Home Wealth Project
Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Oct 29th
This Is A Complete Training Program For Anyone Who Wants To Learn To Trade The Stock Market. If You Want To Start Trading, You Have Some Experience In Trading, Or Even If You Are An Experienced Trader, This Course Will Teach You Much That Is New To You.
The Global Stockmarket Trader
Sep 19th
Which one of these coping strategies sounds most like you?
Personally, I find myself somewhere in between all of these on any given day. Then, when I see the political left and right screaming and pointing fingers at each other, I get depressed because what I’d really like to hear is a little less criticism and a lot more even-handed analysis of the data and the facts behind this economy so that we can make better, sounder business decisions.
It’s with this mindset that I picked up the latest book from my reading pile, World 3.0: Global Prosperity and How to Achieve It. I received this book from the publishers and set it aside for a while. It seemed a bit overwhelming at the time; a hardcover with over 300 pages of heady text and another 100+ pages of references. It was written by Pankaj Ghemawat, a professor of Global Strategy at the IESE Business School in Barcelona who served as a faculty member of Harvard for over 20 years and is known as the youngest “guru” included in The Economist‘s 2008 guide to the greatest management thinkers of all time.
World 3.0 has some interesting insights that will inspire you to think differently about the world and maybe give you some fresh ideas on how to position yourself for success.
Are We Really as Globalized as We Think?
In World 3.0, Ghemawat says we aren’t even close to being globalized:
When I saw these statistics, it was clear to me that my “flat world” perception of over-globalization was a little exaggerated.
Ghemawat argues that instead of seeing the world through our lenses of the past–with a protectionist viewpoint or a “world is flat” viewpoint–we must start looking at our world through a new 3.0 view. This view more realistically incorporates the facts and acknowledges the opportunities and increased consumer choices opened up by technology.
Inside World 3.0
Ghemawat does a masterful job of clearly and methodically guiding the reader through his thesis. In fact, my fears of the book being too dull, boring and academic were completely unfounded. Ghemawat’s writing tone and style are easy to read, follow and comprehend. He uses analogies and references that are interesting and engaging.
I had the impression that Ghemawat uses more international references from different parts of the world than some of the writers I had been reading. This made me chuckle when I realized how ironic it was that my view of globalization was formed by the limited circle of writers I was following.
The book is divided into three parts:
Part1: The Possibilities: In this part, you’ll get reference points and context about the World 0.0, 1.0 and 3.0 worldviews.
Part 2: Seven Possible Problems: This section outlines the seven problems (I’d call them fears) that most people have about globalization and then puts them into perspective.
Part 3: The Choices: These last four chapters give you the perspective and the tools to start making better decisions for your business.
What I Loved About This Book
Ghemawat does a brilliant job of sharing his research and factual data in a calm, rational way. His tone and writing style didn’t evoke much emotion in me, freeing me up to actually process what was being conveyed in the material.
There is enough well-documented research in this book for you to reference and form your own opinions. With over 100 pages of references, this book is a virtual encyclopedia on the topic of globalization.
Ghemawat’s advice is rational and straightforward. He encourages business owners to take a step back from the emotional rhetoric and focus on their business goals. Then use the data references he provides to start making decisions based on the data that are relevant to your business.
Read It and Share It
This book is an outstanding description of how we’ve come to see the world and create our opinions and perceptions about globalization. It’s an ideal gift for the economic or business historian in your life and required reading for anyone running a business in today’s economy. And if you, like me, are looking for facts and data in an ever more opinion-heavy media, you’ll find this book a refreshing and interesting read.
World 3.0 Global Prosperity and How to Achieve It
View full post on Small Business News, Tips, Advice – Small Business Trends
Jun 14th
It’s scary just how efficient the Nazis were at directing an entire country, including its population and industry, towards their evil goals. Everyone knows about the big three corporations that worked with the Nazis. Hugo Boss designed the intimidating uniforms of the SS (as well as the drabber brown shirts of the SA and the the Hitler Youth); Volkswagen designed the Beetle at Hitler’s behest and churned them out using slave labor; and IBM designed the punch cards that were used to systematize the extermination of people by race and class.
