With the internet levelling the playing field for how far a company’s reach can extend, more businesses than ever are able to go global without relocating or losing capital in the process. Micro-multinationals, as they are known, are able to keep costs low whilst still operating on a worldwide scale. They embrace technology to keep their teams connected, but still maintain traditional face-to-face business relationships with clients, which has been proved to be financially beneficial in the long run.
What steps can you take to turn your business into a micro-multinational? Here are a few hints to get you started.
Identify your markets
First thing’s first – you will need to work out where is best for you to expand your business to. This involves practical considerations – tax and legal regulations, for a start – but also looking into various local economies to see where you could fit in and what room you’ll have to grow.
It’s also important to make sure that the exchange rate between the countries you plan to operate in won’t devalue your profits. Some foreign exchange providers, such as Regent FE and HiFX, offer 24-hour online service, so your team will be able to make transactions with clients, regardless of time difference. Agencies like these also provide lower overheads on currency conversion and update their exchange rates in real-time, ensuring that everyone is on the same page financially speaking.
Know your message
It’s just as important to be sensitive towards the cultural tone of your new market as it is to get the tone of your own business across. Localisation is essential – you might think you have the brand’s message exactly how you want it, but it may have unwanted connotations in other languages. Even emojis don’t necessarily translate the way you expect.
Always ensure that your website can be viewed in the language of whichever countries you plan to do business. By hiring a translation service, you can be sure that your message will be communicated the way you want it.
Gather your workforce
By basing your business in more than one location, you will have access to a much wider spectrum of employees to choose from. According to Daniel Patel, director of Eursap, the rapid growth of talented digital workers in international business has almost left the field at saturation point. Therefore, having the ability to pick employees from outside the traditional commuter radius could be a major boon to your business.