Coronavirus infection cases are now in over 180 countries, and the latest hot spots include Europe, especially Italy, which now has the largest number of cases and death toll outside China; the Middle East, with Iran in the spotlight as two members of the parliament succumbed to the virus; and the US, with cases crossing the 1,000 mark.
With the virus spread across the world, it's no longer just a supply chain disruption. Economists have called it a twin shock where both supply and demand are affected. Travel restrictions and lockdowns in some cities and areas are leading consumers to travel less and spend less on dining and social activities. Instead, consumers are stashing away contingency funds in preparation for a virus spread that could last a few more months.
Start preparing your business by asking these 35 questions, and consider what scenarios might play out if the virus spread affects your ability to deliver goods or services. Finance teams could take a few points from China CFO of luxury car maker Jaguar Land Rover. His immediate priorities are business continuity, cost controls and cash management. Leaders can see this is an opportunity to dig deep and build short and long term business resilience.
For more news and reporting on the coronavirus and how management accountants can handle challenges related to the outbreak, visit FM’s coronavirus resources page.