How Businesses Can Respond to the Coronavirus

COVID-19, also known as the coronavirus, has been declared a global pandemic affecting millions of people around the world. It is a virus that quickly and easily spreads from person-to-person which scientists are working to find a vaccine for. In order to protect people from the infection, governments around the world have issued executive orders for nonessential workers to stay home. Moreover, other nations have restricted travel to their country in an effort to stop the spread of the virus.

Despite this growing economic threat, there are many ways that international trade finance companies can advise industries on how to maintain their business and even thrive in this uncertain situation. They can guide companies in reaching new customers, retaining current clients, protecting employees, and responding creatively to setbacks.

Ways to Respond

While there are businesses that are currently suffering from the coronavirus outbreak, some companies are now thriving and reaching a wide span of new clients. International finance companies can help grow your company and advise you on how to do the following:

Reach new customers and retain current clients: Many people are mandated to stay at home, but not everyone can work from home. As a result, layoffs have risen significantly, and people have to budget their money carefully. International trade finance companies can help draw up strategic and marketing plans to retain current clients. Businesses can offer discounts, share personal stories and videos on social media to make a closer connection with their clients, and promote gift cards for future use. By staying connected, people will feel more inclined to help support your business, and your key messages can reach a broader audience.

Moreover, international trade finance companies can help you reach new customers by preparing your company to test out new sales channels. For instance, you can start moving to e-commerce and investing in long-term opportunities. Online sales have soared exponentially throughout the past month alone, as more people are home and choosing to have items delivered. Now is the time to change your outreach program and target new customers.

Protect your employees: It is vital to protect your employees and show appreciation for all that they do. In addition to ensuring a clean and safe environment, allow workers the flexibility to work from home if possible, and have an emergency plan set in place. An international trade finance company can help you write out a plan in case your business operations go awry due to an infection. Moreover, keep your employees up-to-date on the latest business models and changes that will soon come into effect. Maintain open lines of communication and calm their fears by addressing their concerns. Lastly, allow your employees to take sick leave and encourage them to stay home if they are not feeling well.

Respond creatively to setbacks: No matter how prepared you get, there will always be unfortunate surprises showing up when you least expect it. International trade finance companies can help you respond to emergency situations in ways that will meet your company’s best interests. For instance, what should you do if your suppliers can no longer deliver goods to you, and your supply chain gets disrupted? You can diversify your supply bases so that you are not solely relying on one region to continue your operations. Be more risk-aware and make choices accordingly.

Another circumstance could be: what if your products or services are no longer in high demand? Take this time to invest more in your research and development to improve upon your goods and services or create new ones. Boost your processes and implement changes that you have always been meaning to address. Pursue your business leads, and keep a brighter future in mind.

Final Thoughts

No matter what crises and disruptions arise, it is crucial to continue taking proactive steps to keep your business afloat and stay prosperous. You can work with a leading international trade finance company such as Tradewind Finance to figure out what resources you can take advantage of. Your business should prioritize ways to work cohesively with employees, branch out to new suppliers and customers, stay transparent, and respond to setbacks flexibly and creatively. The way in which your business rides out the current storm becomes a future reflection. It will demonstrate how you will continue to flourish and succeed in the future, no matter what takes place.

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