We all know that successfully growing a business is a journey, and very often you’ll want and need to work across borders.
Whether you’re using an international supplier, importing or exporting a product or receiving foreign investment, you need to give your business and your people the best chance of success as you ‘go global’.
Here are our top 5 tips:
1. Understand exactly who you’re doing business with.
Before committing, you need to do your homework.
Afterall, the KEY is to KYC (know your customer/client/counterparty).
2. Work out how and where the contract is to be performed
To secure a decent ROI on cross border business, you need to get the basics right from the start.
The devil is in the detail (or the small print).
3. Plan ahead and do your modelling.
From the get-go, protect your upside and mitigate your downside risk.
You know what they say: failing to prepare is preparing to fail.
4. Resourcing and monitoring.
To protect your business when doing international work, you must have the right people, systems and processes in place.
Get clarity on your mission and metrics from the outset, and you are less likely to spend money in the wrong places.
5. Choose your advisers carefully.
Whether you need financial, compliance or legal advice, choose the right people to get the right results.
Considering language, culture and connections is imperative to help you do business like a local.