The coronavirus has spread rapidly over the last several weeks, with the number of new cases growing by the thousands every day.

Currently, in the world and especially in the Chinese market, contagions are increasing hour after hour and have reached 43,000 people. This is a big deal because not only had killed many people (more than 1000 deaths so far) but it also affects the business world.

Apparently, starting from March, the Chinese customs will not allow companies to import or export products to and from other countries. This problem could affect many companies worldwide since China plays a key role in the world economy being the first supplier or customer of many countries.

If your company is experiencing this problem, we advise you to follow the following steps in order to avoid big losses:

1) Do a market analysis: If the Chinese government blocks the import and export of the country, your company should start looking for new markets. By carrying out a market analysis, you will be able to find out which are the best markets to invest in, and possibly you’ll discover new interesting realities.

2) Find the right companies for you: Once you established your market, the second step is looking for your new partner. Searching for the right company can be complex and making a complete mapping of the entire market usually requires considerable investment of time and money. Your goal now, however, is to find a new partner, so the best thing to do is to assess the cost of the investment and make a thorough analysis of how much the new business could really yield.

3) Start the collaboration: No matter how much margin you can make, the important thing now is to avoid being unprepared. For this reason, don’t forget to be very flexible on prices and contractual aspects of the negotiation, in order to reach a satisfactory agreement as quickly as possible.

In light of the above, we can say the coronavirus is a big issue for both people’s health and world economy and trade.

Even if it’s too early to assess the full financial impact of the outbreak, what is certain is that solving this problem can take many months and being aware of this, could help you safeguard lives in your company and avoid economic losses.