One of the best ways to expand your business is to start offering your products and services in new markets around the globe. This opens your company up to millions of potential new customers and allows you to see the kind of growth that would be impossible in your native territory alone.
Of course, doing business overseas is not as simple as it often is when doing business at home and there are many unique issues you will need to overcome if you want to be successful. One such issue is that of doing business with high-risk countries where there may be more dangers than you are used to.
With that in mind, if you are thinking about doing business with a high-risk country, here are a few tips that will help you to do so safely and successfully:
1. Learn about corruption
There are many countries where corruption is endemic and in most cases, in business, it takes a very specific form in each country you encounter. So, it is possible to read up on the most common forms of fraud and corruption before you enter into a new market. By doing so, you will have a greater understanding of the issues you may face, so you can avoid being drawn into any schemes that could put the integrity of your business at risk. In some cases, it may be sensible to avoid doing business with a country at all if you cannot safely do so without encountering corruption.
2. Ask for a deposit
If you are doing business in a high-risk company, there is a greater than usual chance that you may not get paid. Since that is the case, it is never a bad idea to ask for a portion of the money for a job in advance – 50 percent is generally fair. It is also not a bad idea to raise your prices in that territory to help cover any potential losses. If your business is in demand in that location, then this should not be a problem and it will mean you ad your team do not end up working for free when someone decides to pull out of a deal and rip you off. If someone wants you to work without a deposit, in most cascades, it is safer to decline.
3. Hire a bodyguard
If you plan to visit the high-risk country you are expanding into, perhaps for a business meeting or product launch, then you should hire a bodyguard who can travel with you just like you would hire a commercial security guard to look after you in the office at home. They will have your back should anything happen that may put your personal safety or the safety of any employees traveling with you at risk. Bodyguards are highly trained and capable of not only preventing trouble when it goes down but also spotting potential threats and neutralizing them before anything bad can happen. In addition to being well-trained, a bodyguard should be well-equipped to carry out their duties effectively. Ensure the guards are equipped with the necessary self-defense tools and an in-ear communication device. This will enable them to handle risky situations confidently and maintain constant contact with a central control room or other team members. If you’re in a dangerous country for business, you’re going to want one by your side.
4. Learnt the local etiquette
When you are working in high-risk countries, it is often necessary to deal with not only business owners but also officials and government agents too. By learning the proper etiquette for the place you are in, it is not only much less likely that you will cause offense to the people you need to get onside, which will also help to keep you safe, but it also means you can get through encounters much more quickly and pleasantly, and that you are more likely to be accepted by the people you need acceptance from if you want to conquer new territories with your business.
5. Increase due diligence
Whatever checks you are doing now to ensure no money laundering is going on or that none of your clients are showing you fake accounts to convince you to work with them, is likely to not be enough when you are working in high-risk countries. Stepping up your due diligence, performing more checks, and putting in more balances is really important if you want to protect your business and stay on the right side of the law. Blockchain technology is quite good for this as it is impossible to falsify data sent via the blockchain, but anything you can do to ensure you are robustly checking all transactions to and from your business will help immensely.
Doing business with high-risk countries is certainly possible, and can be desirable as long as you are careful and you truly know what you are doing!