While some businesses have started operating, the painful marks left by COVID-19 pandemic tell tales of pains and uncertainty about the future. With most of the supply chains still not back on track and clients not having enough cash to buy products/services, the primary question that investors are asking is, “How do I grow my Hong Kong business?”
As an investor, you need to think about the best strategy for running your enterprise. Indeed, some experts are indicating that post-coronavirus era might be very different, demanding for newer strategies. To help you out, here are some of the best strategies that you can use:
Rethink New Markets
After registering a company in Hong Kong, what was your primary goal? If you had thought of only a specific market, it is time to get back to the drawing board. Think of a business that deals with financial apps for banks, but most of the targeted institutions are not available because of COVID-19. Instead of just waiting for the targeted market to get up, why not look beyond there? Can you develop apps for insurance firms, ad online e-commerce stores?
The lovely thing about Hong Kong is that there is a wide range of markets that you can target with your products. Whether you are an app developer, or a fitness products seller, there is so much you can do to increase your market. Take advantage of social media networks, referrals, and every available channel to build your brand. Remember that starting early enough can give you an added advantage because others can only play catch up. You might also want to work with professional marketers to win more clients using the selected strategies.
Take Advantage of Bilateral Trade Agreements
One of the main advantages of opening a business in Hong Kong is its strategic location in the heart of the Far East. Therefore, if COVID-19 made your target market shrink, it is time to engage the next gear and start exploring the neighboring market. The good news about Hong Kong is that it has signed many bilateral trade agreements with countries in the Far East. So, take advantage of them to reach a bigger market and grow your business.
One of the agreements you need to consider is the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and Mainland China. The agreement provides for tariff-free exports to mainland China, and you should take advantage of it by working with enterprises that are already established on the mainland.
Diversify Your Products
To spring back to profitability, you might need to think of diversifying your portfolio. However, this strategy requires you to put a lot of effort into understanding what clients need and delivering it in the best way possible. Think of an offshore Hong Kong business that deals with detergents. In such a case, it might be a good idea to expand to the highly demanded hand sanitizers.
Remember to follow all the regulations laid down by the Hong Kong administration when designing and producing the new product for the targeted market.
To be successful in Hong Kong after COVID-19, it is vital to start planning right away and move with speed. The strategies we have listed above are only a few of what you can do to spring back to profitability. To make it even more effective, consider bringing onboard an agency of experts to help you to craft a good strategy for recovery. The professionals will also be there to assist you with executive functions, such as filing tax returns and compliance with all Hong Kong laws.