Tag Archives: global

Cross Cultural Understanding-Localization and Translation Affords the Best Chance-

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Very few businesses today are not going global in an effort to increase their sales and to take their products to entirely new markets. Encouraging new interaction and new consumers is a positive step for business in many ways. Along with increased sales, it can offer the company increased interaction and a greater understanding of products and services, as well as global appreciation of their services.

While globalization of business has many benefits, it can also have some drawbacks and some pitfalls. Among these are the cross-cultural conflicts that can take place when different cultures and languages come together. Issues with interaction do not come from language differences alone, but also from cultural differences. Local translation requires that you account for these cultural differences and create an atmosphere of understanding for those who are reviewing the products or services in their own language.

It is difficult for many people to communicate due, not only to differences in the language, but also to major differences in the style of culture from which they originate. Our culture often defines who and what we are, and how we perceive others, as well as products and services. That culture can also preclude our understanding of the product, the way in which it is used, or even why it may be helpful to us as a group. Culture can also make a very vast difference in how we must explain those products and services.

Asian cultures, for example, rely heavily on a model which promotes interdependency, the relationship of self to others. American, Canadian, and most European cultures rely more heavily on an independent self view. This holds true for several languages such as European French-speaking people. The view that we hold of ourselves to changes depending on where are located.

This vastly different style of viewing the world and others can be one of the biggest challenges for business who are considering globalization to circumvent. When languages as well as cultures are vastly different, the translation must be accomplished in such a way as to not only interpret the words and the products, but also to explain it in a way that is culturally accurate and significant.

Today, more than ever before, with businesses reaching out to cultures to offer products that may make their lives easier, it is imperative that local translation services are familiar not only with the prospective business customer, but also with the customs of each area which they will serve. To offer a product to a customer which may save their life in a way that they cannot possibly understand not only precludes the use of that product, but prevents further interaction which may be mutually beneficial to customers, businesses, and even nations.

GUEST AUTHOR PROFILE:

This is a guest post by Judy Michaels on behalf of Keylingo Translation Company. Keylingo can fulfill all of your professional translation needs from enterprise business needs to legal documents and more.

Improving Banking Regulation

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Here is an interesting video from INSEAD about current developments in banking regulation and how that impacts banks.  It is an interesting discussion on the developments and where the industry goes with the regulation.  Effective regulation is critical for economic growth and consumer protection.  Are you aware of the regulations that impact your business and how to manage them?

Here is the video:

What Makes You Competitive?

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It is critical to understand what your place is in the marketplace.  Being able to distinguish yourself from others and build out your niche can speak volumes to your potential success as a business owner.  Here is an interesting video from the Harvard Business Review that discuss how US companies can increase their competitiveness globally.  What do you think?

What Does Your Business Need to Know About International Business?

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Because technology and resources are making the globe smaller and smaller, small businesses need to consider options of expanding their operations internationally.  As with any new market, though, expanding internationally has its potential problems as well.  Here are 5 ways to research a new international market for your small business:

Follow the News-

You would be surprise to know how much you can learn about potential markets when you watch the news.  What countries are discussed and why?  Which countries are going through political changes or opening their doors?  Which businesses are moving into new regions and why?  To be successful in any market, it is critical to have as much information as possible.  As you follow the news, you can identify areas of interest and that will lead you to other areas of research.

Investigate Potential Local Competitors-

Once you hone in on a specific country or region that you think would be a future launch point, it is next important to research any potential competitors in that region.  Focus in on the local competitors.  What is their market share?  What are their relationships with government entities?  Do they maintain any cultural identifications with their local communities?  It is critical to learn what type of “home court advantage” businesses are given to know how best to compete in that market.

Seek Out Possible Partnering Opportunities-

Sometimes, operating internationally is much easier when you can find a local company to partner with.  Someone who knows the lay of the land and how to get access.  Also someone who may be more familiar to your clients/customers.  It is critical to research who you could work with when seeking to break in to a new market.  Pay attention to what their strengths and weaknesses are.  How can they assist your business?  Do the have the capacity to do what you need them to do?  Is there a good “personality fit”? Are they willing to take direction and protect interests?

