The 2019 Novel Coronavirus (2019-nCoV) is steadily spreading around the world. And it is having a dramatic impact in the personal and business lives of people in the countries which it is spreading. Even though it hasn’t spread with the same ferocity in the U.S. as it has in Wuhan, China, small business owners are beginning to worry.
Expected Impact of Coronavirus on Business
According to a new survey from Veem, 27% of businesses expect the coronavirus to have a moderate to high impact on their revenue. Another 30% expect the virus to have a moderate to high impact on their supply chain.
Even more revealing, over half or 52% say they are taking measures to prepare for an economic slowdown. They are increasing pricing, changing suppliers, decreasing operational costs or protecting cash flow.
So even at this early stage business owners are taking precautionary measures to protect their business. This is because global events affect small and medium-size businesses disproportionately, this according to Veem CEO, Marwan Forzley.
In the emailed press release, Forzley goes on to say, “While we’ve already heard how the coronavirus outbreak has affected public markets, we’re starting to see the effect trickle down to the SMB community.”
Adding, “Small businesses struggling with the ripple effect of the coronavirus will need to find opportunities to mitigate risk, protect cash flow, and potentially find new suppliers to re-work their supply chain.”
The Latest From the CDC
The U.S. Center for Disease Control and Prevention (CDC) just issued a more dire warning about the virus. The CDC says the coronavirus outbreak could cause a “severe disruption” to the lives of ordinary Americans.
This comes after the CDC confirmed the first possible community transmission of the virus in the U.S. The California case may be the first infection without a link abroad. There are now 60 cases in the U.S., counting the 45 cases of Americans who came from the epicenter of the outbreak in Wuhan, China and the cruise ship in Japan.
The Global Impact
Globally the impact of the coronavirus is even more distressing. In South Korea, Samsung has shut down one factory. And the government has closed hundreds of schools. The country currently has more than 2,000 cases.
China has taken similar measures by shutting down a whole city along with factories, schools and many public events.
According to the survey, 35% of businesses around the world expect a moderate to significant impact on their revenue. And a similar number (36%) expect a moderate to high impact on their supply chain. When it comes to taking precautionary measures for an economic slowdown, it is slightly higher than in the U.S. with 57% of businesses.
What You Need to Know About the Coronavirus
This information comes directly from the CDC without any editorializing or interpretation.
What is Coronavirus Disease 2019 (COVID-19)?
Coronavirus disease 2019 (COVID-19) is a respiratory illness that can spread from person to person. The virus that causes COVID-19 is a novel coronavirus that was first identified during an investigation into an outbreak in Wuhan, China.
Can People in the U.S. get COVID-19?
COVID-19 is spreading from person to person in China, and limited spread among close contacts has been detected in some countries outside China, including the United States. At this time, however, this virus is NOT currently spreading in communities in the United States. Right now, the greatest risk of infection is for people in China or people who have traveled to China. Risk of infection is dependent on exposure. Close contacts of people who are infected are at greater risk of exposure, for example health care workers and close contacts of people who are infected with the virus that causes COVID-19. CDC continues to closely monitor the situation.
Have there been Cases of COVID-19 in the U.S.?
Yes. The first case of COVID-19 in the United States was reported on January 21, 2020. The current count of cases of COVID-19 in the United States is available on CDC’s web page.
How does COVID-19 Spread?
The virus that causes COVID-19 probably emerged from an animal source, but now it seems to be spreading from person to person. It’s important to note that person-to-person spread can happen on a continuum. Some diseases are highly contagious (like measles), while other diseases are less so. At this time, it’s unclear how easily or sustainably the virus that causes COVID-19 is spreading between people. Learn what is known about the spread of newly emerged coronaviruses here.
What are the Symptoms of COVID-19?
Patients with COVID-19 have had mild to severe respiratory illness with symptoms of
- shortness of breath
What are Severe Complications from this Virus?
Many patients have pneumonia in both lungs.
How can I Help Protect Myself?
The best way to prevent infection is to avoid being exposed to the virus that causes COVID-19. There are simple everyday preventive actions to help prevent the spread of respiratory viruses.
- Avoid close contact with people who are sick.
- Avoid touching your eyes, nose, and mouth with unwashed hands.
- Wash your hands often with soap and water for at least 20 seconds. Use an alcohol-based hand sanitizer that contains at least 60% alcohol if soap and water are not available. If you are sick, to keep from spreading respiratory illness to others, you should
- Stay home when you are sick.
- Cover your cough or sneeze with a tissue, then throw the tissue in the trash.
- Clean and disinfect frequently touched objects and surfaces.
What Should I Do if I Recently Traveled to China and Got Sick?
If you were in China within the past 14 days and feel sick with fever, cough, or difficulty breathing, you should seek medical care. Call the office of your health care provider before you go, and tell them about your travel and your symptoms. They will give you instructions on how to get care without exposing other people to your illness. While sick, avoid contact with people, don’t go out and delay any travel to reduce the possibility of spreading illness to others.
Is there a Vaccine?
There is currently no vaccine to protect against COVID-19.
The best way to prevent infection is to avoid being exposed to the virus that causes COVID-19.
Is there a Treatment?
There is no specific antiviral treatment for COVID-19. People with COVID-19 can seek medical care to help relieve symptoms.
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More in: Coronavirus Biz Advice
Coronavirus has already impacted enough supply chains and multinational companies that it will eventually trickle down to virtually everyone. It’s just a matter of determining how much influence it’s exerting and how the SMB should respond.
It is already impacting travel. So it will inevitably impact the transfer of goods and will slow down business.
I own a small Preschool in Lighthouse Point Florida. I am very concerned about how the coronavirus will be affecting my business.
I already have many children who are staying home with relatives. I am almost at the point of having to shut down.
How are my financial needs going to be covered as well as my staff?
I might have to walk away with nothing financially from a business I have owned for ten years.
Any information will be of help.
I dont think the consequences will be severe for the home-based businesses, but for those big companies – it is hard to predict. Maybe prices will rise up to the sky and maybe they will drop down. Interest rate dropped drastically the other month but for now as may be seen it is starting to grow gradually to the previous levels (as before the Coronavirus)
Most of them lost heir full time job, but people who are into business have become safe due to this epidemic. Hope people will understand business is better than job soon.