How to Take your Business Global?

Last Updated: 04 May 2023

In a world of money without borders, it’s easier than ever to take your business global. Find out how with MTFX.

Going global is a lofty and rewarding goal. Today, it’s a much easier task, thanks to technological advancements and innovative service providers like MTFX, making it easier for businesses to transact internationally.

At MTFX, it’s our mission to offer value-added services beyond our core business of foreign exchange and global payments. So, we have gathered helpful tips to add wind beneath the wings of your international expansion.

Get Expert Help

When transitioning from local to global, getting expert help and adequate support ensures you hit the ground running. International expansion is an “onion” with many layers of complexity. The quickest way to unravel these layers is by working with experts, such as trade specialists, international partners, and legal providers.

You can also get ahead by participating in international trade events. These events provide unique opportunities to connect with the right people with expert knowledge, resources, products, and services. In addition, plenty of free tools and services are available for Canadian global entrepreneurs. The Government of Canada¹ provides a wealth of information and support to help you develop an agile approach to international trade and investment.

Whether you’re looking to export from Canada, get funding for your international business, or learn more about trade negotiations and agreements, you have a solid starting point for kickstarting your global expansion.

Understand the Steps Involved

Every organization is different, but there’s some common ground regarding which steps are critical to a successful overseas expansion. For example, once you have identified suitable international markets, it’s crucial to build intelligence about those target markets.

This involves meticulous research, trips to target countries, consultations with local experts, and other Canadian entrepreneurs who have already set up shop in your target country. That way, you can make informed decisions based on on-the-ground discoveries.

Make no mistake about it – there’s a lot of ground to cover. The list includes knowing the local rules and regulations, closing cross-cultural gaps, meeting tax responsibilities, developing the best marketing strategies, obtaining financing, and more.

Be Aware of the Pitfalls

Going global to grow your business may be a noble aspiration, but not one without its pitfalls. Many pitfalls associated with overseas expansion stem from a failure to perform proper market research and get adequate advice.

This leads to limited cross-cultural awareness, compliance issues, and being blindsided by competitors. In addition, your business can get tripped up by currency fluctuations, global supply chain disruptions, and language barriers.

Learn about the most common and not-so-common mistakes and pitfalls that your counterparts encounter. Awareness of these challenges reduces the risk of biting off more than you can chew and empowers your team to develop the right counteractive strategies.

Manage Costs and Prioritize Profitability

Why take your business global at all? There are many substantial benefits, such as access to new talent, exposure to foreign investment opportunities, and the ability to add value to more customers.

But ultimately, the goal is to maximize new revenue potential and profitability through economies of scale. This can be achieved by optimizing good costs and eliminating bad ones. Here are a few examples:

Outsourcing activities to local firms to minimize risks
Using technology to replace legacy systems and improve efficiencies in your overseas functions
Avoiding expensive bank charges by using a specialist money transfer service with low transfer fees and competitive exchange rates
Opening a multi-currency account to manage payroll costs, streamline cross-border payments, and simplify incoming payments from international customers
Reducing foreign exchange risk with the right hedging tools

Define and Refine Your Global Expansion Strategy

Global expansion is the process where companies transition from their home market to a target foreign market. The keyword here is “process.” So, it’s perfectly fine to take baby steps toward international growth. The important thing is to develop a robust global expansion strategy.

This guide contains some valuable insights to help you get started. First, don’t be afraid to seek support or ask for help. You should also know what you’re signing up for – the benefits and the challenges. Remember, the ultimate goal of global expansion is to maximize business profits. Therefore, optimizing the costs of doing business internationally is a must-do objective.

These are just some of the considerations to keep in mind. It’s essential to tailor your expansion strategy to suit the circumstances. Ask questions like:

What’s the readiness level for taking operations into a new, overseas market?
Has due diligence been done in selecting the best market with a strong international appeal?
Which key steps are required for a successful entry strategy?
Where can I find the tools and resources to make the magic happen?

With these tips, your global business can grow from strength to strength, making the journey from localization to globalization worthwhile.

Ready to take your business to the next level and expand beyond borders?

Take Your Business Global With MTFX’s International Money Transfers

Thinking of going global? It’s essential to choose a money transfer service that can add value to your business at every stage of your expansion, whether you need to settle an international invoice, pay overseas employees, or make other overseas investments.

With MTFX, you can enjoy the convenience of using your 24/7 secure online account to send and manage international payments efficiently. You’ll have a range of innovative global payments solutions at your fingertips, including multi-currency accounts and foreign exchange tools.

Our dedicated specialists provide expert and personalized guidance to help you navigate currency markets and manage your risk. In addition, our bank-beating exchange rates and low, transparent transfer fees can give you a real competitive advantage and help reduce the cost of doing business internationally.

Open your online business account with MTFX in less than five minutes. Start making quick and easy international transfers for your business today.

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Sources

International trade and investment