As locally, nationally and globally, people are utilizing practices such as physical distancing and staying in place, many small businesses are being disrupted. Whether it be because of industry shutdowns, employee inability to work, lack of access to customers, cancelled events and travel restrictions, supply chain interruptions, cash flow shortages or a variety of other factors, the way that small businesses do business has already undergone rapid changes and changes are certain to continue. For many, this means short-term or long-term pivoting in their business model to survive and to thrive moving into the future.
Here are 10 questions to help small business owners and their support teams think through options for change:
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- What parts of your business model do you need to let go of for now?Ā Ā
- What parts can you retain by making adjustments or being flexible?Ā
- How do you see your industry changing and what challenges and opportunities do those changes create locally, nationally or globally?
- What parts of your business model might you let go of permanently as your industry or your capacity changes?
- With what you are able and want to retain, is there new value that you can bring to your customers as their needs and wants are also changing?
- Are you able to identify needs and wants that you previously had not considered addressing but that you have – or could develop – the capacity to address?
- If you let go of particular parts of your business model, which of your needs go away?
- As you pivot your business model, what new needs do you pick up?
- Can you partner with other businesses – or take advantage of changes in other industries – to provide services and complete jobs that need to be done within your businesses and for your customers?
- What resources are available to assist you, ranging from financial assistance to advisory support to tools and online platforms for you to use?
As a result of the COVID-19 pandemic, nearly every part of the small business community is thinking about what do we do now to get through this, for how long and what does the future hold? Ā In such times, it is vital to try to be proactive, analyzing and addressing not only challenges but also opportunities, to mitigate risks and to engage in hope for tomorrowās successes.
For more resources to navigate during COVID-19, visit: www.iowasbdc.org/covid-19.Ā
About Americaās SBDC Iowa & the Author
Dr. Laurie Pieper is Amerciaās SBDC Iowa Tech Director. She leads the Rural Iowa Development Initiative and works with clients and resource partners around the state to develop opportunities for the successful commercialization of business technologies, products and services. Originally trained as an analytical philosopher, she has a Ph.D. from UCLA and has held faculty appointments at University of Oregon and Kansas State University.Ā Dr. Pieper was a business owner for many years and enjoys using her background in education and in entrepreneurship to help small businesses set and reach their goals.
Americaās SBDC Iowa is an outreach program of Iowa State Universityās Ivy College of Business and the Office of Economic Development and Industry Relations. Funded in part through a cooperative agreement with the U.S. Small Business Administration, Americaās SBDC Iowa has 15 regional assistance centers located strategically across the state. Since program inception in 1981, the SBDC has helped Iowa businesses and entrepreneurs through no fee, confidential, customized, professional business counseling and practical, affordable training workshops.Ā
For more information on Americaās SBDC Iowa programs or services, call (515) 294-2030 or visit www.iowasbdc.org, https://www.facebook.com/AmericasSBDCIowa, or @IowaSBDC on Instagram and Twitter.