The coronavirus is the number one thought in everyone’s minds at this point. Both consumers and businesses are currently in a state of limbo. At this time, there are still so many unknowns. Everyone is still trying to figure out what to expect.
We’ll focus on a couple potential outcomes, both positive and negative. For the most part, negative outcomes will likely fall into two major categories: loss of business and sickness. Businesses in the travel, tourism, and event industries are the most likely to feel the impact of the virus. Companies in these fields should evaluate their current financial situation, and find ways they can quickly save money or cut costs.
It isn’t all doom and gloom, however. Actions are already being taken by lawmakers to protect small businesses, and there are some ways businesses will be positively affected. On March 6th, President Trump signed an $8 billion emergency funding package to support small businesses impacted by the coronavirus. This will make it easier for businesses that need extra capital to get it. For companies in industries that will be hard hit by the virus, take some time to be creative about the different ways you can serve your customers.
For more strategies on how you can protect your business from the outbreak, check out this infographic from Fundera.