Growing Your Business Globally: Five Factors to Consider

26 Aug, 2019

Expanding into global markets is usually one of the most challenging tasks you’ll take on as a business owner. By going global, you’ll essentially be able to harness new opportunities and leverage global talents to drive revenue and business growth. Here at BYEXPRESS Worldwide, we’ve seen how leniency in international trade laws, as well as various advances in technology, have made it a lot easier to establish businesses outside your primary geographical areas.

Still, there are challenges you’ll have to surmount. You’ll have to adapt your business model to fit the new culture. You’ll have to face language challenges and deal with different government regulations. Before you open your first branch to serve customers, you must have put everything place to make the business experience as smooth as possible. 

 

At BYEXPRESS Worldwide, our logistics services and everything we do is dedicated to helping you succeed in the global marketplace. Below are our recommendations of critical factors you should consider when expanding into a new global market. 

 

Time Differences and Limitations

Let’s say for instance you’re opening branches in four different countries. You’ll have to find your balance in meeting the demands of employees and clientele base in three different countries with three different time zones. Scheduling meetings, as well as some other business operations, may prove challenging in some extreme cases. You’ll, however, have to find a way to overcome this challenge. 

 

Understanding your target market

Understanding the market in the area of your choice will prove very important. You have to be able to identify your ideal customers as well as what they’ll expect. For instance, places such as Africa and some parts of Asia will be more likely to be receptive to tech businesses as a result of the ongoing tech boom. Establishing a fashion-based business in the US, on the other hand, may demand your thorough understanding of what millennials, a key component of your market prefer.

 

Legal formalities

You’ll understand that every government has its own distinct regulations, tax laws, and legal procedures. It pays to understand how this will impact your business when it finally launches. What are the tax laws? How does the filing work? Are there employees protection regulations? All of these and other legal formalities have to be critically examined for their business implications.

 

Cultural differences

You’re likely entering a new space with many language and cultural differences. It pays to understand how this will affect the business as well as your relationship with clients and employees. Take for instance that you can’t talk casually during meetings in most parts of Asia, it’s inappropriate to hug in China, it’s disrespectful to be late for meetings in China as well as in Malaysia. 

All of these cultural differences and how well you deal with them will shape the entire business experience so it pays to do your homework beforehand.

 

BYEXPRESS Worldwide

At BYEXPRESS Worldwide, our air and ocean transportation services are aimed at helping you succeed in a challenging global environment. Through our network of carriers, we able to bring to you value-based and cost-effective logistics services to improve your supply chain while also adding value to your bottom line.

You can log on to our website at www.byexpressworldwide.com with details of your shipment to get free quotes from multiple carriers at competitive rates. You can as well contact us at info@byexpressworldwide.com for additional information. We’ll be more than happy to help.