According to the UPS Perceptions of Global Trade Survey, 24% of small businesses are currently engaged in global commerce, and many of those businesses are experiencing a positive return within the first two years. The Internet has opened the doors to allow nearly any individual to sell products or services to the global market. But for many small businesses, the act of going global can be an incredibly daunting and intimidating experience that may seem nearly impossible to get started. Here are some things to consider when looking to expand your company globally:
- Currency – Fluctuating exchange rates can make your products incredibly expensive or inexpensive, depending on the dollar’s strength against the foreign currency. Credit card transactions can also be problematic. A professional currency trading firm could advise on useful currency hedging practices.
- Time Zone Variances – Doing business across time zones can cause staffing problems if 24-hour customer service is required. Dividing your management by region can help avoid crisis situations if a significant problem arises.
- Legalities – Speak to knowledgeable lawyers, bankers and accountants who specialize in international transactions to ensure you are abiding by all of the laws in the country to which you would be exporting.
- Language – It’s important to become linguistic and culturally savvy before entering a foreign country to avoid any missteps and gaffes.
- Delivery – Determine shipment costs and length of time ahead of time to avoid incurring exorbitant costs. It’s important to have an understanding of the logistics you can offer to avoid over-promising and under-delivering.
- Market Attractiveness – Research on the global market you’re looking to enter is a key factor. Have a thorough understanding of your new market’s demand and perception of the products you sell to make sure it is positioned and priced correctly.
Whether you’re reaching across borders to expand into new markets, network or outsource, Nextiva is here to make your communications as smooth as possible. Watch this Tip in a Minute video and learn how to turn on your phone’s international calling options through your Nextiva customer account so you can start reaching out to potential clients and customers: