The best in every industry have already gone global. Small-to-midsize businesses (SMBs) often struggle to play ball in the global market due to daunting increases in risks and new challenges. However, with a properly managed network and tool set, SMBs can go global without increasing risk for their company. With globalization, things have changed drastically, and today’s businesses are being asked to do more just to keep up. Business leaders need to cultivate strategic partnerships and insist on efficiency. While the rapidly evolving environment spells failure for many businesses, it can also create an atmosphere for growth.
Limit your liability for growth by finding partners who specialize in global business implementation. Your risk in these areas will significantly decrease.
Compliance: Staying compliant with new and ever changing global laws is one of the major challenges for any company doing business in different global markets. Partnering with a company that has experience with local language, customs, and tax laws can be the best way to make sure you are compliant with local rules and regulations, protecting you from high risk financial penalties.
Fraud Management: As ecommerce expands, protecting against fraud should be a top concern in your global strategy. Fraudsters are getting more sophisticated at identifying and exploiting vulnerabilities every day. Because fraud is tailored to unique weaknesses, your fraud prevention and management should respond uniquely as well. You’ll need a partner who can provide you with the right tools to prevent and manage fraud. Additionally, if they act as the merchant of record they can also shoulder financial liability.
Tax Services: As your business grows, your taxes will—without a doubt—become more complicated. With ecommerce tax revenue on the line, more countries are considering their options. Foreign tax issues—and their corresponding fines for non-payment—are items to consider if your company plans to expand internationally. It doesn’t need to be a barrier to entry, but an ongoing, ever-changing and extremely complicated issue. Finding a partner to relieve the burden of day-to-day tax accounting, and ensure you’re protected in the case of an audit is invaluable to growing businesses who want to take their operations to the next level.
Mid-market companies ready for growth are facing some difficult growing pains. Resources can be spread thin and operations can get extremely complicated. Many find themselves too big and complicated to function with existing in-house resources or too small to hire the expertise they need. Build an intelligent network of tools and partners like Digital River’s MyCommerce solution to speed your business to the next level.
Download our MyCommerce Mid-Market Strategies for Growth Guide to learn more.