All about International Business Connections

If you are serious about introducing your business to foreign markets, the first thing you need to do is map out the local market and devise a business network. Most of you will already know that researching the local market and figuring out how it works is pretty essential because conquering unknown waters is almost impossible. However, most of you will also have second thoughts about why devising a well connected international business network is necessary. The answer to this very question will be dealt with in this article.

The first mistake most companies make when entering a new foreign market is not developing an excellent business network beforehand that can help them grow and most importantly give them ‘access’. If you establish connections with businesses in your sector, you are more likely to be exposed to global opportunities and get chances to collaborate with companies that can offer several complementary services. If your networking skills are polished, you may also be able to align with competing companies and team up on projects that complement both the parties equally.

Taking a seat at multiple Business Councils, Industry Associations and Chambers of Commerce can facilitate the growth and development of your company in new terrain. An excellent example of this would be as follows; if you were a Canadian company looking to join the Chinese market joining the Canada-China Business Council would be step number one. Your second move would be to consult an expert from the Canadian Trade Commissioner Service and EDC to give you an upper hand.

Well, what else can networking and making connections in the international business world help with? Access to existing well oiled and fully functional local and international market supply chains is the jackpot you can get your hand on if you have the right connections. Having global connections makes your privy to information that you would otherwise have no access to or would take you too much time getting access to it. If you have a good relationship with the top companies and the most prominent players in the market, you will get access to their supply chains, thus making your life and that of your companies much more straightforward. For example, if you are in the aerospace sector and you do not have complete access to the most prominent players in that sector like Boeing, Airbus or Bombardier you can use your networking to get their attention and start a conversation that may result in a mutually beneficial relationship.

Now that we know why making International Connections are critical let’s move on to discussing a bit about how one could create a useful and fulfilling network of international business connections. The most essential part of creating connections is active on all platforms, whether they are events or online platforms. Taking part in conferences and webinars that cater specifically to your market and making sure to strike up a conversation with as many parties as possible may seem trivial but can help you expand your international contacts. Another right way to meet and connect with professionals from your sector is by participating in online discussions and groups.

No one can survive in the world of international business without knowing its rules and regulations. Laws change from country to county and even from one government to the next, and so having an excellent legal foothold is your only map to surviving this legal maze. A unique way to explain the importance of competent statutory footing would be through the example of intellectual property rights and international trade. So we all know what intellectual property is and how important it is for inventors to patent their inventions before they market and sell their product. This is so that only the inventor or inventor company is solely allowed to sell a particular product. We can all understand how documenting this is important, especially in today’s world, where first copies and imitations have a million-dollar market of their own.

In today’s world, patenting products domestically is not enough, and international patenting is extremely important. This is how international trade and intellectual property come into play. Inventors and companies have to now be aware of products available not just in their local market but those present overseas. This is where having international connections will come in handy as you will be more aware and thus also be able to handle the legal red tape that comes with the patenting, buying and selling of different products at an international level.

Now we know the importance of international business connections in the development and growth of any company that’s looking to venture into foreign terrain. One can only develop international relations if they are willing to make an effort and a significant part of that understands all the different cultures you want to work with. Understanding foreign cultures and using this knowledge properly is how you can create connections.