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Important Tips to Follow if you wish to Expand Business Overseas

Want to spread your business overseas? Here is all you need to do for Spreading your business internationally.

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Tips to expand business overseas
Tips to expand business overseas. Flickr

One of the first things people notice when they branch out into doing business internationally is how big a role social norms play in business dealings. It’s the same in North America, but the contrast is much more jarring when dealing with a new country, new etiquette, and new expectations. Whether you are applying for financing from a lender or opening a new branch of your business overseas, it’s important to understand that how you conduct yourself can have a profound impact on the success (or failure) of your business. Here are a few general guidelines to help you conduct business in a variety of regions around the world.

In Asian boardrooms, meeting participants will typically be arranged by seniority. This is also the order in which they should be greeted, and the order in which you should pass out your business cards. This is a sign of respect. Speaking of business cards, be prepared to hand out many more in Asia than you would in North America. There is a ceremony around exchanging business cards in countries such as Japan. Be sure to invest in a business card case, as it is seen as rude and inappropriate to keep them in your wallet or pocket.

In some Middle Eastern countries, note that it is quite normal for a male client or colleague to grasp another man’s hand while walking together. Although this may seem unusual to North American sensibilities, it’s considered a sign of trust in some parts of the world.

It’s also a good idea to bear in mind that questions that may be perceived in North America as being simple small talk may actually consider quite rude and intrusive in some countries, such as questions about marital status, children, age, etc. In professional situations, it’s always best to err on the side of being too impersonal rather than to risk being considered nosey.

Gift-giving in a business setting is complicated in some cultures. In some cases, for example, it is considered improper to open a gift in front of the giver, so be aware of that if you are presented with a gift.

Manners are a very big point of difference among different cultures. For example, it is perfectly acceptable and actually expected, that diners will eat a sandwich with a knife and fork. Similarly, belching and slurping one’s food is considered rude in some cultures, but quite acceptable in others. It is considered socially unacceptable in countries such as Japan to be seen blowing one’s nose in public.

When it comes to professional attire, you can never go wrong erring on the side of conservative, no matter where you are in the world. Women should take special care to dress more modestly, as it can be a serious culture misstep to dress too revealingly.

When you do business with other countries, it’s important to know the business and legal issues that may arise, but never forget that business is, as the heart of things, a people-first endeavor. The more you can be aware of and respectful of the social expectations, manners, and etiquette in the region in which you are doing business, the more professional you will be perceived. And that can go a long way toward helping you to solidify meaningful business connections around the world. If you aren’t sure how to act or what to do, always educate yourself before you arrive. Not only do you not want to look foolish, you also don’t want to be insulting. There are lots of resources online and in books to help you navigate these challenging waters.

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Northeast is Fast Emerging as the new Start-up Destination, Says Minister Jitendra Singh

Due to improvement in connectivity and transport facility in the last two years, coupled with concentrated administrative focus, more and more youngsters are now heading towards the northeastern states to venture into entrepreneurship

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Union Minister of State for Development of the North Eastern Region Jitendra Singh. Wikimedia

New Delhi, October 16, 2017 : Union Minister of State for Development of the North Eastern Region (DoNER) Jitendra Singh claimed that the area was fast emerging as the new start-up destination for youngsters from all over India, an official statement on Monday.

Due to improvement in connectivity and transport facility in the last two years, coupled with concentrated administrative focus, more and more youngsters are now heading towards the northeastern states to venture into entrepreneurship and take advantage of its unexplored potential, he said, according to a DoNER Ministry statement.

Citing an example, he said in certain areas of Northeast, including states like Arunachal Pradesh, “while almost 40 per cent of the fruit goes waste on account of lack of adequate storage and transport facilities, the same can be used to produce and manufacture fresh and pure fruit juice at a much more cost-effective price”.

ALSO READ Over 4,000 km of roads, highways to be constructed in northeast

During an interaction with youngsters, Jitendra Singh also pointed out that many new airports coming up at Pakyong (Sikkim), Itanagar and Shillong, which along with a time-bound plan to lay broad-gauge rail track, would bring in further ease of doing business.

“Another sector of entrepreneurship which is fast emerging in Northeast is the medical and healthcare sector.

