As the world grows more interconnected, excelling in business with people from different cultural backgrounds is vital and challenging. Success in the competitive global marketplace is harder now than ever, however technology allows us to reach the other side of the globe for unique products with just the click of a mouse.
Are you interested in taking your business overseas? Do you need a foreign supplier to help you grow your business? How can you successfully find someone you can trust who will be an effective business partner? All of these questions and more will be answered in the upcoming weeks. Before getting into the minutia, however, a good question to ask is “Why engage in international trade at all?” Here are a few reasons:
- Exports are growing; The US exported $2.35 trillion dollars in goods and services in 2014, and exports grew for the four years prior. People around the world are willing to pay top dollar to import products and services.
- New customers, new money; 87% of the world’s economic growth in the next five years is expected to occur outside of the US. Much of that growth will occur in Africa, Latin America, and Southern Asia.
- Meeting your needs; foreign firms often have strong specialties that domestic firms can leverage. Japanese and Korean companies excel in technology, Germans are known for their excellent vehicles, and the Chinese are known for cost-effective manufacturing. By partnering with foreign firms, you gain a competitive edge in local markets.
- New ideas generate new ideas; when people begin to share their ideas with one another they create better ideas than working alone. When working with people from different cultures, new ideas about how to grow a business come naturally. Just as Thomas Edison’s idea for a light bulb generated countless new inventions, cross-cultural partnerships create ideas.1
What will be your light bulb moment?
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- Exporting: The Definitive Guide to Selling Abroad Profitably.https://www.amazon.com/Exporting-Definitive-Selling-Abroad-Profitably/dp/1484221923/ref=sr_1_2?s=books&ie=UTF8&qid=1478278983&sr=1-2&keywords=exporting+the+definitive+guide+to+selling+abroad+profitably