In the wake of the turmoil caused by this global pandemic, people around the world are in dire straits financially. All around us, every day, people are struggling to pay their bills. Businesses that have been around for years are failing. International business has been hit especially hard by this crisis. Trade between countries has slowed down tremendously over the past several months. It is unprecedented, and no one living has seen anything like it.
It would be a mistake to throw in the towel too early, however. Don’t let this crisis upend your business. It can be easy to feel discouraged during this time, but although this is a severe crisis, the world indeed keeps moving on. Here are some steps you can take to survive and even thrive in this harsh business landscape.
Communication and Education
Clear communication with your business partners abroad should always be part of your toolbox. This time is no different, except for that the communication is even more critical. You should be in close touch with all of your business partners. Stay abreast of all of the developments in each of the respective regions. Some markets have other issues that are not present in other markets. You cannot take a blanket, one size fits all approach to your international business, especially during this crisis. Stay in close touch with your partners, so you know what challenges lie ahead in that particular region.
If your international business deals with import or export, you will need to secure your supply lines. This is critical to your business. Check with your suppliers so you can anticipate any potential issues, and to know exactly where you stand with them. Due to the changing nature of international shipping, you may need to adapt quickly. For instance, if certain ports are closed, you may need to make shipments via air instead. This is one of the many issues you may encounter.
Now is a pivotal time to reevaluate your sales model. It would be a wise move to bolster your online selling capacity and break your reliance temporarily on events. Everything is moving to the Internet during this time, so you don’t want to be caught behind and cleaning up the mess when you realize you are lagging on your online sales.