staff stood by us, and I’m beyond grateful we have them. They hung in there, helped out and did everything in their power as if the business was their own. Half of our staff is second and third generation, and the language barrier was a challenge. Still, the underlying language of love is so transparent, and they understood the importance of either thriving or failing together. What has been your ex perience w ith the change to remote working? It has been great. I handle the internal side of the business, and given the time at home, I was able to come up with several side hustles for the industry, such as wholesale. I was able to link up with a high-reward networking program that can help us market the restaurant and allows diners to earn reward points. This has made me extremely productive, and I’m naturally the type of person always to have a plan in place, so I was grateful for the time.
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We start every day fresh and embrace the good, the bad, the new and the uncertain. K I M N G UY E N OWNER
MAGASIN VIETNAMESE CAFE/MAGASIN KITCHEN 611 O’KEEFE AVE. • NEW ORLEANS • (504) 571-5677
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B I Z F O R W A R D : T H E R OA D TO R E COV E R Y
FINANCIAL & I N V E ST M E N T S E R V I C E S
Investing in Relationships Communication and commitment can strengthen bonds during uncertain times.
AT TOUPS WEALTH MANAGEMENT, LLC, every action and decision is made with the client’s best interest in mind. That’s not just because it’s their duty as a fiduciary wealth management firm, but because the financial advisors at Toups Wealth Management want to help every client pursue their goals and maximize their wealth. With over 20 years of experience, founder Troy Toups has guided clientele through the many highs and lows of the market by staying abreast of the latest shifts, trends and insights. That certainly hasn’t changed during the ongoing pandemic. Now more than ever, Toups and his team are refining and revamping their investment strategies to establish long term plans with the goal to help their clients feel more confident.
In what ways are you thriv ing and pushing forward as a business during COVID-19? These are challenging times for any investor. Some of the most important decisions investors can make happen during uncertain times. We’re making sure our clients know that we’re controlling what we can control. We’ve been able to alleviate some of the anxiety by reminding our clients who own individual stocks that the companies we are investing in will be around for a long time, and when the markets are down, we are adding to these companies. We have learned that certain market disciplines implemented in the past have prepared us for the unexpected and rapid market decline. Market volatility will always
exist, so it’s important to be prepared and take action when opportunity presents itself. Are there any lessons you have learned? Any new technology you’ ve embraced? Communication and flexibility have been key with the office staff and our clients. Making sure the office runs smoothly and that clients are not left in the dark has been of utmost importance. Most of our business is face-toface, appointment-based meetings. Out of consideration for our clients and staff, we switched to virtual meetings through Zoom, which we had not used prior. Having the ability to see us on the call seems to give the clients some relief, and we have been able to maintain our pre-COVID levels of availability and commitment to our clients. What has been your ex perience w ith the change to remote working? We’ve had staff physically available at the office since March, while others worked remotely. We have always had the flexibility to work remotely, but until recently, we have not done so for this extended period of time. It has been helpful to have someone at the office to ensure business is being processed in a timely manner. It has also been helpful to our staff who usually drive longer distances to work, since this has allowed us more time to work for our clients instead of spending time on the road. While working remotely can present challenges such as lack of cohesion or elongated response times between staff, we have found that daily Zoom meetings have eliminated this concern. The biggest drawback has been not being able to shake hands or give a hug. Do you anticipate your business w ill change in any way when the community opens back up? If so, how ? I believe the cautious measures we have taken will continue. I’m sure we will hold more face-to-face meetings, but I do believe that since clients have had the opportunity to familiarize themselves with technology for online meetings, that will continue to be an option. We’ve had to cancel a few of our events this year, and we are looking forward to having those gatherings again. As long as we can continue to make adjustments, I believe Toups Wealth Management will be able to meet future challenges head on.
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Be prepared and take action when opportunity presents itself T R OY TO U P S FOUNDER
TOUPS WEALTH MANAGEMENT, LLC 110 AVENUE OF OAKS • DESTREHAN • (985) 307-1169 • TOUPSWM.COM