Entering the Global Marketplace
The international Marketplace offers myriad possibilities for growth and profit, and as a result is a highly attractive prospect to many kinds of businesses. However there are many pitfalls and obstacles associated with becoming a multinational entity. To help you make the best decisions in this regard, here are a few areas to think about when going global.
During times of economic recession, studies have shown that nationalistic consumer behaviour increases. This means that the outsourcing of labour, or merely buying foreign products before those made in one’s own country become more frowned upon. The result is that you could incur bad publicity in your home market or indeed suffer in your international markets. It is worth remembering to highlight your nationality to your home customers during these periods to benefit from this kind of consumer sentiment.
Legality & Morality
First of all it is important to have an understanding of the pertinent legalities in all countries of operation. This may range of ensuring the proper export duty costs are built in to your business strategy, to checking the status of your product in the destination market. Remember Kinder surprises were illegal in the U.S until recently! In addition to this, things may be legal in a certain jurisdiction but potentially not morally acceptable for your broader consumer base. For example, you may have a production facility with working conditions that are all above board in the country of operation, but your broader consumer base may find them unacceptable thus generating considerable negative publicity for your company.
The Right Staff
For many countries, it is essential that you have somebody overseeing your business that not only has a comprehensive cultural understanding of the country of operation, but also understands your needs and requirements as someone who is sensitive to moral and cultural sensitivities of their broader customer base.
International Debt Collection
Different jurisdictions and cultures require different approaches when recovering outstanding debt. This applies both to both non-legal negotiations when local cultural knowledge is paramount and legal recourse where different jurisdictions require local experts to proceed. IncassoPartners negate this obstacle by having over 20 years’ experience in global debt collection and trusted partners in all jurisdictions. In addition to this, our “no recovery, no fee” system affords the multi-national entrepreneur peace of mind that no costs will be incurred without a positive outcome regarding their outstanding debt.