How Might Your Business be Affected by COVID-19?
Your business may be affected by coronavirus (COVID-19) in four principal ways, including:
- workforce health
- supply chain issues
- travel advisories and restrictions
- changes in consumer demand
The most affected industrial sectors to date include tourism and travel (airlines, cruise ships, and hotels), education and oil, as demand has decreased. The pharmaceutical and technology industries have also been impacted due to quarantine of ships in ports and factory closures in China. Supply chain issues are being studied by organizations such as Pricewaterhouse Coopers (PwC) and the Institute for Supply Management. Our federal government is looking at various steps to stabilize financial markets, as noted below in several of the cited sources.
While your business may be affected in any of the four areas noted, employee health is a particular concern. The CDC indicates that business owners should take the following steps with regard to employee health.
- Emphasize staying home when sick, and proper respiratory etiquette and hand hygiene by all employees
- Perform routine environmental cleaning
- Advise employees before traveling to take certain steps
Additional precautions may be found in the linked information and employers are urged to review those sources for additional best practices, including those regarding personal respiratory hygiene and travel.
Resources are shared below. Many sites are updated frequently so it is recommended you visit them often for the most current information.
2019 Coronavirus (COVID-19)
https://www.cdc.gov/coronavirus/2019-ncov/index.html
https://health.mo.gov/living/healthcondiseases/communicable/novel-coronavirus/
https://extension2.missouri.edu/programs/community-health
https://mualert.missouri.edu/coronavirus/
Business Preparedness (Plan, Prepare, Protect, and Recover) All potential areas of business impact
https://www.uschamber.com/coronavirus
Workforce
https://www.cdc.gov/coronavirus/2019-ncov/specific-groups/guidance-business-response.html
Shipping and Supply Chain Disruptions
https://hbr.org/2020/02/how-coronavirus-could-impact-the-global-supply-chain-by-mid-march
https://www.pwc.com/us/en/services/forensics/covid-19/supply-chain.html
Consumer Demand Forecasts
https://www.mckinsey.com/business-functions/risk/our-insights/covid-19-implications-for-business
Travel and Travel Restrictions
https://www.cdc.gov/coronavirus/2019-ncov/travelers/index.html
https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories.html/
To share information related to how your business has been impacted, please email or call Robert W. Schwartz, Director of Special Projects, MU Extension Business Development Program, schwartzrob@missouri.edu, (573) 882-1385.
