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Help Clients Understand the Impact of COVID-19 on Their Industry

Posted March 26, 2020 by Bill Walker

It’s the topic on nearly everyone’s mind right now: coronavirus (COVID-19). And millions of business owners are worried about how this pandemic is going to impact their company, both in the short-term and in the months to come. That’s why Vertical IQ has created a new dedicated webpage with expert research on how COVID-19 is affecting specific industries and sectors of the economy.

The page, https://verticaliq.com/covid-19/, does not require a Vertical IQ login to access and is available to the public at no cost. The Vertical IQ research team is regularly updating this page with the latest insights on industries affected by COVID-19. For the convenience of Vertical IQ’s customers, each COVID-19 update also is included in the Vertical IQ platform as a chapter within the impacted industries.

Reliable information is crucial

Rather than learning about industries in bits and pieces or from unreliable sources, we knew it was important for people to get information from an experienced industry intelligence partner written for those that advise small- and medium-sized businesses (SMBs). That was the impetus for delivering this intelligence and making it free of charge.

The new webpage includes COVID-19-related information on 12 industry sectors as well as more than 150 specific industries like Amusement Parks & Arcades, Convention & Trade Show Management, Janitorial Services, Medical & Imaging Labs, Trucking, and more. 

As an example of the information on our dedicated COVID-19 page, you will learn that many multi-billion dollar, highly fragmented industries are being heavily impacted by this pandemic. For example:

  • Restaurants: The country's second-largest private employer, with 15.6 million workers, has been hard-hit by COVID-19-related restrictions and closures. Millions of these workers have been laid off or furloughed. Some restrictions on the restaurant industry are expected to last through the end of March 2020, while others will last for a month from the date of enactment.
  • Residential and commercial building contractors: Contractors are struggling to complete projects due to building material supply chain problems caused by the pandemic. Some industry experts expect projects to be delayed, with completion dates moving toward the end of their development timelines, as products like lighting fixtures and elevator controls become more difficult to source.

But the news isn’t all bad. Some industries are actually gearing up and hiring as a result of COVID-19.

  • Drug stores and pharmacies: Walgreens and CVS, the two largest drugstore chains in the U.S., along with Walmart and Target, will provide COVID-19 testing in parking lots to help address the spread of the virus. Some locations are expected to offer drive-thru testing, similar to operations used in South Korea.
  • Soap and toilet prep manufacturers: Soap manufacturers that make disinfecting products are experiencing surging demand due to the coronavirus pandemic. Clorox and Purell have increased production of disinfecting wipes and hand sanitizers based on increased customer demand. Industry experts say that intensive cleaning regimens adopted in private homes and public places will sustain demand for disinfecting products for the duration of the outbreak.

Using these COVID-19 insights

Whether you are an accountant, attorney, banker, financial advisor, or other type of advisor, this COVID-19-related industry intelligence can help you provide better advice and guidance to your clients as they navigate through this challenging time.

For example, bankers can use this information to help track how specific loans and concentrations of loans might impact your bank’s portfolio. Another consideration: Meeting payroll and other working capital requirements will be difficult for businesses that have been forced to limit their workforce or shutdown entirely. A disaster relief loan, an SBA loan, or for some businesses, a new line of credit might be necessary. 

For accountants, the insights you gain by understanding these impacts can help you advise your business owner-clients on a revised tax strategy. Perhaps that means changing withholdings or suggesting clients up their IRA contributions. Or maybe their business needs to consider an adjustment to their payables and receivables policy to help them weather this storm.

No matter what sector you are in, we encourage you to integrate this COVID-19 content into your communications, tailoring them to your client’s particular industry. Or you can even print out the summary for your client’s or prospect’s industry and put it in the mail to them as a value-added touchpoint…one that still adheres to social distancing recommendations!

A shelter in the storm

These are uncertain, anxiety-producing times, especially for many business owners. Having accurate information can help allay some fears. And the new Vertical IQ COVID-19 webpage is a great source for the latest, most accurate information on industry impacts.

We encourage you to share the knowledge you obtain from our site with your customers and prospects to build trust and deepen relationships by offering tailored advice. In the long run, when this storm has passed, this extra effort will help you deepen customer relationships and win more business.

>> Visit verticaliq.com/covid-19/ to learn more.

 

Tags: industry intelligence, coronavirus

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