The World is Open for Business... ...but are you thinking globally enough?

The advent of new technology has blurred the boundaries between countries, breaking down barriers which previously made becoming a multi-national business a daunting prospect. Now, companies can ship products and provide services across the world from the home of the founder, meaning even the smallest of micro-businesses has the potential to become global from the offset.

In times gone by, companies may have needed to become established in their country of origin before beginning to formulate a worldwide expansion plan. But every business now needs to think like a global business from day one – and there are numerous ways in which everyone can take advantage of the opportunities this brings.

A bigger talent pool
Hiring overseas candidates was always something reserved for the very highest calibre prospects who were willing to relocate after being head hunted, or those who were able to obtain visas based on their skillset being desperately sought-after by the Government of the country they were moving into.

Now, the move towards remote work has opened up a much wider talent pool for plenty of businesses: the UN estimates around 3.2% of the world's population are 'migrant workers' which includes those employed by a company based in a different country. Over half of hiring managers (54%) reported to HR Brew that their company had staff in more than one country, with a fifth of those operating across ten or more.

Around 7% of companies operate on a fully remote basis, according to StandOut CV, which means it essentially makes no difference to them whether an employee is based ten minutes or 10,000 miles away. This applies even more so for businesses who have dispensed of a base altogether, opting to save all of the costs associated with renting or buying physical space and instead conducting their entire operation remotely.

The rise of the video call
This year marks 20 years since Skype launched its video calling option – becoming one of the first mainstream companies to become widely used, and attracting 300 million active monthly users at its peak. Since the pandemic, the practice has become even more widespread, with Censuswide data revealing that the average UK office worker spends up to 1.5 hours a day on video calls.

While in-person meetings have not been completely eradicated from diaries, the rise of video calling technology means businesses can more effectively reach out to prospective clients and partners across the world, conducting meetings without the need for lengthy and expensive travel plans.

There are, of course, many other options when it comes to utilising technology in order to connect with customers, suppliers and other key stakeholders. Social media allows even the smallest of companies to reach audiences on the other side of the world; messaging apps allow instant communication between teams; and task scheduling boards enable people to work effectively together and managers to track workflow at any time of day or night.

These advances might seem like part of everyday life now, but it's important for business owners to remember how fundamental this shift is, enabling them to set their sights on more clients, wider supply chains, and potential global partners no matter how far through their business journey they are.

Effective communication
Technology has enabled everyone to think like a global business by giving them easier access to the majority of the population – but there are naturally hurdles to overcome, like accessibility and inclusivity. Leaders might now be able to schedule a video call with anyone from any country, but what happens if there is a language barrier? Entrepreneurs may seek to import or export goods, but how can they ensure everyone in the supply chain has the information they need?

The answer again lies with technology, this time with tools which can ensure effective communication, not just by translating spoken or written words into different languages, but by also interpreting important aspects like nuances and idioms.

It's this crucial aspect which ties everything else together: which allows businesses to recruit from anywhere in the world, safe in the knowledge their overseas employees will not miss out on any important information and will be able to contribute fully to every meeting. Real-time accurate interpretation also allows companies to effectively communicate their mission, vision and values to would-be investors across the world, to potential clients located anywhere, and to prospective partners who can join them in growing their business.

No longer is overseas growth reserved for already established companies with large teams – access to the whole world is easier than ever, and businesses should take advantage of this from the very earliest point in their journey. By thinking like a global business from day one, entrepreneurs gain the key to a door that used to be locked – or at least firmly shut – until a company had scaled in size and staffing. Use that key and push open that door, and you'll find a whole world of opportunities waiting for you.