If you’re eager to take your UK-based business to an international level, there’s no barrier to stop you. Occasionally, funding certain parts of your growth could require investment. The silver lining is that firms like WongaforBusiness may be available to lend a hand on quite short notice.
Let’s look at a few fundamental elements to think about:
1. Currency: As a UK business, your base currency would ideally be the pound Sterling. However, when doing business overseas, your clients might be using a different currency. As a result, you must consider possible currency fluctuations while setting prices. It might be beneficial to seek advice on forward currency contracts. Assistance might be available from your bank or numerous exceptional online currency trading platforms.
2. Language: Expecting to converse exclusively in the language of all international clients could be unrealistic. Online translations usually fall short or result in amusing misinterpretations. English is a commonly used language in global business communication. Nevertheless, having initial quotations and documents professionally translated to your customer’s language could enhance your sales efforts.
3. Customs and Traditions: It’s recommended to research business norms of the country where you aim to sell. These norms could be complex and even seem out of line with your usual business decorum. However, remember that the customer’s expectations are paramount.
4. Humour: Humour varies greatly across cultures. Be careful when using it to avoid misunderstanding or causing offense to your potential customers.
5. Timezones: Depending on your target market, you might need to modify your working hours to meet your clients’ expectations. They might not be willing to wait a whole day for updates and information during their operating hours.
6. Credit Control: Exercise caution while offering credit to overseas companies as debt recovery may pose challenges.
