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January 16, 2020

Cultural Competence Is the Key To Business Success Abroad

Is your company new to the global marketplace? If so, you're joining an exciting international class of companies whose business helps connect different people economically and sometimes even culturally. Success on this stage means learning about your counterparts in the marketplace and gaining the cultural competence to communicate effectively about remittance, delivery, and other vital points of business. This sounds easier than it is, and in some ways, it is easier than many people imagine. For the most part, you will find universal respect for integrity and transparency, but when it comes to communication stylesholidays, and other important shared experiences, you'll need to do your research if you want to keep the gears of business turning smoothly.
How Global Holidays Impact Your Cash Flow
Of all the cultural points to pick up, global holidays might just be the most important to your day to day administrative tasks. It might not have occurred to you right away, but when you deal with financial transactions across borders, you occasionally wind up attempting to do business on someone else's holiday. Sometimes this is religious in nature, but generally, it's more national or cultural. Think of it this way, it would be hard for a business counterpart in another country to miss that Christmas will probably be a holiday for you because it's such a well known religious holiday. How many of them do you think will remember the banks are closed here on Flag Day, though?
You're in a similar position when you do business abroad. This means when you need to send or receive money, you might be constrained by the same kinds of road bumps. There are two ways to steer around this when transferring money to South American countries or African countries. The first might be the best idea if the holiday in question is a major one that tends to close businesses as well as banks. The kind of day that has at least the weight of Labor Day or Memorial Day in the United States might just be a day to avoid doing business. That means scheduling your money transfers around the date. This isn't always easy to do without making a payment late, whether the money is leaving the country to come to you or being sent as payment.
The other thing you can do is work with a money transfer service that operates every day and provides a wide variety of ways to send and receive in a number of countries. If you have the right service partner, you can send money any time and trust that it will be in the right place when business starts up again after the holiday, so you can keep moving without any hitches in your process.
·         Pay contractors
·         Move money to the sites where you need resources
·         Keep payroll and other essential services running on schedule
Find Yourself a Reliable, Affordable Money Transfer Service
There are a lot of banks that offer incredibly affordable wire transfer services going to and from client accounts, but banks aren't always open when you need to send money. That's why it's absolutely vital you find a transfer service you can use to put money in the right hands whenever you have to send it across international borders. There are always going to be times when the simplest way to send money is to use a dedicated service with a reasonable fee and a range of delivery options for the recipient. The best part is the right transfer service can also be there for you when you need to send money for personal reasons. You might need to set up a separate account to keep your finances apart, but you can count on the same great service sending money to family that you do when sending capital or remitting payment for your business.

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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