However, these weren’t the only companies that acted in collusion with the Nazis — other global businesses still recognizable today also sold their souls to the devil in different ways — and you might be surprised at some of the names that are to follow.
On reflection, the collusion of Chase Bank (now J.P. Morgan Chase), with the Nazis isn’t so surprising. One of its major shareholders, J.D. Rockefeller, had directly funded Nazi eugenics experiments before the war. Between 1936 and 1941, Chase and other US banks helped the Germans raise over $20 million in dollar exchange, netting over $1.2 million in commission — of which Chase pocketed a cool $500,000. That was a lot of money at the time. The fact that the German marks used to fund the operation came from Jews who had fled Nazi Germany didn’t seem to bother Chase — in fact they upped their business after Kristallnacht (the night Jews throughout Nazi Germany and Austria were systematically attacked by mobs in 1938). Chase also froze the accounts of French Jews in occupied France before the Nazis had even gotten around to asking them to.
Henry Ford himself was a notorious anti-Semite, publishing a collection of articles under the charming title, The International Jew: The World’s Foremost Problem. Ford even sponsored his own newspaper which he used as a propaganda piece, blaming the Jews for World War I, and in 1938 he received the Grand Cross of the German Eagle, the highest medal Nazi Germany awarded to foreign citizens.
Ford’s German operation produced one third of the militarized trucks used by the German army during the war, with much of the labor done by prisoners. What’s even more shocking is that Ford may have used forced labor as early as 1940 — when the American arm of the company still had complete control.
You may not have heard of Bertelsmann A.G. but you will have heard of the books published by its many subsidiaries, including Random House, Bantam Books and Doubleday. During Nazi rule, Bertelsmann published propaganda and Nazi literature such as “Sterilization and Euthanasia: A Contribution to Applied Christian Ethics.” They even published works by Will Vesper, who had given a rousing speech at the book-burning in 1933. Random House courted Nazi controversy again in 1997 when they added, “a person who is fanatically dedicated to or seeks to control a specified activity, practice, etc.” to the Webster’s dictionary definition of Nazi, prompting the Anti-Defamation League to say that it “trivializes and denies the murderous intent and actions of the Nazi regime.”
When you think Kodak, you think of happy family photographs and memories caught on film, but what you should really be considering is the slave labor that the German branch of the firm used during World War II. Kodak’s subsidiaries in neutral European countries did brisk business with the Nazis, providing them with both a market for their goods and valuable foreign currency. The Portuguese branch even sent its profits to the branch in the Hague, which was under Nazi occupation at the time. What’s more, this company wasn’t just making cameras; they expanded into the manufacture of triggers, detonators and other military goods for the Germans.
Fanta is a tasty orange-flavored drink that was originally designed specifically for the Nazis. That’s right, ingredients for the cola that gives the brand its name were difficult to import, so the manager of Coca-Cola’s German operation, Max Keith, came up with a new drink that could be made with available ingredients.
In 1941, Fanta debuted on the German market. Max Keith was not himself a Nazi, but his efforts to keep the Coca-Cola operation alive through the war meant that Coca-Cola pocketed some handsome profits and could return to distributing Coke to American GIs stationed in Europe as soon as the war was over.
Allianz is the twelfth largest financial services company in the world. Founded in Germany in 1890, it’s no surprise that they were the largest insurer in Germany when the Nazis came to power. As such, they quickly became heavily involved with the Nazi regime. Their CEO, Kurt Schmitt, was also Hitler’s economics minister, and the company insured the facilities and personnel at Auschwitz. Their Director General was in charge of the policy that paid the Nazi state instead of the rightful beneficiaries when Jewish property was damaged following Kristallnacht. What’s more, the company worked closely with the Nazi government to track down the life insurance policies of German Jews sent to the death camps and, during the war, insured the possessions stripped from those same Jewish people on behalf of the Nazis.
