Below is a wise saying that King Solomon, a king of Israel, wrote:
“Send your grain across the seas, and in time, profits will flow back to you.” ( Ecc. 11:1)
Now mostly all business entrepreneurs desire to expand their business and establish regular clients, business partners and suppliers overseas, however, there are many concerns and hindrances when planning to step out of your local area of expertise:
1) The major hurdle is generally the lack of finances to set up the business operations in a new place/country, i.e. office space, employees, supply management, logistics, marketing, etc.
2) Another major concern is the lack of knowledge on this new area, i.e. where exactly is the best place to set up the business, who and where are the target customers, what is the best marketing strategy to reach these customers, what is the business culture like, who are the trustworthy suppliers, etc.
3) The language barrier is of great importance and cannot be disregarded, as many business associations fail simply due to misunderstandings and misinterpretations in communication, which is the key to success in any relationship.
4) One big and rather difficult task is the legal implications and procedures to be completed before starting the operations in this new area and also the regular legal requirements, i.e. taxes, accounting, audit, human resources policies, etc.
We, at Comp Rep Consulting, a venture of Sparkle and Shimmer - Hospitality Consultants, based in Cochin (India) endeavour to Light Your Path in your business expansion/development, resulting in increasing profits for your enterprise. Click here to know more.
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