Pivot Plan is Critical for Small Business Survival in Alaska
COVID-19 has had a profound impact on small businesses across the country. As entrepreneurs deal with industry shutdowns, quarantines, and fewer customers, “business as usual” takes on an entirely new meaning.
Business owners are often admired for their resilience, and that has never been truer than these past six months. That said, it is abundantly clear that businesses need to rethink and retool how they do business to survive. In order to do that, a pivot plan is critical.
Being a small business owner can often feel lonely, carrying the weight of the world, clients, and employees on their shoulders. The U.S. Small Business Administration (SBA) and the Alaska Small Business Development Center (Alaska SBDC) want one message to ring clear for businesses figuring out a pivot plan: you are not alone.
The Alaska SBDC network is the largest business resource partner funded by the SBA and provides free, one-on-one business advising to entrepreneurs. Whether it’s creating a resiliency plan, navigating options for financing, reworking a marketing plan, or establishing new operations systems, the Alaska SBDC’s expert advisors walk business owners through their options so they can confidently make tough decisions about their business.
Right now, there are three things that every small business must do to successfully pivot to meet the challenge of operating during COVID-19:
- Get online – With more people staying home it’s more important than ever to make sure you have a robust online presence. From marketing to e-commerce, websites to social media, your business needs to be on the web and providing your customers with the information and products they want.
- Communicate effectively – Reach out to your existing customer base and let them know how to support you. Develop strategies for new markets and new opportunities to try and grow your revenue as well.
- Use all available resources – Everyone needs a helping hand now and then. There are dozens of funding programs and support organizations like the SBA and SBDC ready, willing, and able to support you in your time of need.
Alaska SBDC advisors are actively helping Alaska businesses with these three things already. In fact, more than 1,000 small businesses have received technical assistance from the Alaska SBDC since COVID-19 first appeared in March.
Plus, Alaska SBDC advisors helped Alaska small businesses get approved for more than $1.7 billion in Paycheck Protection Program (PPP) loans, SBA COVID-19 Economic Injury Disaster Loans (EIDL), and EIDL Advances.
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