Bayer, though notorious for its origins as a sub-division of the manufacturer that made the Zyklon B gas used in the Nazi gas chambers, isn’t the only pharmaceutical company with skeletons in its closet. The Swiss chemical companies Ciba and Sandoz merged to form Novartis, most famous for its drug, Ritalin. In 1933, Ciba’s Berlin branch fired all of the Jewish members of its board of directors and replaced them with more “acceptable” Aryan personnel; meanwhile, Sandoz was busy doing the same with its chairman. The companies manufactured dyes, drugs and chemicals for the Nazis during the war. Novartis has owned up to its culpability and tried to make amends in the manner of other complicit firms by contributing $15 million towards a Swiss fund for compensation to the victims of the Nazis.
In 2000, Nestlé paid over $14.5 million into a fund to try to deal with claims of slave labor suffered at their hands from Holocaust survivors and Jewish organizations. The firm has admitted that it acquired a company in 1947 that had used forced labor during the war and has also stated that “[It] is either certain or it may be assumed that some corporations of the Nestlé Group that were active in countries controlled by the National Socialist (Nazi) regime employed forced laborers.” Nestlé helped with the financing of a Nazi party in Switzerland in 1939 and ended up winning a lucrative contract, supplying the entire chocolate needs of the German army during World War II.
BMW has admitted using up to 30,000 forced laborers during the war. These POWs, slave laborers and inmates of concentration camps produced engines for the Luftwaffe and so were forced to aid the regime in defending itself against those who were trying to save them. BMW focused solely on aircraft and motorcycle manufacture during the war, with no pretense of being anything other than a supplier of war machinery to the Nazis.
In 1946 General Electric was fined by the US government owing to its nefarious wartime activities. In partnership with Krupp, a German manufacturing firm, General Electric deliberately and artificially raised the price of tungsten carbide, a material that was vital for machining metals necessary for the war effort. Though only fined $36,000 in total, General Electric made around $1.5 million out of this scam in 1936 alone, hampering the war effort and increasing the cost of defeating the Nazis. GE also bought shares in Siemens before war broke out, making them complicit in the use of slave labor to build the very same gas chambers where many of the stricken laborers met their end.
View full post on Business Pundit
Apr 20th
World Class Investment e-learning programs, for retail and institutional investors. Learn the smart way to trade and invest in Forex and Equities.
Global Investment Strategies
Jan 18th
Whether you are large or small, there’s a huge market out there that at one time was much harder to connect with. It spans the surface of the Earth and is made up of people just like you and me. And some of them may want what you have right now. You no longer need to content yourself with a local market alone, a market that might either love or hate what you offer. Today there’s a different way for small businesses to think. And we’ve got the resource to get you there!
Managed services software helps small business compete globally. Delivering services remotely is a hug part of givcing even the smallest businesses a truly global presence. Where this service includes freemium services to start, the barrier for entry to become a global player becomes even lower. How could the ability to provide these services to customers anywhere in the world affect your business model. MSPMentor
Facebook ads give SMBs global reach. Like Google before it, Facebook has developed an advertising product that gives small businesses an opportunity to reach a global audience. Recent data suggests that, like Google’s highly successful AdSense model, Facebook’s self-serve advertising tool seems to have created the most interest amongst small businesses that might not have had the means to launch a global advertising campaign before. MarketingMag.ca
Opposition continues to mount for U.S. healthcare law. But while efforts to boost competitiveness abroad continues, the fight over an unpopular healthcare legislation at home still roils. The State of Wisconsin has officially joined numerous other states in the fight against a controversial U.S. healthcare reform legislation that business leaders in particular are concerned will detrimentally impact the U.S. economy by forcing some businesses and just about all citizens to purchase healthcare insurance. BizTimes.com
U.S. small business owners oppose reform legislation. Despite all the rhetoric for and against, a survey indicates the majority of small business owners in the U.S. would definitely like to see the controversial new healthcare reform being fought over in the courts repealed. These business leaders apparently do not buy assurances from healthcare reform advocates that the regulations will eventual lower heathcare costs. Business Wire
