As the coronavirus continues to spread across the globe and dominate news headlines, there is no denying the economic impact.With people avoiding public places and large crowds, there is less shopping, less traveling, less event attendance and less dining out.
Consumer spending is dropping drastically and corporate America is feeling the effects. Big businesses like Coca-Cola,United Airlines, Mastercard and Apple have all reported decreases in sales. Many American companies are not only dealing with disruptions in their global supply chains but are now facing trouble on the sales front. While our economy is resilient, it’s hard to predict how Americans will react as this virus continues to affect more and more people.
In just the first few weeks of the coronavirus hitting American soil, the stock market is already fluctuating with record lows and highs. Mark Zandi, Chief Economist at Moody’s Analytics, is saying there is a 40% that a recession will hit the United States by June of this year.
Health officials are promising that more cases of the virus appearing in the United States is inevitable. Panicking will not get us anywhere. It’s important to have a plan in place to protect your financial future.
If you want to ensure your business will survive when a recession hits, now is the time to take action. Jonathan Slain is here to guide you! Start by taking our Recession Readiness Assessment to see where your business ranks and learn what you need to do to start safeguarding your business before it’s too late.