Strategies For Doing Business Overseas
Before you dive into the overseas market, make sure you have a plan to keep your business afloat.
Have you ever thought about expanding your business overseasinto an emerging market? Before you do, you'd better have acontingency plan. Many U.S. companies are unprepared for overseasinstability. Should an economic crisis impact your business, hereare some proven steps to take:
- Assess your financial capability. If you're able to endurea tough time, stay in the market. If you can't, get out.
- Obtain information on the local economy. Utilize the nearestU.S. Chamber of Commerce organization.
- Save your client base using a customer-retention strategy.
· Acquire legal representation-someone to help youcollect payments owed you and walk you through breach-of-contractissues.
- Cut your extras-employees, marketing efforts, etc. If youcan get by with a bare-bones operation, do it.
- Remain focused on your goals.