The coronavirus is all over the news and basically the only thing on everyone’s minds. Consumers and businesses are in a state of limbo. There are still so many unknowns at this time, everyone is still trying to figure out what to expect.
Today, we’ll focus on a few potential positive and negative outcomes. Overall, negative outcomes will likely fall into two major categories: loss of business and sickness. 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. These companies should also consider thinking about new ways they can serve their customers during this time.
Although it may seem bleak, there is help on the way. 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 more strategies on how you can protect your business from the outbreak, check out this infographic from Fundera.
Ricardo is a Content Associate at Fundera, the go-to financial resource for every small business.