The economy is at a standstill thanks to closures caused by fear about the spread of COVID-19. But it will likely come roaring back once the nation gets the coronavirus outbreak under control, says Phil Powell, the associate dean of academics programs at the IU Kelley School of Business in Indianapolis.

Powell talks to podcast host Mason King about how companies should approach what he believes will be a deep but short recession and steps they should take now to shore up their financial situation.

"It's your job to survive and to make sure that when these social controls are lifted and everybody starts to come back out that you're ready for business," Powell said.

Click here to read IBJ stories about the effect of the coronavirus outbreak in central Indiana.

The IBJ Podcast is brought to you by the law firm Krieg DeVault.