In a globalized world, international businesses have become an opportunity to expand business operations globally and improve profitability. However, international trade can also present unique challenges due to the different laws, cultures, and business practices that exist in each country. In this article, entrepreneur Americo Javier Scotta will explore the keys to successfully engage in international business.
Before venturing into the international market, it is essential to conduct thorough market research of the target market. This includes understanding the needs of the market, the trends, and the specific consumer demands in each country. It is also important to analyze the competition in the market and the available supply, as well as any regulatory and cultural barriers that may exist.
Entrepreneur Javier Scotta also comments that creating a global business strategy is key to successfully engage in international business. This entails clearly defining objectives and goals for international expansion, selecting target countries, and identifying the resources necessary to carry out this strategy.
3. Adaptable and flexible; Adaptability and flexibility are key fundamentals to conducting international business, as explained by Americo Javier Scotta. Each country has its own laws, norms, and cultures, and it is necessary to be able to adapt to these differences in order to remain viable in the market. This may require adjustments in business operations, in the offering of products or services, and in relationships with local customers and suppliers.
4. Knowledge of laws and regulations; Knowledge of laws and regulations is crucial before venturing into a new market. Companies must be familiar with the regulations and requirements for importing or exporting products and services, as well as be aware of the tax regulations of the country. Companies should also be aware of the labor and environmental laws that apply in the destination country.
5. Supply chain management; Supply chain management is a key aspect to consider, as explained by Americo Javier Scotta, since the ability to coordinate and manage suppliers and customers in different countries is essential to the success of international business. The quality of products, delivery, and customer service are also critical factors to consider in supply chain management.
Creating trade and cultural relationships can help to establish a presence in a foreign market. Involvement in local events, establishing business contacts, and participating in business organizations can be helpful in developing a knowledge and understanding of the culture and business practices of the target country.
Finally, entrepreneur Americo Javier Scotta comments that risk management is essential to doing business internationally. Businesses should be aware of the financial, legal, and political risks that can arise in a foreign market and should have a clear plan to address and mitigate these risks as they arise.
In summary, Javier Scotta concludes that doing business internationally can be an exciting opportunity for businesses, but it is essential to do thorough market research, create a global business strategy, be adaptable and flexible, know local laws and regulations, manage the supply chain, develop trade and cultural relationships, and manage risks. Through the implementation of these key factors, businesses can be more effective in doing business internationally, expand their brand, and drive business success globally.
