Open for business?
Four months on since the UK went into lockdown as a result of COVID-19, Kiley Tan, founder of Mosaic International, says now is the time for businesses to start putting plans for domestic and international trading opportunities back into action
Throughout lockdown, businesses have had to be patient and endure a lot of hardship, with reduced trading opportunities on both a domestic and international level affecting many bottom lines. However, this unexpected downtime has given business leaders more time to plan for the future – but is now the time to start putting those plans into action? We certainly think so.
The appetite to do business is strong
Businesses want to do business. The government-backed support that has been put in place has been done so to help businesses survive the interim period of the pandemic, but the only people that can help these businesses kick on now are their leaders.
The positive thing about this, certainly from our experience on a local level within the Sheffield City Region, is businesses are resilient. There is opportunity for smaller, more agile businesses to think strategically and seek to expand their market share, or to test things that they have never done before.
Ignore the headlines
Headlines around the world all read doom and gloom, but if you take a closer look there is opportunity for those willing to take a risk. The difference between businesses that succeed during difficult times and those that do not is the fact that those who succeed took hold of the opportunity and responded – perhaps in ways they had never previously thought possible.
No Brexit extension
Yes, Brexit is still happening, and no, there won’t be any further extension to the transition period. Rather than just sweep it under the carpet, this is going to have a big effect on supply chains and businesses need to be ready from January 2021 to ensure there are no further impacts to their ability to trade.
Exports are still important to UK businesses, and supply chain imports can provide a lifeline for squeezed profit margins. If you rely on imports as part of your supply chain, the key message here is to spread your risk.
As we could see further lockdowns on local levels should there be further outbreaks of COVID-19, this could cause temporary problems with supply chains. Looking into alternative markets is essential for any business in this situation, and there is a whole world to choose from.
Let’s look at Southeast Asia
The Southeast Asia region is our area of expertise at Mosaic International, and we are long term advocates of building trade links between here and the UK. Nothing has changed in terms of our outlook to the region and we still believe these emerging markets are prime for further business development opportunities with UK businesses.
Embracing an interconnected world and creating open markets for trade are crucial for supporting growth and creating new business opportunities.
We’re open for business, and ready to help our clients identify new opportunities to make sure they are, too. If you would like to start a conversation, call 07885 784783 or drop us a line on kiley.tan@mosaicint.co.uk – you never know where it may lead.
