5 Reasons to Expand your Professional Network Globally

Global Networking imagesAdvancements in telecommunications and the Internet have made it easier than ever before for business to make their products and services available everywhere. But taking a business global isn't always easy or simple.

But doing business on a global scale means networking, and even maintaining a local or regional professional network can be a lot of work. Many business owners, especially those operating small businesses, might find themselves wondering if all the expense and effort of “going global” isn't a massive waste of time.
Here are a few compelling reasons why expanding your business network into the global arena is a good idea.

More Growth, More Opportunities

Operating internationally can mean faster growth. The more extensive your professional network, the better the chance that you'll hear about emerging markets and opportunities. An international presence also means more brand awareness and exposure, with the potential to open up new and untapped markets.
Other countries can often have “hidden” economic advantages, like fewer regulations on direct foreign investments, tax breaks, or reduced tariffs on imports — not to mention the potential advantages of acquiring cheaper labor and supplies overseas.

Diversification

No one expects their local markets to fall through or dry up — but that doesn't keep it from happening. A diverse global marketplace can help ensure that the end of one market doesn't mean the end of the entire business, as a business with multiple markets in multiple countries may be less susceptible to the caprices of changing local circumstances. The addition of overseas revenue also means fewer wild fluctuations in a company's profits.

New Ideas

Doing business in a new market means developing new strategies and goals that can provide benefits in the future — not just in the foreign markets, but company-wide. Challenges such as having to learn German to deal with foreign auto companies, or understanding the unique business etiquette in Hong Kong, for example, can require new business practices and techniques that a business owner can put to use everywhere in their company. Just remember that you may need to put some extra effort in to these opportunities. Depending on what industry you are in, consider learning a top industry language. For instance, if you are in the auto industry, your networking efforts might pay off better if you learn German.
Doing business on a global scale can also require reacting to rapid changes in international economics, which can be a big boon for companies looking to break into new markets before anyone else does. Imagine setting up shop in a foreign country where the economy suddenly booms and creates a high demand for the goods and services you provide.

The Foreign Field Advantage

Sometimes, an overseas market may offer better economic opportunities than a business' home country. Differences in taxation, economic climate, regulations, or any other number of factors can make doing business in another country profitable in unexpected ways.
Of course, if you're not preparing to do business globally, you can be sure that your competition will be. Refusing to acknowledge or embrace a global marketplace means running the risk of being left behind. Lay the groundwork for a global business network now, even if you have no current plans to expand your business internationally. Don't take the chance you'll be left behind.

Competitive Pressure

Doing business globally means going up against international competition, and that means bringing your “A” game in terms of quality and efficiency. While dealing with global competition comes with its own set of unique challenges, many businesses thrive on being pushed to excel — and what better proving ground than the entire business world?

A global marketplace is not just emerging — it's inevitable. By expanding your business network and laying the foundation for doing business worldwide, you can get a jump on the competition.

photo credit: Flickr

Byline:
Leslie Collins is a long time writer for Pimsleur Approach. She enjoys traveling, coffee, discovering new cultures, and hikes with her golden retriever.

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CEO at 3Bug Media
Gary Shouldis is the founder of 3Bug Media, a web marketing company that helps businesses create 360 Marketing Strategies to dominate their market. His blog is read by over 20 thousand small business owners a month and has been featured in the N.Y. Times Small Business, Business Insider and Yahoo Small Business.