What would mandated paid leave for employees do to your business? Another concern for small to medium sized U.S. businesses struggling for a competitive advantage in the global economy is the debate over government mandated paid family leave. The Family and Medical Leave Act already grants up to 12 weeks of unpaid leave to American workers but does not require companies to pay them for the time off…yet. While advocates claim the U.S. needs the mandate, the reality is that smaller businesses probably cannot sustain such a cost and would likely respond with fewer full-time jobs in the future. msmbc.com
Import-Export bank to boost small business exports. In an effort to meet a goal set by the Obama administration the ration, the Export-Import Bank of the United States has announced plans to make more than 5,000 small businesses into U.S. exporters. Read more about the Global Access for Small Business and determine whether your small business could be a participant. 123Print
British small businesses shun investment in developing nations. While U.S. small businesses have shown interest nin doing business with developing economies like India and China, a recently compiled report suggests their UK counterparts would sooner expand and invest in more developed markets like thosein the U.S. The report suggests the aversion may be due to the inherent risk these developing markets represent. The Economic Times
Social media map of the world! Thanks to Shane Gibsonwho this week tweeted a map of the the world’s most popular media applications…by country! This incredible resource is imperative to anyone serious about using social media to expand the reach of your small business globally. This map, complete with overviews of each social media platform country by country and culture by culture goes WAY beyond the old standbys of Facebook, LinkedIn and Twitter. Thanks Shane! AppAppeal
Building global brand with the social Web. There’s no need to go broke in order to start a global marketing campaign these days either. Arm yourself with knowledge (like the social media app above) and dive in. Create blogs, use free social media platforms. Connect with influencers, find your audience and then bring them to you. Reuters
A step-by-step for expanding your business globally. So, you want to take your small business global. Whether you have a lot of money or not, talking to or hiring consultants can only take you so far. In this post, Laurel Delaney has included a helpful link that takes you through the planning stages of going global with your venture, large or small. What are your plans for making your small business competitive in a new global economy? What major challenges do you face? The Global Small Business Blog
Small Business News: The Global View
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View full post on Small Business News, Tips, Advice – Small Business Trends
Dec 21st
Regardless of what poll you happen to read about how small business leaders, economists or anyone else feels about the economy, the plain fact is that there are signs of growth. Whether that growth is in your business or in your neighbors and whether it represents the kind of growth you would like to see is another matter. Take a few minutes to check out this roundup and get a broader perspective of both what’s happening out there and how you can make things better for your business today. Got something to add? Leave a comment below.
Small business lessons from Santa. What can your small business learn from the jolly, plump red suited elf with a penchant for making naughty or nice lists? Quite a lot actually. It turns out Santa’s got a lot to teach us all about a business model based on helping others and providing customer service that would shame many a chamber of commerce members. TheStreet
No limit on the scope of small business accomplishment. Small businesses are responsible for a wide range of accomplishments in the private sector and in a wide range of technologies. From the small mom and pop retail business to innovative biotech firms developing cutting edge protein-based therapeutic solutions like the one described in this article, the reach of small business is vast. Globes
Taxes on small business owners represent considerable revenue. Though few small business owners are rich, the few that are represent a significant chunk of income tax revenue in the U.S., says Scott Shane, Professor of Entrepreneurial Studies at Case Western Reserve University. Small businesses also contribute in other significant ways to the economy. It’s sobering to remember that, no matter what happens on Wall Street, small businesses still are a major player in the wealth the economy generates. Small Business Trends
Whew! Talk about a week for small business news. For a small business roundup within a small business roundup, here’s blogger and business owner Gene Marks with a comprehensive view of small business and small business related stories from around the world this week. From tax breaks to holiday season buying trends, the good news is that not all the news is bad. You’re the Boss
Small business loans on tap for veterans. The U.S. Small Business Association is extending a program offering small business financing assistance to veterans for at least another three years. To date, the program has provided loan guarantees in excess of $560 million to almost 7,000 veteran small business owners with more to come. PilotOnline.com
In ever greater numbers, small businesses are getting mobile. In fact, according to a recent survey from Discover’s business credit card division, a third of small business owners are using the devices although much of this use is for business only. While fewer small business owners seem to be using smartphones themselves (sorry, B2B marketers) many are scrambling to make sure their businesses are more accessible to mobile device users. TradingMarkets.com
Nothing to fear but fear itself. Could the conservative, even pessimistic, attitude of some small business owners around the world be at least partially responsible for an ongoing economic recession? As Jeff Cornwall suggests, in this sober post, these small business owners are indeed taking a prudent approach, but a fear of the future and of any expansion could also be stalling recovery and progress. The Christian Science Monitor
Deal of the day sites may be great for some small businesses. But not every small business wants to be on Groupon and this fact is what ultimately makes such tools less prevalent and less imperative to most small businesses than, say, Google search or social media. That said, Groupon will continue to be big. The only question is whether it’s really that important to your business. Business Insider
Revitalizing your small business: A five step approach. If your small business is not performing in the way you had hoped, it’s time to look at some steps designed to make a significant change. These five steps are the basics when it comes to improving your existing operation and tweaking what isn’t working. Connie Edwards, business consultant for the University of Georgia’s Small Business Development Center has more. SavannahNow.com
Fed may set limit on credit card “swipe” fees. The limit on credit card processing or interchange fees is being touted as a triumph for small businesses impacted by deep cuts into revenue. The fees have even prompted some small businesses to offer discounts when customers pay cash. But in a post published last year around this time when the issue was already brewing, Small Business Trends editor Anita Campbell asked whether such government interference would eventually lead to more trouble than it is worth. Business News Daily
Small Business News: SMBs Show Global Growth
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View full post on Small Business News, Tips, Advice – Small Business Trends
Dec 17th
It should come as no surprise that social networking has
rocketed in the United States — the country where it all began (thanks,
eBay). What is surprising to some, however, is how widespread the use of social
networking sites and platforms has become on a global scale. Did you know, for instance, that of
Facebook’s reported 500 million-plus registered users, 70 percent live outside
the United States?
In fact, a survey released this week by the Pew Research
Center’s Global Attitudes Project goes so far as to call social networking “a
global phenomenon.” The survey, conducted last spring,
shows that people all over the world are using the Internet for social networking. The poll included respondents from 22 nations
representing a broad range of socio-economic development.
If you conduct
business abroad and social media plays a role in your business-communication strategy, these figures should be discussed
with anyone in your organization responsible for international sales and your marketing team.
In the U.S., of the 92 percent of Americans who say they go online, 46 percent claim to participate in social networking tasks, while 36 percent say they do not. Only 18 percent of those surveyed in the U.S. claim they never go online.
The nations that come closest to matching the United States in terms of social networking are Poland and Britain with 43 percent and South Korea with 40 percent usage.
And at least one third of the survey-takers in France (36 percent), Spain (34 percent), Russia (33 percent) and Brazil (33 percent) engage in social networking. Germans and Argentineans follow, with 31 percent. It is at this point where social networking slips dramatically into the 20-percentile range, with figures showing Turkey at 26 percent; Japan and Jordan with 24 percent and China and Mexico rounding out with 23 percent.
Not surprisingly, the use of social networking is a rarity in many less-developed nations. That is because many of these nations don’t go online in the first place, rather than a lack of interest in social networking. But in those countries where the Internet is used, participants also use social networking.
For example, in Indonesia and Pakistan — where 91 and 94 percent of the population has no access to the Internet, respectively — 6 percent of Indonesians and 3 percent of Pakistanis claim to be involved in social networking.
Again not surprisingly, Pew’s global poll found that social networking is dominated by the young. In more than half of the countries responding, social networking was most prevalent among those under 30. Only in Britain (58 percent), Poland (57 percent) and the U.S. (55 percent) are the majority of social networkers in the 30 to 49 year-old bracket.
When it comes to gender, men and women are fairly divided in their use of social networking online. Except in the United States that is, where women take part in social networking more than the men (52 percent versus 41 percent).
