The growing realization while doing international business that results in accrued and realized benefits are one of the fundamental factors for expanding cross-border trade of goods and services. However, these benefits can be segregated between the firms and the nation its international business. Therefore, the benefits of doing international business can be described as follows: 1. Benefits to the country from where the firm/entity operates:
Earning foreign exchange to the country increases the exchange reserves, which will ultimately help balance payments in trade and further strategic investments.
Creating leverage with the trading country as many policy decisions will be benign to the exporting country.
The better utilization in the transfer of technology shall give more impetus to the research and development activities and create more goodwill for the nation.
Formulation of trade policy and other strategic policy-related matters as doing business internationally helps in getting first -hand account of the current political and legal environment of the importing country.
2. Benefits to the firms/entities which are doing business internationally
One of the main factors of doing business internationally is the abundance of cheaper laborers in Asia’s markets, especially from China and India. This causes the reduction of the cost of production and improves overall profits from the existing revenue.
Increase or optimum utilization of the production capacity is after fulfilling the domestic demand; the spare capacity can be best utilized in the overseas export or by the overseas expansion of the business operations.
Creation of goodwill and building up brands, many times, international business is operated to outperform the domestic competitors.
For the tax advantage and shielding of profits in the country of investment, many rebates, grants, and allowances can be made for capital expenditure that would otherwise not be available in the host country.
Harnessing the personnel in the organization and better channeling out of the funds generated from the bottom-line of the operations benefit the firms.
Further expansion, diversification, growth of the entity’s assets, resources, and the vision of the enterprise benefit the firms that are doing business internationally.
Various Ways of Operating International Business
The entities/firms can access or enter into business internationally by doing many methods. Some methods can include local collaborations, investments into the specific local sector, restructuring the entity, or simply traditional sale/purchase in the local market. The various modes that can be explained as follows:
Export or import of goods or rendering of services: This is the most common method of doing business internationally. Export is low cost, low-risk option for doing business internationally. The compliance of export of the US custom laws is to keep in mind the goods under control. It exports the user service license agreement and its transfer based on the various treaties and agreements with the member nations. Similarly, the local laws and custom guidelines need to be followed adroitly; otherwise, they can create unnecessary delays and increment in the operational cost.
Contract outsourcing is also known as business process outsourcing, where a firm enters into a new market and engages with local manufacturers to produce specific components of goods. It will help in building up the scale of production and its facilities. It can also facilitate the assembling of goods, complete manufacture of goods. The rendering of services like software development or professional consultancy can also be a form of outsourcing.
Licensing and franchising, agreements of contracts, and technology transfer: Outlets such as McDonald’s, PizzaHut, etc., are good examples of this entry mode in doing international business.
Joint ventures or wholly owned or partially owned subsidiaries, joint ventures are a common method of entering the local market. Joint ventures collaborate with the local firms/ industries to acquire a business interest or perform an operational activity for a transitory period. Sometimes, due to legal and regulatory constraints, the firm cannot operate locally; investment inequity of the local companies is made, thereby making such company subsidiaries. Then the firms can perform operations.
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