Across our network of borrowers, suppliers, partners and investors, there are some amazing people and businesses with knowledge to share. Let's work together to help British businesses grow and thrive in 2021! Read on to find out more about how your SME can deal effectively with international clients.
In this instalment of our 'Doing business in 2021' series, we've asked translation experts, Web-Translations Ltd, to share their insights.
International clients? Let us help.
Regardless of whether your business starts on a small, local scale, or if it trades internationally from the get-go, efficiently handling business dealings with foreign clients is essential.
Although you may have mastered your local markets, the strategies adopted at home may not suit customers in a different country. In fact, each country you do business with will require different strategic approaches.
Understanding the challenges you face, therefore, is an essential part of preparing to engage with international clients. Use the tips below to manage your business and clients properly.
Language
Do you know what language your foreign client speaks? It helps if you do!
Although of course no one will be expecting you to learn French, Arabic, or Russian to communicate with your client, it will help smooth communication if you take the time to learn a few pleasantries. Trying to communicate in their language, albeit briefly, illustrates that not merely do you respect their company and cultural values, but that you are committed to providing services tailored to their needs.
At the end of the day, it creates a more personable business relationship which contributes to strengthening your relationship of trust.
Time Zones
It may seem like a simple thing to remember, but differing time zones can easily be forgotten.
Always check what time zone they are in and what the time it is with your client before calling or getting in touch. As a general rule of thumb, people don’t like it when their sleep is disturbed by a poorly timed business call.
Cultural Differences
It can sometimes be the case that what one culture deems as funny, another may deem as offensive.
It is not a complex idea, but different countries have different ideas on how to speak to people. Some cultures may prefer to get straight to the point whilst others prefer to engage in convoluted pleasantries before any business is discussed.
To avoid any possible blunders, make sure you know your client’s cultural values.
Furthermore, cultural differences can go beyond communication.
Different countries have different speeds of business. For example, Germany is renowned for its productivity. Approaching a new market at your preferred pace, therefore, will simply not work – you need to adapt to your customer’s speed.
Local Competition
Persuading a foreign customer that your services are the best when they have local alternatives readily available may not be the easiest task. Consequently, you need to understand the local competition which you are fighting against.
Ask yourself why an international customer should choose you. Once you can answer this, you’ll be well-equipped to impress your international clients!
Rules and regulations
If your business is based on the sale of goods, then understanding the laws regarding imports and exports in your chosen international market is vital.
It is often the case that a fee applies for anyone importing into their country. Always check what documents you are required to provide to get certain goods into the country and what taxes you might have to pay to do so, as well as researching the import taxes your client might need to pay.
Similarly, do you know the exchange rates?
By understanding the exchange rates, you will understand how much money you will make for each sale. As exchange rates can fluctuate, you should check the exchange rates at the exact moment each purchase is made.
Guest post written by Charlotte Graver, Web-Translations
Contact us at rebuildingsociety.com for information on how to finance international business expansion. It can be an expensive undertaking, but well worth it for the increased opportunities it affords.
