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.

  • Facebook
  • Instagram

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. 

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