As businesses grow these days, it becomes necessary not to just to compete on a local and national level, but on a global level as well. As the Internet revolutionizes global commerce, expansion worldwide suddenly has become a viable option for small to mid-sized product and service businesses. PMF Bancorp has helped several companies expand their business to a global platform through a variety of financial services, including accounts receivable financing, trade financing, letters of credit, and business consulting.
Before making the decision to expand to a global platform, several pertinent questions need to be asked:
1. Do your services or products apply to a worldwide platform? Is there potential demand beyond your local and national base?
2. Does your business generate repeat customers and referrals?
3. How long does it usually take clients to pay (immediate, 30, 60, or 90 days)? If this timeline is extended by the requirements of a global platform, will your business remain profitable?
If you were able to answer in the affirmative to a majority of these questions and you have strong revenues, then you may be ready for international expansion. Often, it is best to start small as you investigate new markets and the new strategies needed to succeed on an international basis. Do you plan to target specific countries or regions? The positive feeling of succeeding in the first market will give you the confidence to expand to more. By taking on one market at a time with a consistent business strategy, you will learn how to grow and succeed. Naturally, each new market will require a certain amount of customization. You can prosper by adapting the resources found in each new market in order to cultivate a worldwide corporate culture.
When you begin the transition process of expanding, both on the Internet and often with an actual presence in foreign territories, there are certain guidelines that need to be followed, including:
1. Hire Consultants and Employees with International Experience
2. Research International Laws and Import/Export Requirements
3. Through Internet research, learn about global differences and business pitfalls that have been experienced previously.
4. Most importantly, keep your expenditures under control. If you experience financial challenges, consider the benefit of the services of PMF Bancorp. Through invoice factoring and trade financing, we can keep your company moving forward.
PMF Bancorp offers a vast array of positive advantages for American companies considering a global platform. Beyond our Los Angeles base, we have business offices in China, Hong Kong, and England with extensive international experience and knowledge across the global platform. We offer international Letters of Credit while our credit departments have the ability to do international credit checks on vendors, suppliers and customers. With business consulting services when it comes to both sides of the international financial coin (import and export, producing and selling), PMF Bancorp is a one-stop shop that can truly help take your company to the next level of productivity and profitability.