Determine if Your Product/Services is Ready for That Market-

Just because something works where you are does not mean that your product will easily translate into a marketable item in a new country.  Research how interested those future customers/clients are in your type of good or service.  What type of client education is going to be necessary in order to alert them to the benefit of you product?  What potential culture pitfall might you run in to because of branding/product naming that should be prevented by adjustments.  May international companies run in to marketing issues because they don’t pay attention to meanings of translations and market needs in a new country.

Review Potential Government Compliance Issues-

Most importantly, you need to evaluate how you can legally do business in that respective country.  What is the filing requirement for an international company?  What restrictions do they have on foreign investment?  What potential real estate ownership issues might impact you?  How can you protect or license any intellectual property that may be important in that new venture?  What do you need to do in order to enforce contracts or protect your interests?  Which entities do you need to register with in order to do whatever you are planning on doing?  International regulatory concerns can be very problematic for a business owner and should be carefully evaluated and consulted in order to manage interests and expectations in the new market country.

Thinking International? Know This First…

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Globalization is still in full force and now more than ever, small businesses are breaking into the international market.  But with increased access to new business market, there is also increased access to potential liability.  Here are four questions you should ask as a business owner when considering expanding into an international marketplace.

1) Who are my potential clients?

When working internationally, it can sometimes be more difficult to investigate potential vendors or customers to evaluate whether or not they will be able/willing to do business with you.  Also, there may be more risks in operating in certain countries or with certain governments as clients given that country’s political and economic structure.

2) What are the country’s compliance requirements?

Also, different countries will have different regulations as to how you can do business within their country.  This means that the relationships that you make in one country may need to be structured differently in another country.  Sometimes you may need a distributor or other local liaison.  Other times you can directly access the market.  There may be different costs associated with the ways that you operate, so this evaluation must be taken in to account before entering that market.

3) What are the tax concerns that my business faces?

Different countries tax different income in different ways.  Some countries directly tax foreign direct investment.  Others have bi-lateral or international treaties that allow for some tax benefits.  Also, the IRS has specific standards for US businesses that general revenue abroad.  Especially if you foresee significant international income, it becomes critical to sit down and discuss the process with an international tax professional.

4) What culture concerns should I be aware of?

Having the relevant understanding of a specific countries culture is critical in the business process.  Some cultures value the relationship as much if not more than the business.  Others are more formal and “arms-length.”  This also impacts what different business deem to be an agreement.  Cultural research is a necessary part of doing business internationally.

Thinking and Being Global

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Where do you fit?

 

There has been a lot of talk recently about going global and even the President has weighed in.  Expanding your business global presence may present some interesting opportunities and challenges.  Because expansion should be a consideration and goal for all small businesses, it is important for those considering international trade to learn how to think and be global.  Technology and narrowed the divide and ingenuity can drive success to your business in the current global economy.  Here is how to think and be global:

1) Do Your Research

First and foremost, it is critical that you research any potential expansion.  This applies to domestic and global expansion.  What are the additional costs to you business?  How will I enter into that new market?  How will I present my product/service?  How will it be received?  What is the legal structure needed to do business in that prospective market?  Who should I contact in the new market to effectively launch my goods/services?  The more you know about a prospective market, the more likely it is to be successful there.

2) Know Your Tools

Once you know about your new market, the next step is to find out what your tools are.  For example, UPS has launch a new program called the New Logistics.  They have a lot of information about what businesses can do as they consider expanding globally.  Google has also expanded their resources for small businesses that are looking at expanding globally.  Google AdWords has a market research tool and Google Translate has features that assist with website translation and globalization.  While there are many other tools, the last one that I will mention is the SBA’s website.  They have many resources about importing and exporting.

3) Create Real Connections

Once you have done all your research and learned from your resources, it is very important to create local connections in whatever market you plan on working.  By having someone who can be your eyes and ears on the ground, it will allow you to react better to changes or problems and create better opportunities.

Again, business requires a lot of research, hard work and determination.  Expanding globally should be one main part of those considerations.