Global Business growth reminds us (if we needed to be reminded) that we live in a global village. On February 18th Apple plans to launch Apple Pay into China. It’s another example of a company following a market need to wherever it takes them. Apple are truly a global business and although their vision has changed in recent years, Steve Jobs’ original vision makes the global scope very clear:
“To make a contribution to the world by making tools for the mind that advance humankind.”
But you do not have to be the world’s largest company (though it may be Google when you read this), to take advantage of the global market place. According to BDC 90% of exporting companies have fewer than 100 employees, but produce 25% of the total value of Canadian exports. That’s a fairly amazing statistic. It demonstrates that there are global business opportunities for all companies, irrespective of size.
The weaker Canadian dollar is making it easier to launch into or grow overseas business. Companies can either export or even set up affiliated businesses based in their key territories. It all depends on the stage that your business has reached or the size of the overall opportunity. While there are clearly opportunities, there is also greater complexity involved both with exporting or managing local affiliates.
There are many issues that need to be thought through including:
- Exchange rate issues
- Different tax regimes and codes
- Lack of expertise or knowledge of the markets
- Business controls
The list goes on and on. But does this mean that exporting or managing foreign affiliates should be avoided? Of course not!
What it means is that it is important to develop relevant skills and nurture appropriate partnerships.
Since its very inception, parker simone has provided professional services to businesses around the globe including Canada, United States, United Kingdom, Australia, Africa, South America and Asia. In addition to our in-house capabilities, we are a member of Kreston International, which is a global network of independent accounting firms with the reputation for providing trusted compliance and advisory services to entrepreneurial business in the SME and Mid-Market sectors.
So although we cannot claim Apple as one of our clients, we do have a global network with the right people with the right knowledge and expertise in the right place to help our clients achieve their goals by building strong and lasting trusted relationships.