Doing some home improvements is no longer a strange task for us ever since the pandemic began. The lockdowns have kept us grounded in our houses and we began to notice the things or areas that our household needs improvement. There are also times that I personally do see what needs to change, but because I don’t have enough budget to do any changes, I just let it go and tried to brush it off my mind. If I don’t try to forget it, the thought would bother me, and it feels irritating
Entrepreneurs from countries with high economic growth are in a unique position to expand internationally, mostly because most of them are deeply ingrained in global markets. If you're an SME owner who's thinking of going global, you already have your foot in the door. Here are four tips to help you move forward:
Managing a business locally is vastly different from doing so overseas. Apart from differences in cultural customs and trends, you'll also have to learn international business laws. And these are extensive — from labour and employment laws to international trade compliance, finance compliance like the SOX compliance in the US, and even intellectual property rights. You'll need to read up on these regulations to ensure that your business is wholly compliant and avoid legal issues in the future. Alternatively, you can enlist the services of an international business lawyer to serve as your guide and consultant in navigating foreign legalities, which I personally would recommend given that you have the budget for it.
You should also take note of the tools that you can use to improve your performance in international markets. A more advanced digital tool is blockchain technology. It's a decentralised and distributed public ledger that is used to record unalterable transactions. Using this technology, entrepreneurs can create an accurate and fully public record of the business's transactions, be it with their suppliers or clients. One way to take advantage of the blockchain is to use it to prove the sustainability of supply chain transactions. This assures potential clients that they're buying from an ethical source. Using technology that promotes ethical business values is now more important than ever, especially since the European Commission's SME Strategy highlights the need for a sustainable and digital Europe.
When selling your products and services overseas, you need to be aware of local marketing trends. In this regard, you need to think glocally. According to Supply Chain Digital Magazine, glocalisation entails businesses operating on a global scale, while paying attention to local markets. This shift was spurred on by the fact that disregarding local market trends has proven detrimental to business. Moreover, it allows for the purchase of raw materials from local suppliers, which is not only cost-effective, but also more sustainable in the long run.
If you want your global business to succeed, don't neglect the local context. These differ from country to country and are even more nuanced depending on cities and neighbourhoods. So, to reach your target market, invest in a thorough marketing strategy that will engage them.
Being a fluent English speaker aids in business transactions and negotiations with potential partners. However, it's also very much worth learning the local language. I've seen plenty of movies about business transactions with Japanese people and so the Americans do their best to learn even the basic Japanese language and Japanese culture to show respect and sincerity. Language barriers are one of the biggest challenges of expanding internationally. Though English is the primary language for business, that doesn't necessarily mean your target market will respond well to it. Make an effort to learn the basic phrases of the country you're doing business in, and hire translators or even locals who can aid in effective communication.
The impact of Covid-19 has slammed businesses and different industries instantly in just a short period of time, despite the efforts made in making the economy move forward, there are still businesses and establishments that feel its continuous effects just like in the hospitality industry.
The pandemic is still a clear and present danger to everyone especially to children after the Corona virus has evolved to a Delta variant. The Delta variant is known to be more contagious than the previous variants and affecting unvaccinated people more. Lockdowns are still being enforced hoping that the spread of the virus will delay.
“I am in deep financial trouble. I don’t know how to pay off my debt!” This is what I hear from other people nowadays especially from those who lost their jobs from the pandemic. Even if they receive allowances from the government, it’s still not enough for others to pay off thousands of dollars worth of credit card debt.
Thinking of relocating? Do you prefer buying a house or renting one? That’s actually one of the questions my husband and I talk about when we plan on moving out. We’re currently live in my mom’s house and I think it’s a good idea to stay with our loved ones during the pandemic so we could support each other and provide each other’s needs. We just have to be really careful not to get infected and so far so good.
