According to WHO, the pandemic is not over yet. While more and more countries are easing down lockdown and self-isolation measures, WHO experts warn that the worst is yet to come.
For business, it can mean only one thing: Being forced to slow down production and operations through the next outbreak. Many companies are unsure how or if they’re going to survive the first outbreak, let alone planning for more! Unfortunately, there is no way to tell what the economic damage from the global COVID_19 pandemic will be. However, economists agree that we will see strong negative impacts on the global economy. According to Statista, https://www.statista.com/topics/6139/covid-19-impact-on-the-global-economy/, leading economists assume major economies will lose at least 2.4% of the GDP this year. For small businesses, the economic drop could be synonymous with closure. But as most companies are dedicated their time and energy to creating a secure strategy for survival, here’s why planning to go global could help your business.
Plenty of global-friendly tech
If there’s only one lesson more companies have learned during the first COVID outbreak is that most business operations and meetings can be monitored digitally. Zoom meetings have become second nature to most professionals, making it increasingly easy to reach out to international talent pools. Aside from remote working, most essential business functions also happen online, such as global wages with a solution such as https://www.cloudpay.net/ or cooperative work on the Microsoft Teams platform. In short, we already have the technology to connect teams and ideas across the planet. What is stopping you from bringing the best creatives in the world to your company?
You have access to more funding options
Surviving when activities are slow is all about creating a smart budget that can balance your expenses and generate income. Unfortunately, when the pandemic forces businesses to introduce new health and safety measures, cutting costs becomes an impossible challenge. More often than not, if you’re going to remain relevant and performant as a business, you need to invest in growth and development. Funding solutions are already available through commercial loans, investors, crowdfunding, or even credit for research. But reaching out to global markets can also give you access to further international funding plans that can help save your company. If you had a team in charge of the business in the EU, for instance, you could consider applying for EU fundings, which can enable further investments.
You can grow together
There are many growth strategies available. However, for an expanding business, the most cost-effective approach is to build a partnership. Reaching to an international partner who is already established in their country can help to create a strong market proposal for world consumers. Both business partners can help each other to sustain the economic crisis and grow together into a more profitable business model. Finding a partner that drives business growth, however, requires planning, research, and commitment. While it’s not an impossible enterprise, finding the right business partner for your company takes time. Ideally, you want a partner who shares your vision and can complement your skills. An international partner can also complete your geographic reach.
In conclusion, moving towards a global market during the COVID-19 pandemic may sound like a mad dream, at first. But it is a strategy that is already technically feasible. Reaching out to an international partner can support growth and funding in the long term.
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