Advice for Small Business Owners

How to "Pivot and Plan" during times of change

PIVOT - Rethink your strategies of how you operate:

  • Do you have any services that may be especially helpful to people now? (ie. delivery, meals to go etc.) 

  • Can you telecommunicate? Phone, Zoom, Google Meet, Face Time etc.  

  • Do you sell gift certificates? If not, would you like to? (If you do sell gift certificates, how can people purchase them?) 

  • What forms of payment do you currently accept? (ie. cash, card, Venmo, Apple Pay etc.) 

  • Communicate about your operation changes (like hours or products/service changes) regularly with your employees, partners, and customers. 

  • Use social media or email to engage with customers virtually and keep the business brand vibrant and "top of mind.

  • Communicate with your vendors and suppliers often and early. 

  • Continue to monitor official communications from the CDC and McLean County Health Department. 

PLAN – Prepare for future needs and restoration of service:

  • Watch your business and personal spending;  set aside reserves. 

  • Analyze budget to identify cost efficiencies, and ways to maximize cash flow. 

  • Update slate of financial statements including cash flow, balance sheet, and income statement in preparation for potential financing applications and emergency subsidies. 

  • Consider forming or joining with other small businesses in a mutual aid peer support association. 

  • Review and confirm your business continuity plan, or create one if you don’t have on

  • Contact your business insurance agent if you have "interruption coverage" on your business insurance policy. 

  • Contact additional business professionals (such as attorney, banker, and accountant) to evaluate options (such as applying for a SBA Disaster Loan) to mitigate financial losses or hardship.

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Illinois Department of Commerce and Economc Opportunity
City of Bloomington, IL
Town of Normal, IL

Our SBDC is funded in part through a cooperative agreement with the the U.S. Small Business Administration, the Illinois Department of Commerce and Economic Opportunity, Illinois Wesleyan University, the City of Bloomington, and the Town of Normal.