• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
Big Ideas for Small Business logo

Barbara Weltman

Big Ideas for Small Business, Inc.

Whitepaper download

Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."

This field is hidden when viewing the form
Get the:

  • Home
  • About Us
  • Big Ideas For Your Business
    • Idea Of The Day ®
    • SMB Legal
    • SMB Taxes
    • SMB Financial
    • Small Business
    • Newsletter Archive
  • Services
  • Books
  • Blog
  • Multimedia
    • Videos
    • Radio Shows/Podcasts
  • Be a Guest Blogger

Preparing for Economic Changes: Meeting the Challenges from the Coronavirus

March 3, 2020 / By Barbara Weltman

Preparing for Economic Changes Meeting the Challenges from the CoronavirusThe world first heard about the coronavirus a month ago. Yet it has intruded on many aspects of life and certainly has a negative economic effect.

People are changing travel plans. Colleges are canceling studies abroad. The stock market took a dramatic downturn for days and days. And drug companies are working furiously to discover more about the virus and to develop a vaccine.

Whether the effect of the coronavirus will turn out to be profound or minor depends, of course, on how long the spread of the virus continues. But businesses should face some possibilities now. Even if they don’t have to implement “worst case scenarios,” important lessons can be learned for similar outbreaks in the future.

An economic change is here

The blog series on preparing for economic change was set in motion before the debut of the coronavirus. An earlier blog explored the economic changes that resulted from previous pandemics. (The coronavirus has not yet been declared a pandemic by the World Health Organization, but it meets the dictionary definition of one.) It also looked into common sense practices in the office to prevent disease (e.g., handwashing and sanitizing work surfaces). But as the infomercials say, but wait, there’s more.

What can you do now?

As small business owners, we can’t control worldwide events. But we can manage what happens in our companies. It’s the aim of all of us to protect the health and well-being of our staff to the extent possible. With this in mind:

Rethink travel plans. If employees are set to travel abroad, determine whether it’s safe (based on alerts from the CDC and World Health Organization, as well as news sources). In the spirit of being safe rather than sorry, consider postponing plans or seeking other means of communication with foreign associates (e.g., teleconferencing, videoconferencing).

Revise leave time policy for affected employees. Given that the required quarantine period for the coronavirus is 14 days, determine whether your current leave time policy is sufficient. Consider an emergency amendment to address the current problem.

Prepare for contingency work arrangements. If employees are quarantined, they may still be able to perform their job functions from home. Before this becomes necessary, create a contingency work arrangement permitting employees to work from home. Be sure to factor in computer safety issues if they log on from personal computers at their residences.

Consider the psychological impact. If the incidents of cases persist, there are more quarantines, and a general malaise descends, employees may experience glum or even depression. Be sure that they are aware of the support they can receive from various sources, including medical experts…and you.

Beyond thinking about your employees, also take a look at the big picture and how a prolonged economic downturn resulting from the coronavirus could mean to you.

Keep an eye on cash flow. If the virus causes an economic slowdown, your revenue may decline. Be sure that you manage your money well and that there’s sufficient cash flow to pay your bills on time and maintain your company’s credit rating. You may want to explore costs cuts now even if not immediately necessary. You can then “bank” your savings to help you through slower times to come.

Review your supply chain. Where do you source your goods? While your location may be unaffected by the virus, the places where you get your merchandise may be and this can impact deliveries of goods, parts, and other items you need for your business. Before such problems arise, look into alternative sourcing to hedge your bet.

Conclusion

Be sure to stay up to date on information from the CDC on what’s happening with the coronavirus. Use this information to make or change your business plans.

Last month’s blog focused on how to make strategic plans as preparation for economic changes. (This month’s blog related to economic change was supposed to relate to debt, but due to the timeliness of the coronavirus, the discussion on debt has been postponed.)

Next month’s blog on preparing for economic changes will focus on marketing strategies whatever the economic changes may be.

Tags coronavirus economic changes preparing for economic changes small business owners

Primary Sidebar

Categories

  • General Business (498)
  • Guest Blog (109)
  • Homepage (21)
  • Small Business (990)
  • SMB Financial (322)
  • SMB Legal (66)
  • SMB Taxes (324)

Barbara’s Recent Posts

  • Scale Your Business by Stepping Up IP Protection May 29, 2025
  • Disasters Happen: It’s Important to Be Prepared Now May 27, 2025
  • How Work Order Software Transforms Small Business Operations May 26, 2025
  • The Numbers Are Up for Sole Proprietorships May 22, 2025
  • New Business or Project Crowdfunding: What To Know May 20, 2025
  • Old-School Estimating vs. Smart Solutions: What’s Really Holding You Back? May 19, 2025
  • Employees Getting Called to Public Service: What to Know May 15, 2025
  • Not Too Late to Prep for Summer Now May 13, 2025
  • How Will the Next Generation of Learners Affect the Workplace May 12, 2025
  • Moms Know Best: Lessons for Entrepreneurs May 8, 2025
  • Mental Health Challenges in the Workplace May 6, 2025
  • Let’s Celebrate Small Business! May 1, 2025
Awarded Top 100 Small Business Blog medal (link will open in a new window or tab)
Marquis Who's Who 2023 Badge
Top Small Business Blogs (Link will open in a new window or tab.)
8 Financial blogs small business Owners Need to Read. Invoice home.  (link will open in a new window or tab)
Best Small Business Blog, Expertido.org
Top 50 Small Business Blogs 2018
Best Small Business Blogs
BizHumm Top 100 Business Blog Award to Barbara Weltman
FitsSmallBusiness.com: Award for Best Small Business Blog 2017 (link will open in a new window or tab)
FitsSmallBusiness.com: Award for Best Small Business Blog 2016 (link will open in a new window or tab)

Footer

Big Ideas for Small Business logo

Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.

Contact Us

[email protected]

(772) 492-9593

gacor maxwin situs slot thailand terpercaya situs slot gacor situs gacor akun pro thailand slot bandar togel terpercaya

Latest Tweets

bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
May 31

Starbucks Rediscovers Its Human Side - Branding Strategy Insider https://bit.ly/3H9KwHP #smallbusiness #branding #marketing

Reply on Twitter 1928884285445931367 Retweet on Twitter 1928884285445931367 Like on Twitter 1928884285445931367 2 Twitter 1928884285445931367
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
May 31

New Business or Project Crowdfunding: What To Know - https://bit.ly/43nclnL #startups #loans #crowdfunding #smallbusiness

Reply on Twitter 1928862798886441182 Retweet on Twitter 1928862798886441182 Like on Twitter 1928862798886441182 1 Twitter 1928862798886441182
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
May 31

10 Simple Ways to Get Employees to Quit — Improve Your HR https://bit.ly/44KRu01 #smallbusiness #workplace #hiring #employees

Reply on Twitter 1928844506998136977 Retweet on Twitter 1928844506998136977 1 Like on Twitter 1928844506998136977 1 Twitter 1928844506998136977
Load More

Copyright © 2008–2025 Big Ideas for Small Business, Inc  |  Designed by Hudson Fusion

  • Privacy Policy
  • Sitemap