Retailers shouldn't take a close look at coronavirus (nCOV), says national bankruptcy and restructuring specialist Jirsch Sutherland.
To help, the company has set up a special corona virus hotline – 1300 547 724 – for business owners and managers who need advice.
"The corona virus is already affecting retailers and other companies, and it is important to act quickly," said Bradd Morelli, managing partner of Jirsch Sutherland.
“We have received inquiries from retail and tourism business owners who want to know how to protect their businesses.
"There are solutions and processes that can save a company time, and the earlier owners and managers look for these solutions, the better."
According to Morelli, not only is the decrease in customer and sales numbers important, but also the threat to the supply chain that could affect companies that use products made in China or delivered through China.
Tips for companies affected by coronavirus:
Do not wait. It is uncertain how long the crisis will last. Therefore, make a forecast to understand how long your company can survive under the "new standard".
Diversify and limit risks. Look for alternative markets (supply or demand) for your product or service.
Searching for help. If you don't know your business options, contact someone who can help you. If your mental health is also affected, contact a doctor.
Involved. Get to the fore with your customers and creditors.
Communicate. Talk to your stakeholders about the impact on your business and the contingencies you are implementing.
Take action. Reduce costs as much as possible to minimize the impact on your cash flow.
Think long term. Assess the supply chains and ensure that future access to raw materials, components and finished goods is not affected by another disaster.
Judge. Determine whether you are too dependent on China and consider how you can geographically diversify your supply chains.