Are you thinking of going global? Expanding your company internationally can be a very exciting prospect. It will open your company up to new clients and customers, and you will also be able to use new cultures and markets to help shape your company. But is can also be a challenging process, which takes a lot of careful planning. It will involve a steep learning curve for you and all your employees. However, don’t let this put you off. By moving out of your business’s comfort zone and into a foreign market, you can certainly reap big rewards. But that all depends on whether you make the transition well or not. Here are some points to consider when taking your business to the international stage.
Is There Definitely A Customer Base Outside Your Country?
Not all products or services will do well outside of their home country. That can be down to a variety of reasons. Maybe there is no room for another company in your industry in a particular foreign market. Or maybe a country simply doesn’t need or want what you are offering. So before you start moving into an international market, make sure you will be able to find customers in your target destination. Conduct plenty of market research and test out your product or service in the target country before you commit.
Think About Possible Language Barriers
Most of the time, English is the international language of business. However, that doesn’t mean you should completely neglect your new clients’ native language. That can come across as very ignorant. So try to embrace the new language whenever possible. If you ever go to a meeting at your client’s’ offices, be sure to know some basic phrases such as hello and thank you. The staff who you have the meeting with will probably speak English with you. However, you might have to interact with other people, such as receptionists, who do not know any English. You should also to send any important documents from your company in the foreign language. This is a common courtesy. If you don’t have anyone in your company who can translate, seek help from a translation service.
You Need Staff And Resources
One other important thing to consider is whether or not you have the required staff and resources to take on another market. Your company will be concerned with your established clients as well as trying to find new ones in a foreign country. That will create a lot of extra work for your staff. If you have the funds, think about hiring new employees. If you can find ones that speak the language of your target country, even better! Once you have enough staff, create a team who are solely focused on taking on the business of the international market.
Learn About The New Culture
Every country has their own quirks and habits. And office cultures can vary vastly from country to country. So before you head off for any meetings at foreign clients’ offices, be sure to brush up on local culture. You should also do this even if you aren’t planning on traveling to the destination. Some cultures and traditions will impact on how foreign companies run their businesses. As long as you do your homework and research the country and work culture well, you shouldn’t put a foot wrong.
Tax And Compliance
One of the major problems that companies face when dealing internationally is the tax barriers of various countries. You might also have to pay large fees for dealing with foreign banks. If possible, you could find it easier to set up a bank account in the country in which you will be trading. That will also save your clients a lot of money as they won’t be charged for dealing with a foreign bank account.
Get As Much Advice As Possible
You need to really do your homework before expanding internationally. And the best way to do that is to speak to people who have done it before. They will be able to tell you what you need to do, and any mistakes that they made during the transition. It is also a good idea to hire legal and financial professionals in your target country. They can inform you of all the documents you need to be able to trade in the country. There’s also another advantage of hiring foreign experts. And that is that they can make sure everything you do is in compliance with foreign laws and regulations.