To say that COVID-19 has taken a heavy toll on the small business community would be a serious understatement. All around the world, countless businesses are struggling to maintain their operations due to this pandemic. But, while there's no way to escape the consequences of this devastating health crisis, there are several steps you can take to keep your small business up and running during these difficult times. In this episode, Gene Marks and special guest Anita Comisky share several strategies that helped protect her business from the negative effects of COVID-19.

Executive Summary

0:35—Today's Topic: What Can I Do to Help My Small Business Survive Covid-19?

3:23—Because so many retail stores have been affected by COVID-19, business owners need to think beyond traditional sales platforms if they want to effectively diversify their channels.

5:25—In order to navigate this health crisis, small business owners are encouraged to carefully assess their potential sales numbers and then, adjust their operating expenses accordingly.

6:14—While a PPP (Paycheck Protection Program) loan can help shoulder some of your business's financial burdens, it is only a short term solution. Small businesses really need to concentrate on revamping their marketing strategies and online presence if they want to survive this pandemic.

7:21—Rather than saving your cash reserves for future investments, use them to supplement your current working capital.

8:43—When evaluating your cash flow for the next few months, it is not enough to merely set new sales goals; you also need to create a realistic timeline for when you can actually collect those receivables.

10:27—Now is an ideal time to take a hard look at your current customer base and think about how you can broaden it. By targeting new audiences, you will inevitably open your business up to new sales channels and opportunities.

13:54—As cities prepare to reopen, make sure that your business is equipped to handle the “new normal," both in terms of operations and marketing.

14:45—Business owners should prepare an extended cash flow in case there is a second wave of COVID-19 cases. This will prevent them from incurring any additional debt from unnecessary expenses.

Links

Amelia Toffee

Transcript

Gene: Hey everybody. Welcome back to the Small Biz Ahead podcast. This is Gene Marks. I am not joined today by Jon Aidukonis due to technical issues. We miss him, but he will be back, I am sure, on our next podcast. But in the meantime, I wanted to introduce my guest who has a really interesting story to tell about herself and her business. Her name is Anita Comisky. She's the founder of Amelia Toffee Company down in Florida. Anita, first of all, let me ask you for an awkward, hello.

Anita: Hi.

Gene: It's always awkward when you get these things started. So listen, you and I, we knew each other from before and I kind of heard your story earlier, but let me first... Let me ask you to tell the crowd listening, what exactly does Amelia Toffee Company do? Give us a little history.

Anita: Well, we started about five years ago and we started because I'd been making toffee for 50 years and just like many other folks in the food busines...