If you have one of those small businesses which are dependent on other countries like China, then you might have been or might get affected by the Coronavirus (COVID-19).
You should not panic in this situation. How this coronavirus is affecting small businesses and what should the owners do is what we are going to discuss.
Don’t like to read posts? Here’s our podcast on the same topic.
Now, before coming to the topic, let me ask you one thing. Of course, you know that the virus is dangerous. But do you know why? Let us see what Coronavirus is and how it is affecting businesses around the world.
How Coronavirus (COVID-19) Is Affecting Small Businesses
What is Coronavirus? | Symptoms
Feel free to skip this if you already know the thing. But it’s good to have a look again right? It is important to have a look.
Coronavirus is a large family of viruses that causes illness ranging from the common cold to more severe diseases.
They’re transmitted between animals and people. Several known coronaviruses are circulating in animals which have not infected humans yet.
Some common symptoms are:
- Respiratory Problems
- Shortness of Breath
- Breathing Difficulties
In severe cases, the infection can cause pneumonia, severe acute respiratory syndrome, kidney failure, and even death.
- Wash Hands Frequently
- Cover mouth, nose when sneezing, coughing.
Avoid contact with anyone showing symptoms of coughing and sneezing.
Impact of Coronavirus on Small Businesses
If you own or work in a small business, you need to be smart. And at this time, it is much needed in business. Take China as a cautionary tale. Several reports show that millions of small businesses are affected and are on the verge of collapse if not taken care of.
Several cities are in lockdown, so people cannot go out in public places like stores and restaurants. Every nation relies on small businesses for everyday good and services and if they are getting affected by some coronavirus, then obviously the economy will get affected.
With Chinese factories shuttered, many countries are suffering which are extremely dependent on Chinese imports. Even in South Korea, Samsung has shut down one factory.
Also, not only these industries are suffering but also entertainment and travel.
As a result, the entire global economy has been put at risk. Central banks are taking some measures from their side but what about the small business owners?
What Can Small Business Owners Do?
To save the business from collapse, small business owners can increase the prices to some extent, change their suppliers, decrease the operational costs and protect the cash flow.
Small businesses suffering from the ripple effect of coronavirus will need to find out the opportunities to mitigate risks.
So, small business owners need not panic, instead, they must plan accordingly.
Also Read: Why You Should Not Help Your Colleagues
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