International Business Opportunities
If you’re like many entrepreneurs, you may find the prospect of globalizing your business—by exporting your products, setting up operations abroad or using foreign suppliers—to be fraught with complexity and risk.
But it’s become much easier over the last 20 years for smaller businesses to go international and reap the benefits of higher sales, improved efficiencies and reduced costs. For one, the Internet and other information technologies now permit smaller companies to effectively compete in international markets.
Teaming up with Tang & Partners LLP
Before selling your products aboard, all businesses ask the following questions:
- How do I set up a corporate structure for the international business opportunities that will allow the shareholders to receive the maximum return on its investment?
- How do I deal with different tax jurisdictions?
- What are the best technologies available for accounting, financial reporting and human resources?.
Among many other questions, our Partners at Tang & Partners LLP will competently answer and take the oars to guide your ship to a successful operation.
Teaming up with foreign partners
Besides selling your products abroad, some of the most significant opportunities can be found in your supply chain. Incorporating more foreign partners into your supply chain can help you to reduce costs, improve productivity and find new markets.
For example, if you’re a manufacturer you might consider importing certain components. Or, if your company competes on labour, it may make sense to manufacture products overseas or locate a service support centre to a lower cost market such as India.
Not just about selling abroad
In other words, not only can your output benefit from globalization, your inputs can as well. By defining globalization in this context, it means you can now think more strategically about what you want to do, who’s going to do it for you and how you’re going to compete.
Additionally, when considering new export markets, many companies may look to emerging economies like China and Brazil. While those countries are dominating business headlines these days, there are other countries, including Vietnam, Malaysia and Korea that have stable markets with a growing middle class.
Resources are available
There’s a wealth of resources available to Canadian companies that are considering an international expansion project or want to take their efforts to the next level, including:
- The Canadian Trade Commissioner Service, which provides information and advice on how to do business in international markets.
- Export Development Canada, which provides credit insuranceto help protect against losses when a foreign customer doesn’t pay.
The important thing is to get started by analyzing your business to identify how you can become more competitive and where you can best compete
- The Business Development Bank of Canada, which provides financing, capital and others on how to do business in international markets.