Currently several businesses are going international with operations in different parts of the world. Although this is a great thing for the growth of any business, it is also not a walk in the park. It will take a lot of dedication and efforts to manage and effectively communicate with employees that are miles away. However, difficult as it may be, it can be done.Here are some tips on operating an international business remotely;
- Research is necessary
First things first, before diving into a new market virtually that is overseas you must get to know it quite well. That means doing your research to see if there is a solid demand gap and if there isn’t, then it’s probably not worth it. Regardless of whether you will be physically present or not you need to know if there is a demand for your product or service because it will still cost you to commit your operations in that particular place.
Another thing to research on, would be your competition, being in a foreign country that information will be vital. Use the Internet, news sites and course of social media to get as much data as you need.
- Effective Communication is key
Working internationally requires a great deal of effort in making sure communication is clear and effective. Managing your employees whilst in the same building as hard as it is, now add the distance and it becomes 10 times harder. Your employees may be in different time zones, so when you are starting work their workday may be ending; Therefore, it is imperative to communicate with them frequently and make sure you understand each other that way you can manage their work efficiently.
- Take advantage of technology
Having a constant connection with your international team is very important when working remotely and the appropriate technology can assist you in managing that team well. As a team you can share the latest technology you all are using to make work easier, sharing data and cloud storage solution like Sharefile, Egnyte and FotoIN partners Box.
You can use online task management applications to help with deadlines and assigning task as well as following up on what’s done and what is still to be done. There are a lot of tools provided by technology to help make working remotely seamless; furthermore, being organised is certainly one of the ingredients of a successful international business.
- Develop and Maintain Relationships
One of the tips on operating an international business remotely has to be the relationship aspect. Living worlds apart makes keeping employee and customer relationships that much harder, therefore, more effort is required.
You can email your employees back and forth but that is not as effective as hearing someone’s voice. Therefore, organise phone calls every week with your employees to check on things and get updates, that way, just from the tone of their voice you can get a clear picture of what is happening.
In cases where you are in one of the countries your employees are, schedule a meeting to speak face to face and get updates as well, that will be very beneficial. One more very important thing that will help you maintain relationships is appreciation. If you know that one of your employees has a birthday, send them a card, or if they are mourning do the same or even give them some days off, thoughtfulness goes a long way.
- Accommodate cultural differences
As an international business you will spend a lot of time global business leaders and companies, therefore you will see a whole new perspective of your business. As great as it is to be rubbing shoulders with international business experts that you can learn from, it will also come with several challenges caused by cultural diversity.
These challenges if embraced can do a lot for you as a manager of an international business or forex broker expert and it can assist in growing your business as well. Have a clear vision in place that your employees can all work towards together and everything will come together just fine.
- A Nostro Account may be necessary
It makes sense that creating a Nostro Account is one of the tips on operating an international business remotely. Nostro accounts are mainly used by businesses that transact in foreign countries where they are not physically present. This account is more appropriate for international businesses as opposed to standard checking accounts.
Nostro accounts are denominated in the particular country’s currency, but you can open it through your local bank. Therefore, all funds will be moved back and forth through wire transfer. Having a Nostro account will make your life a lot easier when it comes to managing your international affairs.
- Social Media is a great asset
Last but not least, one of the great trading tips on operating a business remotely that we can’t ignore is; make maximum use of social media. In terms of doing business globally from a virtual perspective, social media platforms such as the famous twitter should be your greatest tool.
Nowadays social media platforms have billions of users all over the world, therefore it’s the perfect place to advertise your products and services and reach billions with actually leaving your office.
Final thoughts
Operating an international business, whether it is an online business or forex business that may be challenging but it is what many businesses are resorting to with the advancement of technology. Therefore, learning how to do it best at an early stage is essential and is well worth it. I hope these tips have helped you.