What to Consider when Using International Business Suppliers
It’s the dream of any business to go international. After all, international business is where the big money is. However, going international isn’t as simple as it sounds, and there are a number of pitfalls that you can fall into if you’re not careful. This is especially true when you’re using international suppliers. In this post, we take a look at three things you definitely need to consider when using international business suppliers. If you want help organizing all of the things involved in international business consider also using assignment management software to help with logistics.
Whether you’re supplying to France, Germany, China or Italy, it’s likely that you’ll encounter a language barrier. Although people in these countries do speak English, not everyone does.
As a small business, it’s unlikely that you have the finances to employ an in-house languages expert or translator. As a result, you’ll need to employ a supplier who has the ability to navigate any language barrier. They can save your business both time and money in case you get the order wrong.
If you’re shipping internationally, you’ll also have to keep in mind that each country has different importing and exporting regulations. Each country will also have a specific list of banned items that you cannot import or export.
Generally speaking, countries within the European Union have very similar regulations, but it varies greatly between other countries. Fortunately, the list of banned items for each country and importing and exporting rules is available on the government website.
By reading and following these guidelines carefully, you’ll be able to avoid any potential delays and fines, so your business can run smoothly right from shipping to delivery.
Finally, when you’re dealing with businesses abroad, it’s likely that you’ll be dealing with different currencies and exchange rates. If you’re constantly exchanging money, then it can cost your business a fortune in admin fees. These fees, added to wire fees and poor exchange rates can severely cut into the profits of your company, meaning you make little money out of going international.
Fortunately, there are ways that you can negate this problem, such as using a dedicated specialist such as CurrencyFair. This way, not only will you get access to exchange rates that are currently only reserved for banks and millionaires, but you’ll also avoid high international wire fees. This way, you’ll be able to maximise your profits and not lose money on the exchange rates.
If you carefully monitor these three things, you should have no problems with your international delivery and supply services. This means you can make your dream of going international a reality.