The coronavirus outbreak has exploded rapidly over recent weeks. There remain many unanswered questions concerning the origins and future impact of the virus, not only from a health perspective, but also from political, economic and industry perspectives.
Political and business bodies the world over are working tirelessly to protect their people, economies and industries. Many strategies are still in the process of being developed. China, as one of our major export markets, is a key focus for many New Zealand businesses, and there are potential risks for those that trade with it – whether they are importers and exporters of products and services, or operate in industries reliant on the flow of people.
Having a clearly defined plan in place to deal with an unforeseen crisis such as coronavirus is a critical component to protecting the ongoing success and viability of your business. In crisis situations such as this, protecting people should be the primary focus for businesses, however, cash flow is often the next most critical area.
We have outlined below a five-stage approach that we recommend should be adopted by businesses to:
determine the potential impact of coronavirus on your business; and then to
create an action plan to manage risk and keep business interruption to a minimum.
We recommend that all businesses likely to be affected by coronavirus act without delay to assess the potential implications and develop a plan to mitigate risk and remain operational.