It has never been easier to conduct international business. No longer do you need to spend hours on flights or deal with jetlag. With most offices shifting to a hybrid workspace, the world’s capitals are at your fingertips. You can be in Paris, Madrid, London, or Washington with a press of a button. Here are a few reasons why you should be looking into entering the international arena in 2022.
Increased ease of business
It may be very difficult to conduct business in your region. There may be heavy taxes, burdensome regulations, and challenging infrastructure. However, there are several countries that are actively trying to increase their ease of doing business and have a more conducive environment for running a business successfully. Expanding to these countries can allow your company to grow far more than was possible in your home region.
Larger customer base
With the growth of online shopping and many countries rushing to increase their ease of business to attract start-ups, you are no longer limited to the customers in your own region. The EU, the world’s largest single market, has a population of 447.7 million people. India alone has a population of 1.38 billion people. While your local market may be saturated, there may be huge demand with very few competitors waiting for you in foreign markets. There is an entire world of potential customers who could be buying your product.
Having multiple bases of operation can protect your company from instability. If there is a disruption in the supply chain, you will be better able to find alternatives and minimize any interruptions. Moreover, if demand for your product dips in one region, you will still be kept afloat by demand in other regions. You will not be as susceptible to the fluctuating supply and demand ratio as those limited to one market.
Access to global talent
One of the biggest struggles companies face is finding talent with the necessary skills that they require. Being unable to find adequate talent to make the company thrive has been shown to be one of the main reasons why start-ups fail. However, with the growth of remote work, many companies are now outsourcing their work to countries like Israel, Ukraine, and South Korea. While your region may be lacking the talent you need, searching overseas may help you fill the gap and keep your company’s dreams alive.
Uncovering new insights
Often our understanding of our product is limited by the confines of our own thinking. We struggle to think of the multitude of other ways we could be marketing or using our product beyond our own understanding. When we enter a new market, we are exposed to new ideas and ways our customers use our products. This can give us new insights and ideas into how we can improve our product and make it more relevant to our customers and cutting-edge, thereby improving our sales.
However, while global businesses may increasingly be conducting their affairs in English, tax frameworks, policies, and legal decisions of countries remain firmly in their respective native languages. Don’t get off on the wrong foot by Google Translating your way through your business affairs. Expanding internationally requires the services of one of Israel’s leading translation companies. At Dray Translations, we have helped companies from all over the world conduct business in every language. Take this opportunity with both hands and get in contact with Dray Translations.