Expanding Your Business Internationally
For successful businesses and ambitious owners, the idea of expanding internationally may seem the next logical, if somewhat daunting, step for your business. However, expanding to countries you may have yet to do business with is no easy feat. With so much to consider, here are a few things to bear in mind when first researching your options abroad and your strategy for expanding to other countries.
The importance of education
Success stories with longevity are rarely made overnight, particularly with growing a global network. In a recent article by Hiscox about how entrepreneurs aren’t born, they’re made, the UK insurer reported that 70% of the most prominent entrepreneurs completed a university degree, but considering these highly successful business-people only present a fraction of the business world, how much does higher education truly play in operating a successful business?
It seems that learning your craft, the current market and how to reach your target market is just as important as gaining a degree. What’s more, understanding that expanding business internationally is not an overnight achievement is just as crucial.
It is advised to grow your business abroad by focusing on one market and ensuring the logistics work for that sector first. Ambitious entrepreneurs with focused goals and initiatives are far more likely to succeed than those who just shoot and aim later.
Communication is key
When working with clients or colleagues in an international country, being precise with your language helps make sure everything is understood from both ends. Confusions over jargon and language barriers can be a concern, as making sure everyone is on the same page can prevent confusion with communications which could cause a headache later on in proceedings. Therefore, it may be worth employing a translator or interpreter, as well as being familiar with colloquial phrases to ensure your international business relationship gets off to the best start.
Going beyond business with your conversation is another way you can certainly improve and work on relationships. People enjoy talking about things besides business. In fact, small talk is often encouraged in businesses. Finding out how their holiday was or what they’re doing over the weekend can really bring you together, irrespective of date lines.
Ensuring you have a patent in the countries you’re working in makes sure that competitors won’t get in your way. Remember to focus on your website, to make sure that your brand can be reached across the globe.
If you have a big deadline approaching or a large project ahead that requires constant communication, it’s easy to be pushy. However, if the client’s country has a national holiday approaching, take this into account. Even if it’s profoundly frustrating to be in the office while your colleagues are having a day off, patience will pay off in the long run.
Not only will you enjoy the benefits of a few trips abroad, but working internationally will be brilliant for your own company’s ventures. The communication and personal skills that will be developed by working internationally will have a long-lasting effect for both you and your company. It may be the just what your business has been looking for to take it forward in 2019.
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