On Monday global financial markets saw some of the sharpest falls in 2 years after a rise in coronavirus cases renewed fears about economic slowdown.
It is a misconception to think that the effects are only felt by large businesses trading with China and Asia. The reality is that the ripple effect is having damaging consequences reaching UK SMEs in multiple sectors.
How is the Corona Virus affecting SME’s?
The outbreak has caused the cancellation and postponement of more than 20 global exhibitions and conferences worldwide. The knock-on effect of cancelling large trade events is having damaging effects across:
- Hotels
- Airlines
- Entertainment
- Marketing industries
- Restaurant and other SME’s
How is the Corona Virus affecting larger businesses?
HSBC and Apple have already prepared themselves for missing financial forecasts, which in turn affects their:
- Customers
- Suppliers
- Partners
How can you be prepared and actively protecting your business?
Of course, the long-term effects are hard to predict. However, in the short to medium term businesses must have a plan to mitigate the potential impact of coronavirus on their business.
- Conduct a risk based assessment process. Determine the consequences of your exposure to coronavirus and identify the impact.
- Have you planned business travel to the affected areas? Consider using a technology enabled solution instead such as Skype for business or a conference call.
- Do you have employees based in China or other affected areas? Utilise secured remote working and continually monitor the situation.
- Do you have employees already in affected areas, travelling home? Set up remote working until they can return to work.
- Do you have supply chains that are likely to be disrupted? Use technology to identify and track your tier 1 and tier 2 suppliers and mitigate risk in the short to medium term.
Clear Thinking are specialists in secure and compliant IT solutions.
What differentiates us is that we work with clients in a partnership and continually assess their business plans and roadmaps. Before, during and after unforeseen events, this means the technology we put in place is scalable and suited to their individual business goals, protecting the business all the way.
Services include putting in place secured remote working, disaster recovery plans, and business continuity plans – so in the event of unforeseen circumstances our clients can carry on with “business as usual”.
Unfortunate events such as the coronavirus, whilst hard to predict, can be managed when working with the right business partners.
