Preparing your brand for that potential leap into the unknown, and competing against the other major players in the global marketplace can be a very exciting time for your business.
But it’s understandable why some companies remain in ‘expansion purgatory’, dipping a cautious toe into foreign ponds, only to remove it again quickly.
A good international business requires rock-solid partnerships, seamless global branding, customer familiarity and a comprehensive understanding of multiple new laws and procedures.
Inevitably, oversights can happen.
If you’re considering that venture into brave new business worlds, there are five key elements to take into account:
Research and cultural understanding
No business can thrive in a vacuum. Countless fruitful endeavors have been lost through myopic views of best business practice. Don’t forget; your way of doing business may not be the blueprint that other cultures use.
Take the opportunity to reflect on your cultural understanding. Have you obtained the assistance of a translation service? What unforeseen issues have they made you see when it comes to connecting with a new audience?
Better yet, where are the gaps where your business can thrive?
It’s not just about communicating externally. Internal modes of communication will need to be fluid, fast and digitally stored. Consider the hierarchy of your business, and individual methods of communication within it. Have you implemented group training for navigating these processes?
If you can’t share content and documents with ease, or access online materials, you’re running the risk of a disorganized global debut. Integrated technology and the ability to work from anywhere means that your staff are equipped with the digital tools necessary to make that international impact.
Clarify your strategy
Remember that translation service you enlisted to help you achieve your global business goals? That’s not just a one-stop on your road to international recognition.
Successful global companies know the importance of continually going back to their strategies, and when they do so, they’re clarifying what that strategy is.
It’s not just about translating your website’s homepage and expecting that to bear the fruits of international business success. It’s about making those key translations and the information it provides the foundations of a strong and prosperous brand.
Then add the flexibility to adjust your strategy
If the last fifteen months have taught us anything, it’s that the unexpected can sometimes hit. Therefore, that clear strategy should include a pretty comprehensive ‘just in case’ folder.
A business that isn’t prepared for issues in the environment, the finance market or global pandemics is a business that probably won’t outlast its ramifications.
International compliance and regulatory issues
Business rules and regulatory mandates are a constantly changing obstacle. Dealing with several tax codes, laws, and international standards across multiple countries is just something you’re going to have to learn to accept.
Overseas banks may not currently want to enter into a relationship with a foreign account, which means finding a way to make the process seem appealing to them.
These are important individual threads in the rich and complex tapestry of modern business. If you can find a way to harness them all, while effectively promoting the values of your company under one global umbrella, you just might become that overseas business sensation.