The virus now has over 100,000 confirmed cases worldwide (as at early March 2020). Unfortunately a small percentage of these have been fatal (mainly amongst the elderly victims).
Apart from cruise ships and the cruise businesses taking a battering there are flow on effects in many industries and corners of the globe.
1/ The Australian stock market has hit its worse form since the most recent recession (will it recover and how soon?)
2/ Chinese factories have closed down or been reduced to rosters meaning that there are now further delays in sourcing stock from China. People need to wait longer for their new iphones.
3/ Travel plans have been hit – with tour operators, airlines and allied businesses all facing tough times ahead
4/ Sporting events and other mass gatherings have been put on hold
5/ Rural towns, hit by recent bush-fires, are encouraging people to return to their areas to drum up business. However tourist numbers are down because of the virus. It is an uphill battle for these fire affected communities.
6/ Petrol prices are down – one blessing.
7/ Schools and universities have been affected with some students unable to return to Australia. Will they be offered refunds on their schooling costs?
8/ Do employers take out the 14 day stay at home quarantine period from an employee’s sick leave or annual leave entitlements?
9/ Will people be working from home as part of their normal routine going forward?
It is difficult to gauge the full extent and timing of this virus. We have seen similar problems in the past and it is only a matter of time before an anti vaccine is developed.
People and businesses need to be adaptable and flexible to cope with Coronavirus. And like most situations there will be hidden opportunities rather than all doom & gloom.
#coronavirus #accounting #bookkeeping #smallbusiness