Entrepreneurs have vibrant energy, confidence and a clear vision that gives them the boost they need to achieve their dreams. However, these passionate individuals often stand at a crossroads, contemplating the value of earning a Master of Business Administration (MBA).
Author: coolerinsights
From Local to Global: Navigating the Challenges and Successes of International Business Expansion
When a brand fills the local market, they often see room for additional growth and seek ways to reach new customers. Adopting a strategy of international business expansion opens up a world of opportunities and sets the bar higher than most small companies ever dreamed possible.
However, with growth comes challenges most entrepreneurs never expected. Weighing the pros and cons and being prepared to face the pitfalls head on helps companies find success where they otherwise might flounder. Here are the top challenges to be aware of and some tips for overcoming them.
1. Compete with Big Players
In a report by Kearney, experts mention the battle for technological supremacy between the U.S. and China as something driving global economic growth. The Indo-Pacific region fills the gap in manufacturing and other industries, so plan to work with people from different areas and with different pay structures and cultures.
Do also research the drawbacks and advantages of selling and getting supplies from different countries to find the right mix for a brand.
2. Know Tax Implications
Every country has different rules and regulations involving doing business internationally. A company might gain advantages by creating a foreign subsidiary, with headquarters in a place other than its home. Others might benefit with third-party sourcing or offshoring.
The best way to get a handle on the tax burden for each choice is by enlisting the help of an international business expansion tax and regulations professional. Figure out what duties the business might need to pay to the other location. Calculate the tax burden in the home country. Choose the best scenario for profitability and to reduce amounts due.
3. Adopt Neutral Leadership
As a company expands, the bias might lie toward the country of origin. Leadership positions were likely filled by managers in the first location. Even though employees might reside around the globe, growth could be inhibited by lack of leaders in other areas.
The key to successful international business expansion is finding and training leaders in all locations. Navigate language and cultural barriers more easily with someone from the same geographic region offering input and advice.
4. Navigate Time Zone Differences
Business is often easily conducted remotely. However, finding a time for meetings or to touch base with employees is challenging for companies with workers across time zones. While a noon meeting might work well for half the people logging on, it could be the middle of the night for someone on the other side of the world.
Options include holding more than one meeting or pre-recording a presentation and allowing participants to view it at a time convenient for them. Chat tools such as Slack or Skype might be another option. People add their thoughts and view notes in their time zone and chime in. Wrap up the meeting after 48 hours.
It’s complicated to navigate emergency situations while focusing on international business expansion across time zones. However, the majority of meetings can be turned into an email or conducted in a way that doesn’t inconvenience anyone.
5. Embrace Technological Advances
Recent advances in artificial intelligence may allow businesses to automatically answer basic employee queries or conduct repetitive tasks more easily. The global AI market is $142.3 billion and growing rapidly. Pay attention to what’s trending in the home country as well as places a brand does business or has employees.
Adopt a policy to utilize different programs in different regions. Some countries may ban various software, for example, so look for what works best for the organization but also is usable for all workers. Think about what can mesh together or be separated without creating a choppy experience for employees, leaders or consumers.
6. Manage Logistics
Shipping items from one region to another can be complex. Take the time to research which global carriers are most reliable. Find backups as strikes or regulatory requirements might delay deliveries.
Hire an expert in dealing with supply chains across borders to come up with the best course of action.
Should You Look into International Business Expansion?
Taking a brand from local to global requires careful navigation to avoid problem areas. Each company must determine if the effort equals the payoff in the long run. For organizations looking for a way to grow, diversification into other cultures may hold the key to international business expansion.
Eleanor Hecks is editor-in-chief at Designerly Magazine. She was the creative director at a digital marketing agency before becoming a full-time freelance designer. Eleanor lives in Philly with her husband and pup, Bear.
The Rise of Short-form Marketing Videos and How It Affects Your Campaign
Image Source: Pexels.com
Short-form marketing videos are a powerful tool for businesses of all sizes. Typically less than 60 seconds long, they’re easy to watch and share on social media.
In this article, we will discuss the benefits of using short-form marketing videos, how to create effective short-form marketing videos, as well as how short-form marketing videos can improve your SEO.
How to Best Incorporate Textures into Modern Web Design
Textures in web design add depth to the look of a site and create visual interest without overpowering the aesthetic. The best website backgrounds do not grab attention but add to the site’s overall user experience.
However, textures appear in places other than backgrounds. They are noticeable in photos, accents and call-to-action buttons.
AI Algorithms Unlocking New Frontiers in Cybersecurity
Cybersecurity threats loom large for businesses all over the world. These threats pose even more serious risks for small businesses, which often lack the robust security infrastructure of their larger counterparts.
However, hope is on the horizon, and it’s called artificial intelligence (AI).
The Number One Mistake in Social Media Marketing
Do you know what’s the biggest mistake in social media marketing?
One that many companies and individuals are guilty of time and time again?
Creating Social Media Content to Reach Multiple Generations of Consumers
Want to win hearts across all ages with your social media? Let’s unpack the art of making social media content that speaks to multiple generations — from Gen Z to Baby Boomers!
Different generations have unique needs and preferences when it comes to interactions with marketers. This can make matters relatively simple if your business is only targeting a single generation.
Maximizing Your SEO Efforts with Social Media: Tips and Strategies
According to G2, 53.3% of all web traffic begins with an organic search. However, only 0.63% of Google searches get to the second page in results.
These stats indicate the huge value of Search Engine Optimization (SEO) in the modern business landscape. But what about other marketing channels?
Why Showing Employee Appreciation Should Never Be Overlooked
Finding and retaining highly skilled and engaged workers is challenging in a shallow labor pool. However, showing employee appreciation is definitely a crucial part of tapping into the reasons staff want to stick with a brand rather than jump ship for a new employer.
What Digital Marketers Do — And How To Become One
Technology photo created by rawpixel.com – www.freepik.com
Keen to embark on a career in digital marketing as a digital marketer? You’re certainly not alone!
As a digital marketing agency founder and trainer, I’ve certainly seen how much interest hype digital marketing has garnered in recent years.