More than a third of the central south’s mid-sized companies are based in the Bournemouth and Poole area, and as part of its focus on the mid-market, BDO joined forces with HSBC for a roundtable discussion dinner in Bournemouth highlighting the issues facing companies looking to international markets for growth.
From cultural barriers both social and business-related, to regulatory and tax issues, there was a wealth of knowledge and experience on hand as experts offered support and advice at the dinner. While many companies around the table were looking to expand in the more obvious markets of Europe, India and China, there were businesses operating in countries including Libya, Morocco and Japan. The consensus was that it is a tough but worthwhile journey and that securing the right advice from the beginning is essential to success.
Arbinder Chatwal, director at BDO and head of India advisory services for the firm, said: “It is really encouraging to see that companies in Bournemouth and Poole are taking advantage of the opportunities that exist overseas, not just exporting but becoming truly international businesses.”
Speaker Keith Warburton of Global Business Culture considered the impact of cultural differences on international business and urged companies to “put relationships before business – the majority of the world will only do business with people they have developed good relationships with first.”
Michelle Trench, finance director at Haystack Dryers, commented: “We have customers throughout the world and it is essential that the cultural differences for each country are recognised and your approach on how to do business is adaptable.”
Tim Wallis, commercial director for HSBC in Dorset, concluded: “We are seeing an increasing number of our customers looking to expand into overseas markets. Understanding the cultural differences when trying to source new suppliers or sell to new markets is essential in making this transition as seamless as possible.”
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