Are you ready to go global with your business? A recent survey by CB Insights found that UK businesses started after 2009 are growing faster than previously, and are moving into global markets in less than two years on average. Despite the uncertainty caused by Brexit, UK businesses continue to look to Europe and further afield to grasp the opportunities available in overseas markets. Whether you're starting to think about going global, or are already trading overseas, the next few points should serve as a checklist to help drive your international strategy. International trade may require a strong domestic foundation When trading expand overseas, make sure you’ve considered what resources this requires and what impact this will have on your bottom line and on your domestic business. If, for example, you’re sending your best salesperson overseas to conquer a new market, you need to look at what this will do to your domestic sales, or what contingencies you have in place to cover this change in focus. Good connectivity means good communications and cloud tools Fast and reliable connectivity means you can use VoIP communications and video conferencing tools with confidence, cutting down the cost of calls and possibly the number of business trips you need to make. In addition, good connectivity means that you can take advantage of SaaS and PaaS tools, including productivity tools such as slack which allow teams to collaborate, wherever they are in the world.
Respect the local culture When entering a new market internationally, it’s not just the regulatory environment that you need to consider. Cultural differences may mean you need to make changes to your sales process, or tailor your product or service to suit either regulatory demands or cultural expectations. It may be that the changes are minor enough that you won’t lose economies of scale but it’s something to be considered before you start. Establish your currency strategy You don’t have to be at the mercy of fluctuating currency markets; a foreign exchange strategy will help you manage the impact that the foreign exchange may have on your bottom line. The first step is to examine the impact of the exchange rate on your costs and revenue and from there, develop a foreign exchange strategy to manage that impact. A specialist currency exchange provider can help you understand the tools at your disposal to provide a clear approach while you’re juggling the demands of international expansion.
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