Advice for Small Business Owners
How to "Pivot and Plan" during times of change
PIVOT - Rethink your strategies of how you operate:
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Do you have any services that may be especially helpful to people now? (ie. delivery, meals to go etc.)
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Can you telecommunicate? Phone, Zoom, Google Meet, Face Time etc.
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Do you sell gift certificates? If not, would you like to? (If you do sell gift certificates, how can people purchase them?)
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What forms of payment do you currently accept? (ie. cash, card, Venmo, Apple Pay etc.)
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Communicate about your operation changes (like hours or products/service changes) regularly with your employees, partners, and customers.
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Use social media or email to engage with customers virtually and keep the business brand vibrant and "top of mind.
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Communicate with your vendors and suppliers often and early.
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Continue to monitor official communications from the CDC and McLean County Health Department.
PLAN – Prepare for future needs and restoration of service:
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Watch your business and personal spending; set aside reserves.
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Analyze budget to identify cost efficiencies, and ways to maximize cash flow.
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Update slate of financial statements including cash flow, balance sheet, and income statement in preparation for potential financing applications and emergency subsidies.
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Consider forming or joining with other small businesses in a mutual aid peer support association.
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Review and confirm your business continuity plan, or create one if you don’t have on
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Contact your business insurance agent if you have "interruption coverage" on your business insurance policy.
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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.