If you want to expand your business overseas, it’s not enough to simply focus on securing business in Europe. The global markets are ever-expanding, and in 2015 the Office for National Statistics released a bulletin stating that British reliance on trade with the EU has fallen to an all-time low.
With the BRICS countries making way for newer emerging markets such as Indonesia and Mexico, the international market is becoming ever more diverse – now is the time to capitalise on increased global connections.
Here are 6 reasons why you should be concentrating on international markets other than Europe:
- It brings more business opportunity
The European markets have become saturated. Extending beyond these borders allows you to capitalise on opportunities in countries experiencing economic growth. Consider the newest emerging economies – do they have a growing need for your services? Act quickly and you’ll deal with fewer competitors, get your translation right first time and you’ll ensure every connection you make counts.
- It can balance uneven or seasonal work
If your business is primarily seasonal, or deals with extreme peaks and troughs in profit throughout the year, reaching out to the global market can help you counteract it. Targeting countries in the southern hemisphere may be beneficial for your seasonal work – and using a professional language services company that has experience of the foreign markets you are looking to trade in, could prove a valuable investment.
- It could lower your bottom line
Basing your production and/or distribution elsewhere can minimise costs – and when managed ethically and honestly, it can bring benefits to all involved. Of course, if you choose to extend your business abroad – not just sell there – it demands an even greater focus on building cultural understanding, and providing accurate translation in every element of your business materials and communications.
- You need to keep up with the competition
If you don’t take advantage of the global opportunities on offer, your competitors soon will. And a market is that much harder to break into when large corporations have already made their stake. Remember too, how quickly markets change – where there are opportunities now, there may not be in a few years’ time.
- You can effectively target consumers abroad
More than 3 billion people are now using the internet – that’s a lot of potential business! At the very least the internet can be used as an effective marketing platform, allowing small businesses to target their consumers directly. And here lies the importance of getting your website content and translation spot on – fail to do so, and your global business will suffer for it.
- Make the most of increased global cooperation
With greater global connectivity comes greater opportunity for cooperation – companies are increasingly pursuing global partnerships with foreign competitors for mutual benefit. Similarly, organisations are making bigger efforts to communicate effectively with each other to achieve greater business success. Using professional interpreters for meetings and conference calls for example, could speed up the decision-making process and ensure all communications are always clear and transparent.
The benefits and opportunity up for grabs by expanding your business abroad, and reaching out to other emerging global markets, is vast. Yet your efforts will be wasted if you don’t have effective communications and accurate translation in place, along with a thorough understanding of the culture of the people you are doing business with.
Lessons to be learnt? – the case of Hinkley Point
The Hinkley Point debacle can be seen as a prime example of the importance of effective and clear communications when trading with other countries.
Britain recently halted to sign a trade deal for the China-backed nuclear power station at Hinkley Point. Originally met with hostility from China, this turn of events may have ramifications for the “hard-won mutual trust” between the two countries. By creating these barriers to business, is Britain damaging its credibility as an open economy and deterring future foreign investors? Or is it actually a case of protecting the country’s security?
Recent reports suggest that president Xi Jinping will patiently wait on a resolution to any issues. This remains to be seen however, making it more important than ever before to foster an open, inclusive and understanding working environment between the countries involved. With the added pressure on Britain to act quickly so as not to destroy the China-Britain relations that have so far been achieved, the ability to communicate accurately and avoid any further possible offence, will be paramount for both parties.
If you want to expand your business abroad, or are looking for ways to prepare your business for trading with foreign companies and customers, talk to us here at Sally Walker Language Services – our team of specialist interpreters and translators will be happy to offer advice.