ow.ly/nwcF2 How to Manage an International Business Running and managing an international business is no small feat. Some of the challenges that such a business is likely to present include different currencies, cultural differences, traveling, financial constraints, and even unfair business practices, among others. The aforementioned challenges can stretch the patience and resilience of even the most experienced business executive. With that in mind, here are some great tips that you can use to manage an international business. Recruit Experts One of the first things you need to do is to recruit a team of employees who are very familiar with the international business landscape. For instance, you need a person with a good grasp of international financial transactions and international money market. Such an employee would be able to help your business navigate through the murky waters of international taxes and other related costs, such as international shipping costs. According to the CEO of a supply chain-consulting firm, Jim Tompkins, taxes alone can cause a price difference of up to 25% for goods imported or exported to another country. Therefore, by recruiting an expert in cost saving transit options, your company’s bottom line would be more likely to remain healthy. Transacting business globally also involves many legal aspects. Therefore, it would be wise to bring on board an attorney with a good knowledge of corporate and international business law. Sound legal advice is particularly important when singing contracts and agreements with clients as well as ensuring your business does not breach patent laws in other countries. Such an attorney would also devise legal strategies to defend your business against potential lawsuits abroad. Communication and Collaboration Traveling abroad occasionally to meet clients and customers may not be enough to build strong business relationships with such people. However, technology has made communication...
Posted on: Thu, 01 Aug 2013 01:39:30 +0000
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