5 Things To Consider When Doing Business Overseas In The New Year

“Going global” has been a consistent trend in the last 10 years or so and for any SMB thinking of expanding their client-base beyond their local market in 2017, there are certain key considerations that need to be made if your goal is to increase your bottom-line. In our last webinar, we took a look at the various tools that are increasingly required for international trade. Next, we’re going to turn to the 5 approaches that you need to take to ensure a successful expansion overseas in the next year.

  1.    Localize – Make sure that your product appeals to the overseas consumer. The approach and demeanor should be tailored to the local market so make sure to do a lot of research beforehand.
  2.    Socialize – Networking is important. Spend time overseas building networks and deepening relationships and it will pay off.
  3.    Evangelize – Be passionate and act as an advocate. Consistently talk about your product and how it will benefit the overseas market.
  4.    Legalize – Make sure to adhere to all laws, customs, and regulations of the different markets you plan to expand into. 
  5.    Prioritize – Have clear objectives in mind and focus your efforts in tackling them one by one.

Leveling the playing field for SMBs is something we strive for by providing the payment service needed to compete in the global economy. We’d love to hear feedback from you on your success or suggestion for future tips that might help other business to succeed as well.