Negosentro | Common Challenges – 5 Of The Biggest Challenges Involved In Running A Multinational Business | Running any business is a complex process, but running a multinational company presents its own set of unique issues. Today we’re looking at five of the biggest challenges involved in running a multinational business and how to combat them:
Keeping Your Devices And System In Top Shape
Managing a network of devices is often a struggle, even if your entire team is based out of a single location. Each person will use their device differently. The configuration that is right for a desktop that stays in the office isn’t necessarily going to suit a laptop or tablet that is carted around with the employee who uses it. This is further complicated if your team is spread throughout the world as requirements (and issues) can often be location-based.
To combat this, outsourced IT is a great solution. If you’re based in the US, India, and Australia, for example, you can engage managed services providers in Melbourne, Delhi, and San Francisco to ensure everything runs smoothly across the board. With cyberattacks being so common these days, solid protection is vital.
Paying The Bills
While paying your bills may seem like a simple process, once you start dealing with issues such as managing multiple currencies and working around fluctuating exchange rates, things can get quite complex. And don’t even get us started on variable processing times that depend not only on where the money is coming and going from but also the time of day and your service provider’s whims. To get around this issue, it’s a good idea to make use of AP automation software. This is the easiest way to be sure everything is paid correctly and on time.
Appealing To Multiple Audiences
Expanding internationally also means having to cater to new audiences with which you may not be familiar. This can lead to a drop in sales while you try to establish yourself in a new market. It could even leave you dead in the water before you’ve had a chance to show people what you’ve got.
To ensure these issues don’t lead to ruin, engage the services of a creative design studio to craft a digital presence that’s as appealing as possible to as many people as possible. While you’ll still have to find your way in a new location, you’ll at least have a leg up while you do it.
Looking After Multiple Office Locations
Once you’re set up in a new area, there’s the not-so-small issue of how to run your boots-on-the-ground operation and provide a safe and productive environment for staff. If you don’t intend on having full-time staff at all locations, we strongly suggest looking into the use of virtual offices. This will provide a prestigious address without all the issues of maintaining the place. They also offer a physical location for meetings when needed.
Maintaining Sustainable Practices
Finally, when your operations are spread out around the globe, the sustainability of your company can often take a hit. While this generally isn’t avoidable, you can take steps to help minimize the damage, such as practicing social procurement. Bonus points here if you customize your approach to suit each location. This will help reduce your carbon footprint and make the world a better place for everyone.
Now that you have a better understanding of five of the biggest challenges involved in running a multinational business, as well as how to combat these issues, you should be in a far better position to expand. After all, forewarned is forearmed. Good luck!
