They say that travel is good for the soul. But is it good for your business? If travelling broadens the horizon and gives you a new lease of life, then surely it can be good for your business? Seeing how things are done elsewhere, looking for new products and ways of working can all benefit what you and your team do back at home. Here are some of the main ways in which travel can open doors for you and your business.
People do business from a financial perspective differently in different parts of the world. If your business occupies a financial sphere and you’re considering looking at doing business in another country, you’ll need to know how they operate. Your systems and controls might not fit into the rules and regulations of another country. For example, a promissory note template from the USA might not apply to somewhere in Asia and you’ll need to redraft it to fit in with local rules.
Travelling to the country you intend to enter into financial agreements with can be really beneficial for you and your business. It’ll give you that all-important insight.
People do business differently in different parts of the world. While these methods might not apply to you and your business back home, it can give you ideas and a different insight. For example, in Japan, a lot of aspects of business are highly ritualized and they are extremely traditional. If you deal with Japanese businesses a lot it might do you good to visit the country and see how they interact with each other. It’ll give you an appreciation of the country and inform your dealing with Japanese businesspersons going forward.
If you’re in the food and drink industry you’ll know that some excellent quality products can be found abroad. You’ll also know that there are some great suppliers of commercial food and drink machinery in the locale. For example, if you were thinking about setting up a cafe or a dedicated coffee bar you’d consider looking at used espresso machines but you need to know where the best places are to buy these. You might be moving to a new state or a new country, and want to check out the suppliers there. Or, you might realize these suppliers can ship to you from overseas. Sure, you might be waiting longer but you could get a great deal.
Even if you run a restaurant, or anywhere which does food, travelling can give you so many more ideas. For example, if you run an Asian inspired restaurant travelling to Asia can give you some brilliant insight into the country and lead to better-refined menu items. However, before you set off, whether looking for coffee or food, make a note of the places you want to visit. This way you won’t waste time when you’re there.
You might not be travelling for business. Instead, it might be a simple case of needing some time away from your business. Travelling will give you a new perspective on life. It’ll refresh your mind and soul, allowing you to return to your business feeling like you’ve taken a well-earned break. Sometimes, that’s all you need. Maybe you want to relax and read a few business books or switch off altogether. Travel can improve your business simply by not thinking of business during the trip itself.
If you’re thinking about launching in a new country it makes sense to find the business trade shows, parties and events in the respective country, and attend them beforehand. For example, in Singapore there’s the Revenue Optimization Conference or the IBTM Asia Pacific. Going to these events gives you brilliant networking opportunities and allows you to get a headstart on the market before launching. You need to shout out about your attendance at the event though. Use someone well versed in the event photography field to make the most of your pictures. You can use these in a social media push before you actually launch in the respective country.
Your business field will dictate which events you want to use and have fun at. Just try to speak to the right people who can help inform your business doing business there. Networking is a huge part of doing business overseas.
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