25 Oct 2018, 12:14 — 4 min read
Entrepreneurs are essentially visionaries who are constantly looking at growing their business. Thanks to technology, the world is becoming smaller. But expanding your business’ global footprint requires knowledge of the international market, forging global partnerships, cultural understanding and assessing overall business feasibility.
Keeping these challenges in mind, we conceptualized TradeConnect, a global meet up where business owners can come together to understand how to make cross border trade easier.
Here is an overview of some basic tips and best practices to tackle the challenges of international business:
1. Be up-to-date with documentation, compliance and export licensing procedures
When you are going global, it’s imperative that your documents, legalities and all compliances are in place. Hire the services of an expert if need be, but keep in mind that non-compliance can be a heavy price to pay on the global business stage. Due diligence should be your mantra!
2. Respect and adapt to the culture and etiquettes of the country
Avoid any cultural faux pas by doing some research on the cultural practices of the country where you seek to grow your business. When you expand your global presence, your goal should be to adapt to the local culture and add value to the life of people there.
3. Forge the right partnerships
Business is largely about connecting with the right people and this becomes even more important in the global business scenario. When doing business in a foreign country, it is often imperative to establish a solid local contact who can guide you on the nuances of doing business in that particular geography as well as help you establish meaningful business connections.
4. Conduct thorough market research to identify key target markets
It is critical to know in which part of the world your product will be the most in demand. Market research is an essential prerequisite for gauging and identifying the fastest-growing, accessible market for your product or service.
5. Participate in cross border events
International events and forums are the best way to arm yourself with knowledge and expertise about growing your business globally as well as forging meaningful cross border connections.
TradeConnect offers the ideal opportunity to explore your business growth prospects; meet business owners from the Philippines, India, and Singapore to explore partnership opportunities; forge cross border trade relations and learn from leading industry experts.
The TradeConnect event in Singapore will bring business owners from the Philippines, India, and Singapore to interact with each other, explore cross border business opportunities, listen in on expert sessions & knowledge series, and understand how cross border trade can be made easier. TradeConnect is a first of its kind event that will focus on connecting entrepreneurs. This all-expense paid event, presents entrepreneurs with myriad opportunities to expand their business beyond geographical boundaries.
Find out how you can be eligible to take part in the TradeConnect event in Singapore on November 14, 2018.
Here's an inside look at TradeConnect 2018, held on 14th November in Singapore.
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