Ten Essential Pointers for Successfully Conducting Business on the International Stage

Doing business abroad is no longer the logistical or conceptual challenge it used to be. In many ways, the world is much more accessible to even small or medium-sized businesses. Of course, obstacles are still in place, depending on where you’re doing business.

Here are 10 tips for conducting international business:

1. Understand cultural differences – Business norms and etiquette may differ greatly from your home culture. Do research on common courtesies and taboos.
2. Build relationships – Relationship-building is key when working internationally. Spend time getting to know partners personally before rushing into deals.
3. Use an interpreter – Even if foreign partners speak your language, subtle meanings can get lost. Consider hiring an interpreter for important meetings and negotiations.
4. Consider time zones – International calls may be difficult to schedule due to large time differences. Plan ahead and be flexible.
5. Convert currency – Understand exchange rates and be prepared to conduct business and pricing in multiple currencies.
6. Ship internationally – Research customs requirements, packaging standards, document needs, and shipping methods for international trade.
7. Address language barriers – Marketing, contracts, and more should be translated professionally into relevant local languages.
8. Understand regulations – Research laws regarding industry, taxation, employment and business structure in target international markets.
9. Get export/import help – Leverage resources from your local government to help navigate international trade compliance and regulations.
10. Insure appropriately – Consult an international insurance broker to ensure adequate coverage for risks associated with doing business abroad.

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Don’t reach too far. This isn’t a hard and fast rule; however, you may benefit from limiting your outlook. For example, if you are a UK business you might want to stick with EU countries as you’ll have a better grasp of their legal and financial systems. Many EU countries offer great benefits to corporations, for instance, Cyprus companies can enjoy the lowest corporation tax rate in the EU.

One of the most difficult barriers in place is still the linguistic barrier. Again, your target country may be very comfortable with the English language. However, keeping with the example of a Cyrpus company, your business might benefit from being multi-lingual. Remember, Cyprus is where Africa, Europe and the Middle East meet. You can improve the linguistics of your company by outsourcing to translation companies.

The best advice you can get is local advice. It is very important to make meaningful connections in your target market if you wish your business to hold traction. The financial services sector in Cyprus is very healthy, so if you look in the right places, you’ll never be sure of valuable advice. Also, consider looking online.