Setting up a business globally

Importance of Going Global in Corona time: Convert Challenges into Opportunities

We all have witnessed the ‘The Great Recession’ that occurred between 2007–2009 that causes one of the worst global economic crises of all time and now we are again moving into a global recession during this COVID-19 pandemic. Business and economic recovery are still looking uncertain as we are approaching the end of the year 2020. Everyone is facing many operational and business risks during this outbreak and looking for ways to ease out the situation. As a community, it is the time to look for opportunities among the challenges we are facing to take on the financial impact we are going to witness in the coming years.

It doesn’t matter what causes the great recession and what situation we are facing now, the impact on business and economy we are witnessing now remains the same as it was back then. The common characteristics of both the recessions are:

  • Rising unemployment everywhere in every industry
  • Decrease in trade at both national and international level
  • Lowered GDP worldwide
  • Global decline in economic activity

One thing that is unique during this COVID-19 crisis is the global lockdown to maintain social distancing. To tackle the pandemic situation, businesses are adopting the work-from-home policies to keep their business running and this made them utilize the benefits that come with it. With remote working as the new trend for businesses, it brings out certain opportunities to look beyond our existing options. It is the time to shift our focus to some new business strategies, let’s discuss some key strategies that we can opt for during the current global recession.

Expand your business globally

Setting up business globally keeps you in a better position to handle the global economic crisis and withstand the downturn. It is the time to think of generating revenues for international markets to recover your losses in certain marketplaces. The demands of your products and services are everywhere, all you need to do is find the right countries to register your business and expand your international presence.

Considering the fact that different countries are handling the situation at their capabilities, different international markets will recover from the ongoing outbreaks at different times and global diversification of your business will make you keep running all the time. International businesses easily handle the individual market setbacks by recovering the lost revenues from other markets. Global expansion will also help in the future to stay ahead of your competitors with limited global reach by offering your services to a global consumer base.

CompyCo can help you determine the best approach for your expansion with clear advising on the countries where you should incorporate. There are many business consulting agencies that help businesses to expand and register their presence in different parts of the world at their ease and convenience. CompyCo stays with clients in the long run.

Remote employing and management

COVID-19 crisis has made us realize that we can manage everything remotely without compromising with our business operations. It also leads to the fact that we can think beyond local resources and work with the best resources from any part of the world. As remote working is the new norm for many businesses and individuals by integrating the more productive technological model into their business solutions, you should now think about hiring talented individuals globally to work from home for you.

In most of the countries in the EU, foreign employer registration allowed companies to hire resources with full control over employees and salaries without registering a company or engaging with PEO service providers. By having a direct Employment agreement in place, avoid high costs of local company registration or PEO services.

These are the two most important key strategies that you can adopt to counter the COVID-19 crisis that is going to impact every business financially. It is high time to think about expanding your business to different markets globally by hiring talented resources from any part of the world. This is where global business consulting agencies come into the picture to help companies by providing the financial, legal, and corporate expertise to take your business to the international markets.

You can hire these agencies as your international corporate management partner and expand at your pace while they will help you manage your global resources and business operations in a foreign country. CompyCo works with companies of all sizes and helps them expand into new markets in the easiest possible ways and cost-effective solutions. We ensure that you get more time to focus on your core business activities while we navigate local rules and regulations for a smooth international expansion process.