Should your business be preparing for the Coronavirus?

ORONO, Maine (WABI) - The growing threat of coronavirus is not just affecting our health.

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It's also affecting our wallets.

"They say the ability to adapt is the highest form of intelligence,” said Pankaj Agrrawal, Professor Finance at the University of Maine.

It's now on the minds of business owners and stock holders.

On Tuesday, stocks took another hit after the Federal Reserve cut its interest rate by a sizeable half-percentage point in an effort to slow the stock market slide.

Experts say you may want to take a look at your investments and your overall finances, but don't make any panicked decisions.

"If someone has a little bit of a dart in, dart out, and aggressive personality or investment approach, the time to sell is probably the horse has left the barn."

Financial experts say while things are happening at lightning speed when it comes to the virus, business owners should use common sense and see the interest rate cut as an opportunity.

"That's the purpose of lowering rates is to provide credit to small and medium-sized businesses at a more affordable rate. So, they should take advantage of that, and they can expand their operations,” said Agrrawal.

To help get business owners ready for a potential coronavirus outbreak, the Bangor Region Chamber of Commerce is hosting a seminar on Friday the 13th.

It will help businesses learn about employment laws that will likely impact the way employers need to prepare.

"It's a great opportunity to be thinking about," do we have a disaster preparedness plan in place?" Hopefully this will not impact us at all, but it's a good opportunity to think about, what if there is an impact,” said Deb Neuman, President of the Bangor Region Chamber of Commerce.

The seminar is free, but seating is limited.

To register visit: https://www.bangorregion.com/.

Experts say now is a good time to ready your budget in case of a pandemic.

For example, make sure you have three to six months’ worth of emergency funds in place.

For more tips on how to get your workplace ready for COVID-19 visit: https://www.who.int/docs/default-source/coronaviruse/getting-workplace-ready-for-covid-19.pdf?fbclid=IwAR06DgnhP3M51rWoqGFNO1XlEW-9arjZ1jeyVhOgsdvH93Ze-kXOpJa8vd8.