Home Business How Can Entrepreneurs Drive International Business During the Coronavirus Outbreak?

How Can Entrepreneurs Drive International Business During the Coronavirus Outbreak?

by Olufisayo
100 Brilliant Business Ideas You Should Consider Before You Give Up Trying
International Business

 Even when the World Health Organisation (WHO) declared Covid-19 a pandemic on March 11th, 2020, few of us could have imagined the impact that this virus would have on the global population.

In just six weeks since, the number of coronavirus cases across the globe has exceeded the three million-mark, while more than 207,000 fatalities had also been reported as of April 27th.

This also represents a socio-economic crisis, however, and one that is impacting heavily on the global economy and the growth portents for individual nations. We’ll explore this further below while asking how entrepreneurs can continue to trade internationally as the outbreak continues.

1. Reduced Mobility

Most nations have actually closed their international borders in the wake of the coronavirus outbreak, apart from instances of emergency travel.

China set the international template for other nations to follow here, with cities like Wuhan (where the virus originated) closing their airports to all business and recreational travel as a way of slowing the spread of the virus.

Interestingly, Wuhan and a number of additional international cities have since relaxed some of their international travel restrictions, business travel remains incredibly restricted. At the same time, regions such as the States have recently moved to close its borders for the next 30 days, as the impact and spread of the virus varies from one location to another.

It’s therefore important for businesses to adapt to a ‘new normal’ during this time, by finding alternative ways of interacting with foreign markets and stakeholders alike. Virtual conference calls and meetings can be worth their weight of gold here, as can the use of more traditional communication tools such as email.

2. Changing Immigration Laws

The decision of the Trump administration to impose a 30-day travel ban is part of wider-reaching immigration changes, which seek to protect U.S. citizens and mitigate the coronavirus outbreak.

This is indicative of many countries and regions across the globe, and this means that existing immigration laws are constantly being tweaked and adapted to provide the ideal balance between safeguarding citizens and maintaining economic growth where possible.

This is evident in the UK economy, where Romanian fruit-pickers have recently been flown into Britain due to the fundamental shortage of natives working in this sector.

So, if you want to hire from overseas or take additional steps to protect your migrant workers at this time, we’d recommend that you liaise with an immigration expert such as Withers before making an informed decision. This can afford you access to real-time advice and protect all parties as the unprecedented outbreak continues.

3. Sales and Marketing

For product-orientated firms that have a physical retail presence overseas, the coronavirus outbreak will have had a dramatic and negative impact.

After all, lockdown and stringent social distancing measures have forced almost all non-essential shops to close during the last six weeks or so, as customer sentiment has plummeted alongside business revenues.

To negate this, you should definitely focus more on your domestic and international business online, as you look to target customers more aggressively through eCommerce and recoup any lost revenue through this channel.

To achieve on the international stage, you’ll also have to review and potentially refine your supply chain and delivery channels, as you’ll most likely be sending higher volumes of products overseas.

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