Globalisation isn’t a new trend but a buzzword that has been circulating for some time.
However, the impact that it’s having is fairly ground breaking. For some time now, business horizons have been expanding and growth has been dependent on being able to reach new markets and across oceans. So, is globalisation the new norm for businesses?
Globalisation is becoming key
The short answer is: yes. Businesses looking to achieve serious growth need to be able to embrace globalisation. Without this kind of broad outlook an organisation is seriously limited when it comes to audience, sales and reach. For local businesses looking for local customers this may be enough. But for the large majority in the business community there is a need to go further, financially and reputationally. So, what are the challenges for businesses seeking to do it?
How to embrace globalisation for your business
Be clever about time zones
When you start entering new markets the first aspects you’ll consider will most likely relate to local interest, audience and potential sales. What is easy to forget is the pressure that selling into a wide range of different time zones is going to place on your business in terms of service. If you’re a truly global business you can’t simply operate within the office hours of your home country – 24/7 solutions are a must. Previously, this would only have been an option for big businesses with enormous resources. However, today thanks to smart technology and cloud services smaller businesses can use technology to facilitate global growth.
Integrated systems are a must
From accounting, through to CRM and fulfilment, when you’re extending into new markets that presents many additional challenges for your existing systems. You may be extending via acquisition in which case the new business could bring with it a whole different set of established internal processes. Or you could end up with a number of different legacy systems that have been introduced over time and which don’t communicate or add up. Businesses that succeed in terms of globalisation are those that are able to sync up systems so that there is a smooth flow of data and activity. The systems you use should reach across every location in your network in order to maximise the impact you make.
Work with the challenges of international locations, not against them
These challenges could be anything, from different language used in different locations through to the various currencies that are going to come into play. Today, technology enables you to establish your offering and then translate it across any different geographic location. Use tools and systems that are truly global in outlook and ability, embracing the range of local taxation requirements, regulations, languages and currencies and automating conversions and translations so this doesn’t create additional expense or time constraints for your business.
At FinanSys we provide financial accounting solutions to support organizations embracing globalization. Our solutions provide un-matched multi-currency functionality, seamless integration to business systems, and rapid reporting to support the various statutory and management reporting requirements. Contact us to find out more about how we could support your business’ growth.