Is your business set to go global in 2015

Is your business set to go global in 2015 Language is important Any successful entrepreneur will dream of promoting and expanding their business in order to take advantage of the growing globalisation trend. In practice this path can be fraught with danger you only have to look at the problems faced by supermarket giant Tesco when it dipped its toe into international waters. Language is important   Most businesses have an international presence thanks to the marvels of the internet, but having a physical presence on the streets of Shanghai or Paris is a very different matter. If you’re thinking of extending your business one of the many issues that you should examine are international translation services. It’s one thing to order a meal in another country, it’s another matter altogether when it comes to the complexities of international business documentation. VP Notaries are among the experts of London based business translators. You should also seek advice about tax and the law in the countries where you intend to set up your company. Globalisation is popular   According to an article in The Daily Telegraph, the UK ‘was voted the 4th most entrepreneurial economy in the world,’ at the annual November Global Entrepreneurship Week. In the UK 300,000 people took part in 2,000 events connected with business development and overseas expansion. If you are thinking of expanding your business it might be a very good idea to take part or attend any of the events connected to Global Entrepreneurship Week. Building alliances and networking is always useful, especially if you are preparing to go global. Learn from other companies’ mistakes   One of the best ways of ensuring that your business doesn’t fail overseas is to avoid some of the mistakes made by other companies. HSBC has some useful suggestions here about some of the most important do’s and don’ts to be taken into consideration. Peter Cohan, writing about overseas expansion suggests, ‘whether it’s bad marketing, sloppy operations, ill-advised corporate behaviour or mere obliviousness to local culture, screw ups happen.’ If you are aware of the potential for disaster, you’re far more likely to avoid some of the pitfalls you may encounter when you start to trade globally. Over arrogance is seen as a frequent problem by local cultures when a foreign operator sets up its business in their environment. Sometimes listening and taking advice is as important as communicating. You can never carry out too much research if you want to ensure that your company is fit to enter the international market. Talk to the government   If you feel that your company would do well in overseas, then it’s always a good idea to talk to experts. These include your local chamber of commerce and the HM Government. You may find ways of connecting with international business experts or possible partners. You can also seek advice on international law and taxation. Going global is an exciting thought, but you should only expand your business in this direction if you’re confident, well capitalised and can source local expertise.