With the increase spread of Coronavirus now is the time for small business owners to prepare. A global pandemic will have catastrophic economic consequences for businesses around the world.
The time is now to start planning. It may take months to revise policies, cross train employees, set up new communication networks and establish new supply chains. At a recent pandemic conference only 18% of business leaders had started thinking about planning for a pandemic. Other business leaders are totally unaware of what a pandemic could do to their business. Imagine if 90% of your customers stayed home for a month. Or 50% of your workforce was out sick. What if the parts and goods you regularly receive from Asia stopped with no date for when they were going to resume.
In the event of a global Coronavirus pandemic many businesses large and small will never recover. Without inventory coming in the back door and customers coming in the front door, retail stores will close. Entertainment venues such as theaters, sporting events, restaurants and bars will be closed to help contain the spread of the virus. Main street businesses will have no choice but to shut their doors. Millions will be unable to work either because they are sick or taking care of family members who are sick or their place of employment will of shut down.
Now is the time to start putting your contingency plan in place. Start cross training employees to fill in for those out sick. Upgrade your server capacity to handle the surge of employees needing to work from home. Start revising your sick time policies. Plan for inventory and supply shortages or interruptions. Keep your employees informed about Coronavirus, promote a healthy working environment. Know how your state is preparing for a Coronavirus pandemic. Stay up to date on rapidly changing pandemic news. Start planning now for a potential Coronavirus pandemic and you won’t be caught off guard with misinformation, rumors and needing to make panic decisions.