Survival Guide for Small Businesses

Transcript

Today’s episode is a special one; we are living through unprecedented times dealing with COVID-19, and Andy and Jessica are sharing a Survival Guide for Small Businesses. Certainly, the hospitality industry is one of the most affected by this pandemic, but this is a reality for all businesses, as a result of the domino effect started by closed stores which leave many other industries related to them, out of the picture too. Even if your business hasn’t been yet directly affected by the COVID regulations, the effect might reach you soon.

In moments of crisis is always good to have a backup plan so you can survive different phenomena that can affect your business.

Listings of the week: Mike Hall (Raleigh). Transportation for children who can´t ride the school buses. Price: $6 million, SDE: $2,761.000. Call Mike Hall at (919) 424-1927 or email [email protected].

Key Takeaways

[4:00] Andy and Jessica present The Bridge Plan as an acronym.

[4:05] B: Break even: Go over your expenses to survive for months.

[6:19] R: Reduce expenses.

[8:50] Take the time to understand what the options for your employees and your business are.

[9:48] I: Increase income.

[13:28] D: Disclose. In situations like this communication and honesty are crucial.

[16:12] G: Get to work and be great at it.

[18:12] Don’t panic, instead, be the leader in your community.

[19:18] E: Excell. There will be huge opportunities after the crisis.

[24:45] Deal of the week: Al Fialkovich recently sold a business in a niche manufacturing company, related to the funeral services. The deal closed through an SBA loan. Price: $800,000.

[26:30] Listing of the week: Mike Hall (Raleigh). Transportation for children who can’t ride the school buses. Price: $6 million, SDE: $2,761,000.

Mentioned in This Episode

• The Deal Board Podcast
• Transworld Business Advisors
• Transworld on LinkedIn
• Transworld on Facebook
• United Franchise Group