QuickBooks Online from Intuit is the world's leading online cloud accounting financial management solution for small businesses and financial advisors. Intuit has now teamed up with the Global Innovation Forum to produce a simple ‘how to’ guide for entrepreneurs looking to grow their business overseas. In this exclusive article for Dynamic Export Vice President and Country Manager, Intuit Australia Nicolette Maury reveals four vital steps to help businesses go global …
Thanks to technology, we live in a world where global markets are accessible to entrepreneurs from day one.
When I talk to our QuickBooks customers, they’re excited about the opportunities to go global, but often don’t know where to seek help. So, Intuit has teamed up with the Global Innovation Forum to produce a simple ‘how to’ guide for entrepreneurs with global dreams.
The Simple Steps For Global Success was recently launched in Australia, and provides four simple steps for start-ups and small businesses to take on the world. I’m pleased to share a summary with you:
Recognise your opportunity
The first step is to recognise the opportunity to be global from the outset. Technology means that your business is never too small and it is never too soon to go global.
There is a wealth of readily available online tools to help you tap into and leverage global markets, as well as find new customers, suppliers and partners.
For example, in a few simple clicks you can find cloud-based productivity tools; e-commerce, app and financing platforms; payment services; shipping and customs services; advertising; and marketing solutions.
Confirm compliance requirements
When going global, business often needlessly pose a risk to themselves by misunderstanding or not contemplating compliance and regulations in their new markets. Basic due diligence and advice from within the market, or from experts on that market, will help prevent major roadblocks and potential adversity in the future.
There are also many things you need to consider, such as protecting intellectual assets and property through the use of patents, incorporating best practices for cybersecurity and encryption, understanding and preparing for global tax and fiscal compliance; understanding your outbound regulations such as expert controls, anti-bribery, trade sanctions and diplomatic compliance; and the domestic tax implications of international business.
Know your compliance requirements
Investing in the future doesn’t stop when going global. Engage professional advisors from the start, as they can be instrumental to your global success. In the greater scheme of things, they may not consume as much time or resources as you might expect.
Get the right advice from local experts
Domestic departments of trade or the Australian embassy in your overseas market/s should be contacted as a first port-of-call. On-the-ground advisors can help you navigate tax, immigration, insurance and human resources legislation in your destination market as these areas can be cumbersome and confusing. Preparing for these important business requirements can save time, stress and potential regulatory issues in an overseas market.
Going global is a much easier journey when businesses are well prepared with the right advice and technology tools like cloud accounting software to streamline financial management.
Understanding your global potential, using technology to simplify and extend operations, paying early attention to compliance requirements, and having the right advice on the ground as early as possible will set your business up for global success.
The report, Simple Steps to Global Success, can be found at: https://adobe.ly/2yjH85U