Thinking about going global? Many company managers and owners want to grow a global and expanding business to access new markets, opportunities and talents. Globalisation is a great way for companies to increase the flow of goods, services, capital, people, and ideas across international boundaries (Harvard Business School, 2023).
There are many advantages of globalisation:
- Access to a wider labour pool and resources
- Access to new customers and markets
- Increased global cooperation
- Increased cross-border investment
- The spread of technology and innovation
- Specialisation
Source: Harvard Business School Online (Stobierski, 2021)
For many companies, overseas expansion is a next step to level up and grow their businesses. Unfortunately, startups and SMEs have limited resources, capital and labour. Therefore, you might be wondering if it is possible to start an overseas office?
Yes, of course you can! However, it is important to recognise the common challenges involved in opening an international office.
Here are the common challenges of globalisation:
- International recruiting
- Working different time zones
- Managing employee immigration and visas
- Managing different cultural backgrounds and language barriers
- Marketing and communication challenges
- Managing cross-border payments e.g. high international transfer costs, fx fees, complicated process, etc
In the beginning, it may seem intimidating and overwhelming but with the right resources, information and preparation, you can expand your business across international borders.
There are many ways to overcome these challenges e.g. having a simple and straightforward communication tool, having teamwork activities to build strong working relationships, scheduling check-ins and catch ups, implementing a world clock meeting planner and establishing clear company values and attitudes. Lastly, before expanding, careful planning and doing proper market research is a must!
How does TranSwap help with managing cross-border payments?
As small business owners and startups, every little fee adds up and can massively impact the business. For a different option, consider TranSwap. TranSwap’s multi-currency global bank account allows you to protect your profit and expand strategically.
- A hassle-free alternative to securing local bank accounts in each country of operation.
- Pay to over 100+ countries.
- Hold up to 34 currencies.
- Smoothly manage cash flow and bolster your competitive advantage in the local markets by paying and receiving money in the local currency.
- Instantly make international payments with no hidden costs and no need to maintain a minimum account balance.
- Use real-time exchange rates with no unwelcome surprises.
- Enjoy quick, secure and fast international transfers by accessing our global network of bank partners.
- Everything can be handled online. There is no need to visit a physical branch and no paperwork or phone calls.
Ready to get started? TranSwap’s multi-currency global account is free to register and it only takes a few minutes to set up. We have partners ready to help firms to successfully set up an overseas presence and overcome any common globalisation challenges. Contact us today!
