Three ways Coronavirus could affect your business
Coronavirus has reached our shores and predictions are that it will inevitably spread. This will likely put a strain on your business as follows:
- Cash Flow
Boris Johnson said that potentially 1 in 5 workers could fall ill and have to self-isolate. This in itself will cause a headache to business owners. As staff numbers decline, production will likely slow down meaning cash could also slow down. The government has stated that businesses facing short term cash flow issues as a result of the virus will be able to request additional time to pay it’s taxes. This would be offered on a case by case basis. A call to HMRC is all that is needed.
- Supply Chain
Many companies import materials from Asia which has seen mass shutdowns. Delayed material imports could cause issues with companies trying to meet customer demands. It is essential that companies know their supply chain ie does your supplier rely on imports from Asia? If so, disruption could be inevitable. Companies who take time to evaluate their chain and stock supplies will be able to keep them impact as low as possible.
- Increased responsibility
Employers have a duty of care to their staff. The government has issued guidance for employers and businesses which can be found at Guidance to employers and businesses
The report advises on how to prevent spreading and to keep the workplace safe such as handwashing procedures and self-isolation guidelines.
