Business shutdowns, travel bans and entry restrictions have all been mandated by various governments around the world in response to COVID-19 (Coronavirus). How your business adapts to this brave new world will dictate whether you can ‘ride it out’.
With global economists attributing at least a 0.5% downturn in GDP to Coronavirus, all businesses need to become proactive. Coronavirus mitigation measures, including international shipping companies decreasing the number of ships on routes connecting Coronavirus hotspots with major international ports, including in Australia, are having adverse effects internationally on the supply chain and manufacturing.
This will not only affect purchases of raw materials, but will impact all business, including the ability of businesses to get paid.
Rather than being reactive, the following proactive measures might assist your business in minimising the impact of Coronavirus: