The phrase ‘it’s a small world’ has never been more apt, as technological evolution has paved the way for organisations of all sizes to expand their business beyond their country of origin and ‘go global’.
There are complexities around navigating the various different elements of trading in new markets – from legislative or compliance issues through to simple currency and culture differences – so here are some key areas to consider in order to make the global trade journey less rocky.
A robust foundation will underpin crucial business operations
A focus on global expansion can put pressure on day-to-day business operations, with key functions potentially compromised – functions that underpin the whole organisation. Any shift in focus that will hinder them can jeopardise the whole business, let alone expansion success.
If you haven’t yet invested in a cloud Enterprise Resource Planning (ERP) solution – a decision to go global should absolutely be the catalyst. When time consuming day-to-day tasks that have been thus far managed manually can be automated – such as accounts and invoicing or budgeting and forecasting – it makes concentrating on expansion more viable. It will also provide the scalability that will be crucial to the business as it expands, not just in the efficiencies created by automating manual tasks, but in the fully-integrated 360 degree view of the business provided by such solutions.
Flexibility will help overcome trading landscape differences
Navigating the minefield of trading differences when going global is tricky to say the least: language, currency, culture, regulation and procedure are all key differentials that need to be catered for by flexibility.
You could consider outsourcing management of elements such as recruitment and payroll. If you’ve invested in, or are considering implementing an ERP solution, this will be of significant help, as varying currencies – as well as local compliance – will be worked out and executed automatically within the solution.
Don’t get caught out on compliance
Aspects such as regulations, tax and reporting obligations will change from country to country, so getting to grips with it from the outset to avoid non-compliance is essential. Whether you use a local firm for their expertise or rely on the functionality of an ERP solution – which can offer a variety of common regulatory frameworks – it’s a key consideration. For both single entity or multi-subsidiary firms, having a solution that deals with this and streamlines all financial and business information in one place offers one version of the truth when it comes to business operations.
Real-time business intelligence will keep the board happy
Any stakeholders in the business will want updates and reassurance of the expansion’s progression, so being able to create or access financial reports quickly and easily is crucial. Having an ERP system that provides a real-time view of the business and its financial state is important, not just for financial visibility but for negation of data errors that can occur when these functions are executed manually. Most ERP solutions like Oracle NetSuite provide dashboards that can show financial data – linked to customised KPIs – and facilitate easy report creation. Whether it’s a business stakeholder or a potential investor, you can be on the ball with up-to-the-minute financials.
Global trading opportunities are aplenty for businesses in a variety of sectors, so while it’s a decision that needs careful consideration, global expansion need not remain a pipe dream.
By Ian Robertson is the Sales and Marketing Director of BrightBridge, a UK-based technology consultancy offering Oracle NetSuite and Microsoft Dynamics 365 solutions. Ian has over 30 years of experience in ERP and CRM implementations. Prior to forming BrightBridge, Ian worked for a major US IT corporation, where he acquired a depth of knowledge around time saving efficiencies through technological integration and automation.
