Small business owners are discovering the advantages of working with clients in other countries. According to a USForex study, 58% of small businesses are already working with international clients while, 72% plan to increase the number of international clients in 2017.
Of those small business owners surveyed, nearly 100% were confident about the potential of doing business in other countries.
Here are the benefits those small business owners see in the burgeoning international business environment:
With the already growing number of small businesses reaching out to potential international customers, it would seem like small businesses would need to do business with clients in other countries just to maintain or even improve any existing competitive advantage.
By reaching out to those persons and businesses in other countries before your competition does, you will be able to gain more traction and establish market share ahead of their arrival, giving your brand and reputation more credibility in those countries and in any others you plan on entering.
The more clients that you can add to your base, the greater your revenue and profitability will become. Entering these international territories provides a seemingly limitless opportunity for business growth because you have such a larger audience to engage.
Often, local markets have become saturated and viewed as mature, it makes sense to look outside to the rest of the world where new revenue streams are readily available.
Working with clients in other countries will expand your mind and your way of looking at the world because you will be exposed to a wide range of cultural beliefs, including different ways of working and innovating.
You will also better understand how a client’s culture impacts how they think so you can provide better service. Many of these cultural lessons may be applicable to, and will help relationships in other countries as well as your own country and personal world. You will become more tolerant and your mind will open up to various perspectives. As a bonus, enriching your perspective also gives you all kinds of ideas of how to expand your business domestically.
You may have previously hesitated to add new technology in your business, believing you are okay where you are. However, with the addition of new international clients, you may now have no choice if you want to work within the global business environment.
You will most likely find that this technology addition is a very good thing for your business. The addition could include everything from virtual telephones and video-conferencing to online collaboration tools and global payment solutions. Adding additional technology can do nothing but improve your business — and then propel your small business forward into the modern world of business platforms. Your clients and employees will all benefit from this need to invest in more technology, plus your business will be able to reap some cost reductions and efficiency gains in the process
Gratefully, as a result of the growing trend toward globalization, acceptance of international business activities, improved transaction capabilities and greater regulatory standardization — the risk of working with clients in other countries has been significantly diminished.
Utilizing the online work environment has added further protection and security for working internationally, including the addition of more platforms and tools that remove language and currency barriers as well as facilitate the secure transfer of information and money between countries. This gives small business owners a higher return on their investment in growing internationally.
Additionally, in the process of finding new clients in other countries, you may also be able to tap into a great pool of local talent as well as more resources and expertise.
Being able to realize these further benefits can provide a way to better service those international clients that you gain because you’ll be able to refer to local knowledge to ensure you address the unique needs of clients in that particular country.
It’s very difficult to find a reason not to start finding and winning international customers. While you may need to address your pricing structure to accommodate the varied budget expectations for each country you choose to do business in, you will still be able to expand your business into exciting new territory and ride the wave of success with the numerous other small business owners already reaping these benefits.