Duncan Wyse recently listed common challenges associated with expanding a business internationally and how to overcome those challenges
Duncan Wyse is a business executive and sales director who has over 10 years of experience expanding new businesses and helping to grow older businesses. He works hard to help new and old businesses explore new markets, including internationally expanding businesses. He has lived and worked on three different continents and in many different countries, giving him unique insight into international business. If your business is considering expanding internationally, listen as Mr. Wyse explains three common challenges businesses face with international expansion, and how your business can help to overcome those challenges.
Duncan Wyse Explains One Common Challenge Is Not Understanding the Language or Culture
Duncan Wyse states that one of the most common challenges that businesses face when they are looking to expand a business internationally is not understanding the language or the culture. Many companies have to make changes to the products or services they offer in one country versus another, as well as the marketing techniques that are used. If you do not understand a language or culture, your company could do or say something that is inconsiderate, taboo or offensive. Learn about the language and culture as you look to expand a business internationally.
Wyse Says Failing to Account For Fluctuating Exchange and Inflation Rates Is Another Challenge
Another common mistake that businesses make when they are expanding internationally or globally is failing to account for fluctuating exchange and inflation rates. Exchange and inflation rates can change from day to day. If your business has not accounted for these fluctuations, your profit margin may get smaller based on these changes. You need to always have a buffer in the price for your goods or services to account for the fluctuating exchange and inflation rates in the country you are doing business in.
Wyse States Not Understanding Foreign Business Laws and Policies Is the Final Challenge
Mr. Wyse says that the final challenge that businesses face when they try to expand internationally is not understanding foreign business laws or policies. Before you expand into any country, it is important to research business rules, laws, and policies. If you violate any of these, you may not be allowed to do business in the country and/or may face stiff penalties and fines. It is your responsibility as a business owner to ensure you are following all local business laws, rules and policies, even when you are operating a business internationally.
Wyse has helped many new and existing businesses grow and evolve. This has included growing nationally, as well as growing internationally. If you are considering expanding your business overseas or globally, it is important to hire a professional who has experience expanding businesses in the market you want to enter. This is the best way to help your business overcome the challenges that can be faced during international expansion and place your business in the best position to be successful.
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