In recent conversations about the fastest-growing economies in the world, China and India are consistently at the top of the list. These aren’t the only countries with booming economies, however. When compared with these other booming economies, China’s growth isn’t always at the top of the list, and India may not be in the number one spot, either. Based on forecasts from Global Economic Prospects (from the World Bank,) the following countries are experiencing fast-growing economies:
- Rwanda
- Tanzania
- Mozambique
- Bhutan
- Papua New Guinea
- Cote d’Ivoire
- Uzbekistan
- Myanmar/Burma
- The Democratic Republic of the Congo
- Turkmenistan
- Ethiopia
- Bangladesh
- Indonesia
- Pakistan
- Egypt
- Turkey
- Romania
- Colombia
- Nigeria
It’s important to note that this economic growth isn’t always reflected throughout the entire country. Many of the people in these countries still live in poverty. The countries also continue to suffer from political instability, corruption, and high-income inequality. As you consider international expansion, you may have recognized potential hurdles, such as international payments and banking, communication, and corruption.
Your International Expansion Plan
If you’re ready to move your business onto a global platform, starting with one of these markets is a great idea. A great plan for international expansion can quickly boost your revenue. As you review the list of potential countries, consider whether each is a good fit with factors such as the language spoken in the country, whether there is a demand for your goods or products, and what your competition will be. You’ll also need to consider what your business will look like in the country and how local laws will affect your operations.
Online Payments and Financial Interactions
Many business owners who have successfully expanded into multiple countries have found that it’s helpful to localize marketing, customer communication, and product fulfillment. This may be difficult without some sort of presence in the country. Fortunately, modern technology has eased some of that struggle. For example, online payments are accepted around the world. In some cases, e-commerce transactions are catered to the preferences of each country. Whether you want to receive money from or send money to countries in Africa, for instance, you may have the option of using credit cards, online banking and payment methods such as Sharemoney, or cash-based methods.
Interact With Customers
After setting up as many services as possible within your growth country and having set up an online banking and payment method, your next step should involve engaging with your international customers. Virtual events, a steady presence on social media, a lot of communication regarding worldwide events and events in your expansion country, and events that give back to the communities where your company is present.
Avoid Corruption
If you’re expanding into a country that has problems with corruption, you may find it difficult to avoid becoming involved as well. However, resisting the urge to participate in corrupt practices can be very good for your business. Modern technology is shedding light on some of the corruption in global markets by providing a forum for open communication, tracking patterns of corruption, encouraging anonymous reports of corruption, and partnering with other communities to reduce corruption.
Embrace Modern Solutions
As you recognize opportunities to expand into global markets, take advantage of modern technology such as multiple forms of online payments, virtual interactions with global customers, and apps and programs that help you avoid corrupt business practices. Securing your place in the fastest-growing economies around the world may boost your revenue and provide new opportunities for your company.
Continue To Move Forward
Modern technology has opened up doors to worldwide business opportunities and offered solutions to old and new problems. Company owners have found that it’s possible to conduct business with innovative solutions that combat the most common problems posed by international growth. What are some of the ways you’ve found that modern technology helps you confront obstacles that stand in the way of global expansion?
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