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Many companies breaking into the international market underestimate the ever-present barrier posed by cultural differences. Although consumer trends have become more homogeneous around the world, values, language and decision-making methods represent major obstacles for entrepreneurs who try to negotiate with partners in another country.
Foreign negotiations are complicated by factors such as geography, culture, language, background, weather and laws. Follow these tips to reduce the risks and costs associated with negotiations and prepare yourself for constructive talks with a foreign partner.
When you decide to take your business global, you need to tailor your website to your new markets. Get advice on making this means of communication just as effective internationally as it is in Canada.
Your business has to manage both local and global risks associated with currency, credit, intellectual property, transportation, ethics and more. But don't worry—there are a number of tools available to limit the effects of these risks on your business.
An international agreement often entails contracts between a business and its foreign business partners. Make sure your contract clearly spells out the type of business relationship, objectives, partner roles and responsibilities and jurisdiction in order to reduce the risk of misunderstanding.
Managing foreign suppliers is key to your business. Foreign suppliers often have the pick of the litter when choosing customers. Importers sometimes need to establish a program to identify the perfect supplier and win its loyalty.
Before you go global, identify the foreign markets that are most likely to respond to your offer by researching potential export markets.
As a new exporter, you should have a separate international pricing strategy so you don't have to “pay” to sell your products abroad. Take time to determine what prices you need to set in order to meet your business objectives.