Regarding other technologies, the Pew survey shows that people in most nations are using cell phones, computers and the Internet much more than in 2002 (when the topic was last researched). One stunning example of growth is Russia. In 2002 only 8 percent of respondents said they had a cell phone, a figure that has grown to 82 percent today.
Access to computers has also risen dramatically, with the median percentage standing at 50 percent today among 16 countries surveyed, compared to 32 percent back in 2002.
Social networking on a global scale offers an enormous opportunity for growth. Putting these tools to good use can help you connect with international audiences — potential customers, partners and even suppliers. But that success depends on your communications skills, and that includes taking into account cultural differences. Don’t assume, for instance, that what works in one English-speaking country will work in another. Cultural differences in business communication are just as vast as the usage statistics presented here.
View full post on Entrepreneur.com – Daily Dose
Dec 11th
The world is changing and so is small business. Trouble is, with all the bad economic news out there, many have forgotten just how awesome the opportunities are for small businesses to day. Boldly going where no small business owners have gone before, small businesses can now complete on level footing with big brands, stretch there influence around the world and innovate like the biggest research and development departments. Come to think of it, I guess we haven’t forgotten. What are you planning to do with your small business today. Grow, go global and innovate. The future belongs to you!
Marketplace replaces chain locations with mom and pops. What a great new trend transforming malls from a marketplace for chain stores to champions of small business. This trend is likely to increase the influence of small business in the retail sector. As big retail moves to the Web could a new opportunity for small business retail be created. WSJ
Google will help you reach the world. There was a time when no business without offices around the world, a global staff and a gigantic marketing budget could ever be considered global. Now, that has changed. No matter who you are, what you sell, where you are or how large or small your business is, you can go global too. TheNextWeb.com
What can a submarine sandwich teach entrepreneurs about innovation? Small Business Trends executive editor Anita Campbell gives us four important lessons from the world of big sandwiches that will transform the way you run your business today. Open Forum Innovation
Seeking out clusters of innovation. We take a peek at a new report which claims that “innovation clusters” defined as “geographic concentrations of interconnected firms and supporting or coordinating organizations” are the key to reviving the U.S. economy (and probably economies around the world.) What sorts of innovation clusters exist in your community. Open Forum Innovation
What will a tax overhaul mean for your business? Though officials insist it’s too early to be specific, the Obama administration is apparently considering legislation that might close tax loopholes, simplify taxes and lower rates while broadening the tax base. While every business owner likes to hear about lower rates and simpler taxes, overall tax reduction is the best policy. We’ll reserve judgement until we see more of the plan. NYTimes
The best kind of taxes for small businesses are low ones. With news that from Washington the Obama Administration may be considering a tax overhaul designed to tighten loopholes, simplify taxes, lower rates and broaden the tax base, it’s important to remember one key point. Progressive and high taxes hamper entrepreneurship. Since new business is the key to economic recovery, the right choice on taxes is imperative. Small Business Trends
A crash course in world class small business service. Seizing responsibility when something goes wrong is the best way to deliver world class customer service no matter how large or small your company might be. You may not think of a mistake as the best opportunity to display customer service. But responding incorrectly is the best way to fail in a big way. Todd Youngblood’s “SPE” Blog
Can you sell your brain on the Internet? Yes, we know this sounds like some really weird eBay auction but what Matt Mansfield is actually talking about in this post is selling your expertise. Selling your expertise to clients is probably the one of the least expensive businesses to start. Overhead is low when you carry your product around in your head. Matt About Business
Burning entrepreneurial desire. Small Business Trends founder Anita Campbell chats with Kip Marlow on “Entrepreneurs Insight Radio” about the drive, determination and energy behind creating a small business today whether on the online or off and advice about what it takes to get started as an entrepreneur in today’s global economy. The Entrepreneurs Club of America
Small Business News: Grow, Go Global, Innovate!
