Like it or not, running a business from overseas is nothing like running a business in your home town. Apart from the anxiety of leaving your business behind, you also deal with the incapability of solving things immediately on your own if something goes wrong.
It can be really difficult to run a business from abroad but sometimes it is also necessary. Data shows that 94% of business leaders believe that traveling helps them become more successful as they get the opportunity to experience new things and network.
That being said, how can you sleep with a peace of mind when you fly to a different continent and leave your team to make all the key decisions? Here are 3 tips to help you with the challenges of running a business from overseas:
Perhaps every entrepreneur knows the saying “if you want something to be done right, you must do it on your own”. However, although you may be tempted to think the same, when you are running a business from overseas, this is not really an option. So, what can you do about it? You need to delegate.
Delegation can be difficult because you need to give people the power to make key decisions when you are not around. However, the trick is to hire and delegate people you trust that will make the right decision. Otherwise, no matter who you leave in charge, if you can’t trust them, you will be constantly worrying about your business.
2. Keep control over finances
Let’s face it, you are here for the money. when you own your own business, you naturally also want to see some profits. So, regardless of how bad this may sound, you need to keep control over your business finances in your own hands.
Business partners and even employees can sometimes cheat and leave you with a hole in your business budget when you are not paying attention. So, when you are running a business from overseas, it is advisable to not fully rely on your team to take care of the money issues.
Luckily, the is some good news: no matter where you are in the world you can now easily manage your business budget with different apps and services. Also, you can check a full list of money transfer companies and choose the best provider with the most advantageous exchange rates and costs. This way you can be in charge of your business budget and allocate funds when needed even if you are not there.
3. Stay connected with your team
We live in the era of instant communication so this one shouldn’t be difficult. Staying connected with your team is extremely important in order to make sure everything about your business goes well. Luckily, you have plenty of choices when it comes to choosing how to stay in touch with your team. Whether you prefer skype calls, project management software or phone calls, these tools can help you work alongside your team even if you are on a different continent.
Running a business from overseas isn’t an easy task. However, it isn’t impossible. It takes hiring people you can trust, constant control over your business finances, and a good collaboration with your team.
You may find this article interesting: “What is International Trade?“