As the U.S. and countries around the world respond to the coronavirus (COVID-19) pandemic, there are steps that businesses can take to address disruptions to their supply chains. Joe Brusuelas, Chief Economist for RSM US, suggests three key areas of focus:
- Evaluate shifting to goods produced in North America rather than depending on trade channels from China and Southeast Asia.
- Consider alternative methods to transporting goods or diversifying your mix of shipping channels to include train, truck or air transportation.
- Determine your cash flow needs and monitor federal and state assistance programs as they are announced in the coming days.
Provided by: Harding, Shymanski & Company, P.S.C.