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View full post on Small Business News, Tips, Advice – Small Business Trends
Nov 20th
| This series is commissioned by UPS. |
A few weeks ago I pointed out how to ready your website for international business — everything from translating your website text, to search engine optimization in other languages. That article sparked thoughtful discussion. So this week I thought I’d expand the discussion beyond your Web presence, and focus on how to prepare your business as a whole to go global.

Depending on the industry you are in, where you intend to seek business, here are five considerations before you take that big leap:
1) Don’t assume you have to be big to go global – A few years back the Council on Competitiveness coined the term “micro-multinational” to describe startups that go global from day one (or nearly day one). In fact, we’ve published an entire series on micro-multinational companies. So rather than following the old-fashioned path to global growth, which meant expanding regionally, then nationally before finally going international years later — today you can leapfrog over those steps. It’s largely thanks to inexpensive technology and services designed to help small businesses operate across borders with the same efficiencies as large businesses.
2) Research the legal, HR and tax environment in any countries where you will have a physical presence, before you leap — If you need or plan to have a presence in or ongoing sales to another country — such as local employees, local warehouses or repeated exports to that country — be sure to investigate all legal, HR and tax implications. They can add considerable cost to doing business, not to mention getting your business into hot water if you don’t comply with local laws and regulations. That’s a distraction you don’t need!
Previously, I interviewed Larry Harding of High Street Partners, a company that helps small businesses navigate the compliance issues of doing business internationally:
According to CEO Larry Harding, a handful of issues come up repeatedly when companies desire to expand overseas. “It’s easy to do the things that are readily apparent, but below the surface there are so many more things to look out for. It behooves companies that are in the planning stages of international expansion, to factor in the costs of compliance.” He pointed to these two typical pitfalls as examples:
- Employment Regulations and Practices – These are very different overseas. A typical pitfall might involve a company sending its U.S. offer letter to a prospective employee in the European Union, without realizing that they really need a full-blown employment contract that complies with local regulations. The ramification is that it immediately tilts the balance of power greatly to the employee, at the expense of the company, and makes termination difficult.
- Shipping and Importation – Many U.S. companies don’t have a good handle on shipping product overseas. There are a complex set of rules about importation and logistical issues. A typical pitfall is that something arrives on the dock and a duty must be paid. The company shipping ends up paying and it can be sizable — sometimes 17% — eating up the profits.
3) Invest in technology from the get-go – The right technology, especially cloud based software, can position your business to scale without adding incremental cost or a large staff base. Web-based software services, email, social media and inexpensive telecommunications bring the world to your fingertips, helping bridge wide distances. And just as importantly, technology can make the job of gathering market intelligence much easier.
Laurel Delaney, CEO of GlobeTrade.com, noted the importance of social media and the Web in a recent article about small businesses considering international expansion. Laurel wrote:
How else will cross-border customers find you? If you are still thinking about whether your business should launch a blog or be on Twitter, forget the notion of taking your business global. You are too myopic! You need to position yourself on relevant networks and beef up your communication efforts. So for all you aspiring global enthusiasts, pony up the nominal fee to set up a regular website, start a blog, and get on Twitter, Facebook and LinkedIn. Use effective marketing to get noticed. The more online platforms you use, the better your chances of being discovered. When a customer bites, test out your price, see what reaction you get and then negotiate from there.
If you offer products on an e-commerce platform, can customers buy them at every destination point? Make sure you focus on customer support, fulfillment and being user friendly. Accessibility is paramount considering all the different time zones we operate in. Make it easy for customers to get help should they need it. Your site should be attractive and functional. Speed is also important when considering users in remote parts of the world with dial-up connections. Do what you can to help them buy from you without a hassle.
4. ) If you plan to export physical goods, get exporting help – There are many considerations tied up in the decision to export. You have to understand your market in the country you are targeting. You have to understand exporting laws and regulations, both here in the United States and in the target country. Sometimes licenses are required. The U.S. Federal government has done a good job on a website to provide you answers to these and many more questions. On Export.gov you can: take advantage of market research; learn about trade missions and trade events; begin your investigation into export licensing requirements; and even get personalized answers to your exporting questions via email and phone.
