The head of the Canadian Chamber of Commerce said most Canadian companies have not braced for the potential impact the coronavirus could have on their operations.

“For the vast majority of businesses in the country today, they’re so busy down in the bilge, pumping as the water is coming in, they don’t get up on the deck to see where the boat is going sometimes,” Perrin Beatty, president and chief executive officer of the Canadian Chamber of Commerce, said in an interview with BNN Bloomberg on Wednesday.

“Many of them haven’t had a chance to look at what the potential impacts.”

Beatty underscored the importance of companies recognizing their ties to China and how the coronavirus could place a strain on supply chains if it continues to spread.               

“In the case of having suppliers in China, one of the things we have to ask ourselves is: ‘Can we diversify our supply chains?’” Beatty said.

“That means as things slowdown in China, it’s going to affect sales into China and it’s going to affect people’s ability to get their hands on supplies that they need coming out of China.”

He highlighted that businesses should be thinking about how to cope with a disruption to their supply chains, how some daycare closures could impact employees and whether temporary shutdowns would be necessary if finances are severely affected.

Beatty said companies need to start asking these questions now rather than in the future.

“There are factors you can control and factors that you can’t,” he said.

“We have to start preparing now to cope with the potential impacts.”