“For years, there has been a trend for patients to shift outside the region, mostly to Kolkata or Vellore, but the encouragement given to the private corporate sector has now resulted in the opening of new hospitals within the region itself and young entrepreneurs are taking the lead,” he said. (IANS)

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Most Indian firms see Employee experience as a critical aspect of achieving their Business Objectives: Study

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Employees in an office (representational image), Pixabay

New Delhi, April 27, 2017: Almost 43 percent of business and IT leaders in India — higher than the average 38 percent for Asia-Pacific and Japan — see employee experience as a critical aspect of achieving their business objectives, a new study said on Thursday.

According to the study, conducted by Forrester Consulting on behalf of Dell, Indian firms realise the value of technology and innovation and the importance of constantly improving customer experience better than other developing countries in the region.

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This puts India in a unique position in Asia-Pacific and Japan (APJ), where collectively only six in 10 (61 per cent) business leaders felt that existing technology in their organisation is sufficient to meet their business goals.

“To establish a balance, IT and business leaders need to embark upon a workforce transformation strategy and provide employees, appropriate end user technology — the requisite devices and software — in order to attain the two-fold objective of increasing employee efficiency, as well as retaining talent,” Indrajit Belgundi, Director and General Manager, Client Solutions Group, Dell India, said in a statement.

The study also found that most security breaches that have occurred in the past 12 months are because of vulnerabilities at the device level.

Nearly 43 per cent of breaches in India occurred due to lost/stolen assets by an employee, while 39 per cent occurred due to a security breach of an employee device. (IANS)

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US President Donald Trump to Unveil “Biggest Tax Cut and Largest Tax Reform” in US History

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US, April 25, 2017: President Donald Trump is set to unveil “the biggest tax cut and the largest tax reform” in the country’s history, Treasury Secretary Steven Mnuchin said Wednesday.

The Treasury chief said it would cut the corporate tax rate from 35 percent, the highest in the industrialized world, to 15 percent for all businesses. White House aides said the top individual tax rate of 39.6 percent would be trimmed by a few percentage points.

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Mnuchin said the Trump administration hopes to simplify an annual rite in the U.S. when citizens file their tax returns in the early months of each year to account for the taxes they owe based on the income they earned the previous year.

Mnuchin said the “objective is simplifying personal taxes. For most Americans, we think they should be able to do their taxes on a large postcard,” instead of the voluminous pages of forms many taxpayers now face.

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Congress is expected to closely scrutinize Trump’s plan to sharply cut corporate taxes, which some analysts say could over the next decade add $2 trillion to the nearly $20 trillion in long-term debt the U.S. has already amassed.

Some Republicans have expressed concerns the Trump plan does not call for adding any new revenue-producing measures that would offset the lost revenue with the tax cuts.

During his campaign for the White House, Trump attacked his predecessor, former President Barack Obama, for massive annual deficit spending that added to the national debt, but now seems unconcerned about it. Mnuchin told reporters this week that “tax reform will pay for itself with economic growth” that would boost tax revenues, a proposition that many economists reject.

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Congress is likely to debate the Trump plan for months, but Trump gained one quick ally for the coming legislative fight over U.S. tax policy. The leader of the Republican-controlled House of Representatives, Speaker Paul Ryan, voiced support for much of the president’s proposal.

“We like it a lot, it puts us on the same page, we’re in agreement on 80 percent, and on the 20 percent we’re in the same ballpark,” said Ryan.

Mnuchin said the corporate tax cuts are aimed at sparking sustained 3 percent economic growth in the U.S., a figure well above last year’s tepid 1.6-percent advance. The U.S. has not recorded 3 percent annual growth since 2005, even as it recovered from the depths of the steep recession in 2008 and 2009.

White House spokesman Sean Spicer said Tuesday the U.S. has been “uncompetitive” against other countries in attracting new businesses, “largely because of our rates.”

U.S. lawmakers have for years vowed to adopt broad tax reforms, but the efforts have foundered amid competing demands to eliminate tax breaks for some corporate and individual interests and raise taxes on others. Many of Trump’s Republican colleagues in Congress have their own ideas on how the labyrinth U.S. tax code ought to be reshaped.

Tax experts say the 35 percent U.S. corporate tax rate is the highest among the world’s 35 industrialized nations, although U.S. corporations rarely pay that much because they are permitted to deduct their business expenses from their revenues before. A number of profitable companies pay no U.S. income taxes.

When the 35-percent rate is added to the average state corporate tax rate, the figure reaches 38.9 percent, which ranks third in the world among 188 countries surveyed by the Washington-based Tax Foundation. The U.S. figure trails only that of the United Arab Emirates at 55 percent and the U.S. territory of Puerto Rico at 39 percent. (VOA)