As an international business owner, you must face unique challenges every day. Every business yearns to stay profitable and growthful. Yet, many business owners forget that covering the discrepancy between the business’ current stage and the stage where they want it to be, is impossible if they jump in without a plan. This guide will walk you through different growth hacks that successful businesses utilize to expand their business globally.
- Conduct a selective hiring process: Your teammates are the ones who would play the most significant role in the growth of your business. Therefore, you must keep the hiring process selective enough that top talents are easily identified and recruited. As an international business owner, your goal should also diversify your teams. Select teammates that can add diversity to your business by bringing essential connections, interests, experience, and expertise. Likewise, you should allocate tasks based on the employee’s strengths so they can cultivate a productive work culture and execute tasks efficiently. If you’re setting up a store overseas, ensure that your team is an excellent cultural fit for that country and is well aware of the trading laws.
- Build a positive work environment: Caring for your employees is just as important as caring for your customers. Happier teams are more likely to be productive. Routinely get updates from the team leads of your company and create a supportive work environment for every employee in your company. No matter what post an employee is at, you must take their requests seriously if they reach out to you.
- Set up a robust payment system: If your business is operational in more than one country, you likely will have to trade with international suppliers. Therefore, it’s integral for you to select a suitable payment network that can handle international transactions conveniently. Ideally, you should get international payment cards so that it’s easier for you to make payments to merchants based in other countries. For instance, if you’re a business based in Singapore, a quick online search for the ‘best business credit cards Singapore’ should provide you with multiple alternatives. Additionally, you should set up a multi-currency account for your business to accept payments in different currencies, saving you from the hefty foreign exchange taxes. It would be best if you choose the payment provider that gives you the most cost-effective plan rather than the one with the cheapest plan.
- Improve consumer experience: Regardless of the size of your business, providing excellent customer service should be your priority. As an international business, you must not avoid accepting international payments because you’re afraid of the risks. You need to be selective and mindful while choosing your payment service provider so that you can start accepting payments from customers across the globe. Adding the feature of automatically changing the currency and language based on the customer’s location would be a great advantage. Your customers will find it much more convenient to purchase on your website. It will boost sales and lessen cart abandonment. In the long run, it’ll strengthen your brand name and build an international customer base.
- Grow your presence online: Harness the power of the internet and use it to grow your brand. Let new customers know about your products and services by increasing engagement through social media platforms. It’s no secret that people prefer to purchase utilities from brands they’ve heard good things about. Don’t be reluctant to hire marketing assistants that can help you develop different strategies to increase organic traffic to your online store.
- Do your research before entering international markets: an intelligent business strategist would likely factor in the cost, revenue forecast, risks, and legal regulations before approving any business expansion. As a business owner, you must remember that this is also a job that you must do to make the best decisions for your business.