Business leaders find economic solution to chaos caused by Coronavirus


We have all seen the chaos and business failures in recent weeks – case in point the ailing Flybe taken out with the downturn in customers caused by cancellations and the lack of bookings caused by the coronavirus outbreak.

But despite the hardship to businesses being caused by the looming financial and economic threat of the coronavirus, some business leaders have remained proactive and have developed strategic business collaborations in a bid to minimise the impact the pandemic will have on companies everywhere, regardless of size or income.

BBX UK, an online business community tool which enables businesses to trade and network through spare capacity, spearheaded by CEO John Attridge, has teamed up with CTX (Carbon Trade Exchange), the UK’s environmental impact reduction leaders and entered into a strategic partnership, providing welcomed custom solutions to the industries most affected by the coronavirus outbreak.

John says: “We’ve spoken to many customers and business owners in the last few days, in particular the likes of hotels, restaurants, bars and even limousine transfers and car hires, who are all experiencing the same issues – cancellations of current bookings as well as a drought of incoming new inquiry.

“Looking at economic fluctuations over the past 100 years tells us we have growth for 12-14 years followed by two years of downturns, and we all remember the global financial crash in 2008, this outbreak could be the catalyst to tip us into the next economic downturn.

“But with all crises – come those who look for solutions!”

In conjunction with CTX, BBX UK has created a fully functioning ‘carbon offset platform’ that allows businesses to exchange their space capacity for ‘BBX pounds’ which can then be used to fund carbon neutral projects around the world.

“Airlines for example are creating elephant sized carbon footprints and most want to do something about it but the sheer cost of solving the problem is difficult to fund in good times, let alone this current double whammy – lower passenger demand and restricted ability to travel – you only have to cite the US action banning all flights from Europe to see this – John adds

“The idea allows an airline to offset its carbon footprint immediately by selling otherwise empty unsold seats to BBX customers who own businesses who will pay for the flights using their BBX digital trade credits. In so doing saving their pounds sterling – the end result is all parties gain new customers and save cash flow.

“The beauty of this in the airline example is there are no rise in any operating costs because if a plane takes off with empty seats, the pilots are still paid, the fuel used is roughly the same and the airport fees are payable anyway”

Those airlines ahead of the curve will also see a rise in passenger numbers because they are participating where their competitors may not be.

For the BBX customers the ability to buy seats using their digital trade credits they earned by selling their spare capacity represents a far more cost-efficient method of funding the travel industry.

Wayne Sharpe, CEO of CTX, the world’s first electronic exchange for carbon credits, argues that despite the problems caused by coronavirus there is no better time for businesses to neutralise their carbon footprints.

Wayne says: “Most environmentally aware businesses would like to do their bit for the survival of the planet but more times than not – it comes at a higher cost, especially when using retail priced credits.

“Our business model is similar to that of BBX, which enables businesses to exchange using spare capacity which allows them to manage inventory and sustainability costs more effectively.

“Of course, we will not be able to solve the situations where imposed travel restrictions apply however if a plane is able to fly – this scheme gives the airline greater opportunity to fill otherwise empty worthless seats.

“Amongst the crisis we have an opportunity to neutralise company carbon footprints, sell seats on aeroplanes that are otherwise not being sold and soften the hit on the travel industry cash flow – everyone is a winner!”

The continued partnership between BBX UK and CTX will see the strategic development of more methods to combat the economical issues caused by the coronavirus within different sectors over the coming weeks.