COVID-19 Pivot Part 5: Exit Quarantine with New Skills in Tow

If you think back to your days as an employee, you may recall that one of the best cases for a raise, a title change or even a promotion was to just learn new skills. For your business, the path to operational improvements, margin increases and new revenue streams is identical.

Businesses that think through the needs of their customers in an ever-changing and adapting world will ultimately outlast their competition by offering solutions that work well both today, post-pandemic and in the next big world change, whatever it may be.

In a flash poll of Kankakee County lenders on Monday, the Economic Alliance learned that in the federal Paycheck Protection Program’s initial $350 billion round of emergency funding, more than 1,500 regional businesses were served, with approved loans totaling more than $260 million. According to those polled, the majority of businesses had already received a disbursement. In this initial round, businesses served employ more than 30,000 individuals.

If you’re anything like most businesses, you have become comfortable in your processes. Most businesses, however, are seeing dramatic shifts in their sales funnels right now. While many are holding on to the hope of normalcy, I propose that nothing will ever be “normal” again. What does this current sea change mean for you and your marketing strategy?

The Kankakee County Chamber of Commerce, Manteno Chamber of Commerce and the Kankakee County Convention & Visitors Bureau are joining chambers and small businesses across the state of Illinois to launch the ‘IL’ove Local campaign to encourage people to support local businesses during the week of April 11 – 18, 2020, led by the Illinois Association of Chamber of Commerce Executives (IACCE).

The U.S. Small Business Administration’s new programs to help businesses stabilize during the COVID-19 pandemic have brought a number of new issues, questions and frustrations to business owners around the country. The programs were being revised almost hourly prior to their recent launch. We break down some of the frequently asked questions about the Payroll Protection Program (PPP) here.

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, self-employed and independent contractors, franchise owners, as well as certain non- profits and other employers.

Business strategy can be a very large and overwhelming topic for small businesses. Many believe their pursuit of survival overwrites the need to consider long-term strategy. While this may have been true in the past, it can no longer be true in the ever-changing economic landscape that we are witnessing today.

Amid the market shock of the COVID-19 novel coronavirus pandemic, Kankakee County’s small business community continues to innovate in a push toward recovery. Downtown Kankakee’s Happy Monday Coffee Roasters and local attorney and civic leader Dave Baron launched a creative collaboration March 23 that brings together the craft roaster’s custom Chiapas blend with Baron’s local mapping art.

COVID-19 has taken the world by storm, impacting our daily lives, businesses and our future. Though we all wish circumstances were different, now is an ideal time for each of us to refine our vision and business strategy. Introducing the Economic Alliance’s six-part “COVID-19 Pivot” entrepreneurial support series.