If you’re an SME owner, then it’s likely that going global will be your dream. However, as well as considerable positives, this move also has a number of associated negatives. As a result, you need to ensure that you’re properly clued up on the potential downsides. By making yourself aware of any downsides or potential problems before you begin to upscale, you stand the best chance of overcoming these problems, and give yourself the best chance of running a successful multi-national business.
In this post, we take a look at the top three problems and discuss how they can be overcome.
#3 The Language Barrier: Employ People Who Know the Language
The largest problem that your business will face is the language barrier. However, with a little bit of forward thinking, you can easily eliminate this hassle.
If you’re a UK business that only employees UK employees, then it’s likely that your grasp of foreign languages is minimal. However, some strategic hires can help you out, and they don’t even have to be full time.
You can employ freelance writers and communicators in order to help your business with foreign business dealings, such as writing letters, emails or even communicating over the phone. This will help to increase your business’s professionalism without costing you large sums.
By ensuring that both you and your business associate are both speaking in their native tongues, you’ll ensure that wires don’t get crossed. By employing people who know the language, you can save both time and money.
#2 Cutting Costs: Don’t Travel Unless You Have To
Face to face meetings are always your best way of communicating with a customer or client. However, when you’re running a multi-national business, they can be expensive and time consuming. After all, if you have a breakfast meeting in Amsterdam, then you could be paying for two flights and a hotel room just for a 2-hour meeting. Not only will this cost you hundreds of pounds, but it will cost two days of your time.
As a result, you should only attend these meetings when absolutely necessary. Instead, you should make the most of apps such as Skype that can make the process really simple. This way, all you’ll need is a good internet connection and a webcam. Plus, because it’s a live video, you’ll still be able to see each other’s body language and facial expression. It may not be the same and being in the same room, but it’s close, and it will save you time and money.
#1 Save Your Business Money: Only Pay What Is Right
Finally, make sure your business isn’t getting fleeced. Thanks to fluctuating foreign exchange rates, it can be easy for your business to overpay for goods and services. This is particularly true if you agree to buy goods for a fixed amount of pounds. This is because, if the value of the pound increases against the euro or the dollar (depending on where you’re buying from), you’ll be paying more than you should be.
In addition, if you’re changing currency during money transfers, you may be overcharged by your bank. The convenience of using your bank makes it an attractive option, but there’s an associated cost, too. So, instead of looking to your bank, look to dedicated foreign exchange sites instead. They can be up to 80% cheaper than banks, saving you a small fortune over the years.
By preparing yourself to face these three main problems, and by knowing how you plan to overcome them, you give your business the best chance of succeeding internationally. So follow this advice carefully. After all, it could be the difference between success and failure.
