Seeing our business clients prosper as they take their business global is always a pleasure for our team here at BFX. With online tech connecting the world like never before, is it your businesses time to shine on the global stage?
With developments in drop-shipping, online conferencing and the never-ending apps and programs instantly connecting your business to the world, diversifying or expanding your business to a global market has never been more achievable. Note, I’m not saying that it’s easy: I’m saying that reaching a global market is more accessible. Success in business will always require hard work, mistakes and many hard lessons learnt.
Some of our client’s manufacture products – with the rise of Amazon and online shopping outlets – have been able to expand into global markets almost overnight (by overnight, I mean more like six months…). On the other hand, some of our clients have been able to take their consultancy service abroad, creating a lifestyle of travel and play as they guide exciting brands forward in their area of expertise.
While I won’t mention who these clients are (for privacy reasons – but maybe we’ll start doing stories on them one day), I’d like to say that these are only two of many examples of how brands can go global, and also the type of brands that can go global. Speaking with our clients over the years, we’ve been able to learn that the following three things are the most import factors of success when breaking your business into an international market.
A new language means that you’ll need to adjust your overall marketing/branding approach. Also, understanding the cultural norms of the location you plan on entering into is vital – a joke in your marketing that you see as friendly might be received in an entirely different way on the other side of the world.
We’ve seen businesses being caught-out by local laws before, and being a provider of international currency transfers – operating globally – we’re always in touch with legal professionals to ensure that what we do is above board. Wrangling with unforeseen and expensive regulations can be easily avoided by engaging a local legal professional that’s based overseas. It’s a smart investment towards the safety of your business going forward.
Civil or political unrest, the local economy’s stability, competitors and everything that might pose a risk to your business needs to be considered carefully. Being a business owner alone already means that you’re prepared to take risks, but it’s crucial that we understand everything before making important decisions for our business.
We speak more in-depth on these three issues on our previous blog here, feel free to check it out when you’re done.
In our modern business landscape, continual innovation and progression is vital – history is my biggest testament here, especially when we think about brands such as Kodak, or blockbuster.
So while every business isn’t meant to go global, it’s definitely worth asking the question of your own business. As I said earlier, it’s not easy, but the opportunities for competing globally have never been more available to the right businesses.
Lastly, when it comes the time for you to transfer currencies for your business, we’re here to help with a bank-beating exchange rate, and a simple service to-go.
Here’s to the ‘small guys’ competing globally.
Murilo Barreto – CEO BFX Money Transfer
BFX Money Transfer is regulated in Australia as a designated remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC), remittance sector registration number: IND1000519571-001. Australian Company Number (A.C.N) 611 376 820. Member of LEI Identification Number 5493001WDPYLPVM7RZ80.
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