Once you have an established base for your business you may begin to think about expanding internationally. International expansion is not without risks, but the rewards can be high if you are careful.
There are several reasons why a business may want to expand overseas. Being able to develop new products and services whilst navigating seasonal peaks, competition levels, and curating a better reputation will all help to further your business. Here are some tips to help you navigate this change effectively.
Understand cultural differences
Embracing diversity should be a priority for all businesses. Having a workforce made up of different people can lead to innovative thinking, creative collaboration as well as an inclusive office culture. Understanding the cultural differences between your current workforce and the new recruits overseas is important to avoid any miscommunications.
Before you can fully set up, you will likely travel abroad for meetings with suppliers, recruitment agencies, or retailers. Having these meetings in person where possible shows a high level of respect which will help to foster a good working relationship going forward.
Communication is also important. US and UK citizens tend to be assertive communicators. This means feeling comfortable sharing opinions whilst respecting others. Assertive communication is not always the norm, especially in other countries. Analytical communicators may be held in higher esteem as they deal purely with facts and data. Identify the communication style you are dealing with and try to match them to help meetings run smoothly.
Comply with legal and regulatory requirements
Falling foul of local laws and regulations could be financially costly as well as deal a huge blow to your reputation going forward. Make sure you take time to fully understand what the expectations of your business are.
You will find that there are significant differences in tax laws, labor laws, and even data protection. Consider hiring a local expert who will be able to help you navigate these changes and keep your business legal.
Managing your money across continents can be a bit of a nightmare, so find support both at home and abroad. Smooth international currency transfers will help you to run your business easily wherever in the world you are.
Build strong relationships and networks
Finding a network in a new country can be a long and difficult process. Making a networking plan can help you to visualize your goals whilst you work towards them. Create a network wishlist for people and contacts you think you will need in the future.
A long-lasting partnership will hopefully allow you access to their network as well as their own expertise. Be sure to foster these relationships with time and effort, not just cursory emails here and there.
If you are looking for a new network, attend any trade shows for your industry. These could be domestic or international. Business conferences and industry events will also offer the opportunity to network and form connections.
