Jul 23, 2020 - Economy & Business

Denver small business owner: COVID closures enabled business practices review

Photo: Axios screenshot

The coronavirus shutdown gave a Denver-based coffee shop and others who weathered the hiatus a slight advantage, its owner said Thursday at an Axios virtual event.

The big picture: Ryan Cobbins, owner of Coffee at the Point, said businesses like his that held steady during the shutdown had the opportunity to review their practices while they weren't serving customers.

Details: Cobbins said he spent the downtime "getting to know process and procedures, getting to know our staff on a deeper level, reviewing our vendors and so forth."

  • The coffee shop owner said his business opened in 2010, during the previous recession.
  • We've already stretched our muscle in terms of dealing with some significant challenges," Cobbins said. "Everything's about perspective."

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Axios Events
Updated Jul 23, 2020 - Axios Events

Watch: Small business recovery in Colorado

On Thursday July 23, Axios Media Trends author Sara Fischer hosted the fourth of a six-event series on small business recovery across America, focusing on how small businesses in Colorado have pivoted during the coronavirus outbreak, featuring Colorado Governor Jared Polis and Ryan Cobbins, owner of Coffee at The Point.

Governor Jared Polis discussed his frustration with federal level response to the coronavirus and highlighted state-level funds in Colorado that have been established to support small businesses.

  • On the lack of coordination at the federal level: "We've had 50 different responses in each state. Each of the U.S. governors has really largely been on our own...But what we really need, because we do have freedom of movement between our borders, is a better coordinated national response."
  • What the state is doing to help small businesses: "Many Colorado small businesses were able to get two months of payroll from the federal government, but it's not enough. So we did two things here in Colorado. We created a $20 million fund...Then we established a larger $250 million climber fund, which is a loan facility for businesses that aren't quite able to be credit worthy to get loans they need directly from banks."

Ryan Cobbins discussed his experience as a small business owner and how Coffee at The Point has navigated safety measures and addressed the concerns of employees during this period.

  • On how the politicization of masks impacts his workers: "Some people have an extreme [reaction] around masks, to a point to where they get a little bit abrasive...So we make sure that our staff stays careful and we provide them with the language to speak to customers in an appropriate way so that things don't escalate."
  • On how his business is using this slow period: "We've taken the advantage of the time to review our process and procedures, get to know our staff on a deeper level, review our vendors and so forth...This period gives us the time to do so."

Axios co-founder and CEO Jim VandeHei hosted a View from the Top segment with Policy Programs Manager for Economic Impact at Facebook Diana Doukas, who discussed Facebook's recent research on the global economic impact of coronavirus and its particular impact on women-run businesses.

  • How the division of labor at home affects which businesses are closing: "Thirty-three percent of women business owners are finding that household responsibilities are falling to them. In a report that we've just released with the World Bank and the OECD, we're seeing a disparity between women-run and men-run businesses, where 12% more women-run businesses are closing."

Thank you Facebook for sponsoring this event.

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