The Corona Virus- threats and opportunities

Unchartered waters

The current Coronavirus is a massive threat to everyone and by the time the virus is under control, it would have changed the way we live, this is unlike no other epidemic of the past and we have faced some tough times in the past, but this is different. The virus has already had some massive impact on the global economy with over $2 trillion dollars projected to be wiped out the values of large companies. It is expected to lead to a slow down in trade and there are already casualties in the number of people who have died and companies likely to face difficulties and even collapse.

We have been brought up to be mindful of threats, seen and unseen, but this is different. We definitely can overcome this new threat

Problem

So this is all bad news? Not at all. As with everything in life, one man’s misery is another’s gain. If your company sells toilet papers, then you are in luck. Somebody needs to explain the tissue issue to me. The virus does not send you to the toilet but people have started to bulk buy the essentials and toilet roll is the preferred instrument of choice. If you are selling hand wash creams and alcohol based gels or sanitisers, you are also in luck. I can imagine drug companies rubbing their hands and thanking their stars. Smart investors who have been praying for the over-valued stock markets to correct themselves have just had their prayers answered as well.

On the other hand, travel companies, restaurants and hotels will struggle over the next few months to convince us to stop self imposed curfews of staying at home. People who do their businesses online may see massive growth and I can imagine more companies than ever before thinking of contingency plans that allow staff to work more frequently at home.

Be prepared

As entrepreneurs, are you able to convert the current crisis to a strength, weakness, threat or and opportunity for you or can you turn it around for your business? There are tough times ahead in both human and financial terms. We are facing some unprecedented times ahead, better to put your contingency plan in place.

You may be interested in making sure your business has a good health check as well Business health check

Containment

There are challenges ahead for everyone. But the earlier the containment and eradication, the better. This week has led to many exhibitions and events being cancelled. This means small business owners, self employed people and those on zero contracts can face difficult financial consequences for many months to come. This threat needs to be curtailed and in time.

China after the initial breakout has now implemented a very tight regime that we can all learn from Tighter control needed to contain the spread of the virus. Singapore is also taking the virus serious. A lockdown may be needed to get the virus under control, so be prepared Singapore is not messing about.

Prevention is still the key, good hygiene is still key.