Abroad Canvas: Moving Your Company To Another Country

A lot of businesses tend to move their headquarters to another country now, and whether it is due to financial constraints, or there is a more lucrative market elsewhere, there are, of course, many diverse challenges ahead. But, with adequate preparation, this process can be less stressful, and more lucrative. So, what is the best approach?

Consulting Your Business Plan

The best business plans will have what is known as an executive summary, which will give you an overview of the business. By following this, especially if it has got a corporate migration path, this will make it an easier process to establishing your business in a different market. As well as this, your research should undertake suitable locations, and, although a market can be lucrative, does it mean you should move your business there? You could end up moving your business to an area that is extremely high-risk, but there are political risk consulting firms that deal with businesses in high-risk areas and can advise accordingly. In addition to this, if you are venturing into an area that is deemed risky, not just in the physical sense, but in the financial sense, your business plan should have some failsafe options in how to prevent disaster, and recover accordingly. A lot of this can be preempted before the big move.

Market Research

Once you have decided to move your company abroad, you need to undertake the relevant market research, not just for the product’s suitability, but also the administrative details, such as the packages offered by offshore banks. By checking these various protocols, you may find yourself spending more money than you anticipated.

The Financial Implications

It’s always important to consider, not just the cost of moving, but what the rules and regulations are in the area you plan on moving to. It’s always important to seek professional advice on the regulations, and there are some offshore company formation agents who have working relationships with tax experts, such as chartered accountants. When it comes to incorporating your company into the new country, you need an active bank account in that jurisdiction, so by seeking the advice of chartered accountants, and knowing exactly what you need in preparation, this will make for a smoother transition.

Employing Staff

In many ways, this is the biggest challenge, because of the cultural barriers, especially if you’re moving to the other side of the world. This can be an incredible sticky issue, but an approach that many organizations undertake before moving over fully is to send a representative of the business out there to train staff up, not just in the processes, but in the whole business ethos. This makes life easier when you do set up shop officially, but in having someone go over to lay the groundwork, everything because simpler, and you’ve got a better foundation to build up from.

It’s never an easy task, but things can be done to make the whole process easier if you truly think that moving your business to another country is the way forward. And while businesses move for financial reasons or the fact that their product carries in another area, it’s never clear-cut and straightforward.

Don’t Let Your Data Fall Into the Wrong Hands

Data breaches are hardly uncommon right now. In the last couple of years alone, we’ve had high profile hacks of Ashley Madison, Talk Talk and even the NHS in the UK – and that’s just the tips of the iceberg. That means that if, during the course of your work, you collect and use data. Even if it’s just the email addresses of people who’ve signed up to your newsletter, you need to be careful about keeping your data out of the wrong hands because it can be a marketing disaster if you don’t. I mean, it could literally sink your business should confidential data be leaked!

If you aren’t exactly tech-savvy, it might seem like trying to climb Everest without any equipment, but a good local IT Support company should be able to help you if you’re stuck. Whether you do it yourself or have help, here are the main things you need to do to keep your data in your company’s possession and your company’s possession alone:

Encrypt Always

Encryption is one of those things that seems more complicated than it really is, but it is actually pretty simple to encrypt your data – you can do it at the touch of a button if you have the right software installed – and doing so will help to keep it safe. Even if someone does breech your network or get a hold of your hard drive, they’ll find it almost impossible to see any of your data, and that will keep you and your customers safe.

Passwords Shouldn’t Be Passed On

It should go without saying that every device you use should be password protected for the security of everyone, but it should also be the case that neither you or any of your employees share your passwords with anyone else. Not only that, but you should have a policy in place that forces your employees to generate more complex passwords and change them on a regular basis. A good password manager program will help with this, and your IT team should keep an eye on what’s going on, especially if you use a single sign-on model of access.

Malware Should Be Hunted Down

There isn’t a business in the land that should be operating without malware detection software that they update regularly and use in real time, but you’d be surprised how many are actually operating without this most basic of protections. If you’re one of them, you’re going to want to change that right now.

Don’t Allow Access Willy-Nilly

Of course, keeping data safe isn’t just about the correct employment of technology. Depending on your business, you will probably have various members of staff, often in HR who have access to sensitive data. That means you need to think very carefully about which employees you let see data and whether or not they are able to remove it from the premises. Most of the time, you should restrict the use of data to inside the building because it can so easily get lost or shown to the wrong people, but if you must allow data to be accessed outside of your place of work, at the very least it should be encrypted and left to only the most trustworthy of employees, and only when absolutely necessary.

I hope this helps you keep your data safe!

Explore Fresh Avenues Of Profit With Your Business

You might have heard expert analysts suggesting that people should have multiple incomes to make sure that the future of their finances is protected. Essentially, rather than having just one job, you should have something like a side hustle. This is a way that you can make money and make sure that you always have something to fall back on. For instance, you could work in an office through the day and blog in your spare time.

Interestingly, the same could be true when running your company. You should be looking at different avenues of profit and ways to boost your income. There are various paths to consider here, and each could help you. Exploring these possibilities, you’ll discover that you may not be reaching the maximum potential of your business.

Outsourcing

When we think of outsourcing, we offer to consider the option of using outsourcing ourselves. As you are probably aware outsourcing gives you the option of making the management and daily running of your company far easier. For instance, you can consider outsourcing marketing and if you do then you will probably find that promotion can be considerably cheaper.

But should you offer outsourcing services yourself? For instance, you might be running your marketing company and selling your service to individual clients. As well as this, you could then offer marketing as an outsourcing service to companies. Doing this you would take a portion of their work and help them manage their own clients as well, thus boosting your income.

International Heights

Right now, you might be selling your product to a regional audience. You may be doing this because you think that marketing and selling to an international audience is going to be complicated. But actually, it doesn’t have to be, and by doing this, you could once again open up fresh avenues of profit. With import and export support, you can get the supplies you need and make sure that your products get to your customers. This can be beneficial for a small eBay shop or a large multi-level business.

Do be aware that if you are selling to an international audience, you may need to shift your marketing and promotion based on the region that you’re trying to sell to. The marketing for Mcdonald’s in India is not the same as the promotion in America. In fact, the product itself may change.

Using Your Website And Online Profile

Finally, you can think about using your only profile such as your website as a secondary way to make money through your business. How do you do this? Well, you need to build links online connecting with other businesses. You might run a business blog. If that’s the case, you can open up the possibility of guest posting and guest reviews. That way, you can actually gain a second source of revenue and gain money from people using your space online. Just be careful that your business brand doesn’t become a constant source of sponsored content as this could turn off potential customers.