5.) Figure out how you’re going to get paid – Doing business internationally used to rely heavily on letters of credit. Letters of credit are still widely used. But luckily today there are easier and faster options, especially for smaller-ticket transactions. PayPal and American Express’s FX International are two of the most popular options for international payments. Moneybookers.com, Xoom.com and even Western Union are lesser-used alternatives, but still may fit in situations where PayPal or FX International are not available. Decide up front your desired method(s) of payment, and know the ins and outs so that you aren’t rudely (or expensively) surprised.
These are but a handful of the issues to consider when going global. For additional insights, read:
The Hidden Challenges Lurking in Global Business (John Jantsch’s interview of two entrepreneurs and their challenges going global).
Start and Run a Profitable Exporting Business (the entire book is now available free of charge on Google Books)
Managing Methods of Payments on Export Sales (again we turn to Laurel Delaney of GlobeTrade for her expertise)
Preparing Your Business to Go Global
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View full post on Small Business News, Tips, Advice – Small Business Trends
Nov 12th
Hidden Challenges Lurking in Global Business
This content from: Duct Tape Marketing
The International Business Series is brought to you by UPS. Discover the new logistics. It levels playing fields and lets you act locally or globally. It’s for the individual entrepreneur, the small business, or the large company. Put the new logistics to work for you.
Image: See-ming Lee via Flickr
The Internet has certainly made expanding into all corners of the world an appealing reality. For very little extra expenditure businesses can set-up a virtual shop in any country within a matter of hours. Attracting and hiring the best talent available on the globe may only be an email away.
For this post I asked two entrepreneurs that have experienced what it takes to do business or enable other businesses to do business globally to share some of the pitfalls and best practices they’ve encountered.
First up is Ryan Carson, founder of UK based Carsonified.
1) Tell us about your current business environment – companies, virtual workforce, markets served, etc
Carsonified hosts conferences for web designers and developers like Future of Web Apps and Future of Web Design in NYC, London, Las Vegas and Miami.
We also run a video training site for web designers and developers called Think Vitamin Membership where members pay an affordable monthly subscription and get unlimited access to our large video training library. Our customers are truly global, spanning all the way from Japan to Russia and everywhere in between.
We’ve got nine people in our office in Bath UK, three in our office in Orlando and one working from home in Greenville South Carolina.
2) What was greatest challenge setting up a company that is both global and virtual?
Dealing with VAT, the sales tax here in the UK. The laws surrounding tax here aren’t written for the Internet age and don’t really make any sense. It was tough getting a straight answer from the tax man about who we needed to charge tax to and how much. Nightmare!
3) What tools do you find you use and benefit from the most in running a global company?
We couldn’t live without Skype and Google Docs. They’re our bread and butter – and they’re free!
4) Are there any best practices you’ve discovered that make running a global company easier?
It’s vital to have Weekly Skype meetings where you see each others faces and have a good catchup.
5) What would you recommend for someone thinking about expanding their business beyond their own borders?
Call your accountant and check tax laws. It’s tough, but once you figure it out, it’s a huge new opportunity to grow your business. Just do it.
Next we turn to Sean Crafts, co-founder of online business collaboration suite MavenLink.
1) How does a tool like MavenLink help companies expand globally?
Mavenlink’s platform makes it easy for businesses looking to secure international talent on an as needed basis and for service providers looking to provide services outside of their native country.
2) Are there any best practices that you’ve witnessed for virtual and global work?
3) What other tools would you recommend to someone wanting to expand globally?
4) What are some potential pitfalls?
5) Any thoughts on getting started in the global arena?
Like any other expansion, take your first steps with the help of your existing, trusted relationships. Someone you know will know someone that can help you get started. From there, build outwardly from the core once you understand the potential opportunities, have a clear set of objectives, and a confidence in your ability to execute. Depending on the scope of your expansion, consider using local (U.S. based) consultants to help guide you. You will be able to quickly find resources with expertise by region and by industry.
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