Spring 2015 issue of Horizons

FEATURE | RubinBrown Hosts International Business Summit

Getting It Right Regardless of industry or service sector, size or geographic location, any business considering international expansion needs to make sure it is heading down the right path. This means ensuring that your trading operations in your home market are on a sound financial and commercial footing and your balance sheet is sufficiently robust to support your expansion plans. The next step is to have a clear strategy with goals and a well-structured game plan to achieve it. Choosing the right model is vital. When a SME has made a choice to enter a foreign market, there are a variety of options open to it, each with varying levels of risk, cost and degrees of control. The simplest form of entry strategy is exporting, either directly or indirectly in cooperation with an agent. This is the most likely route to be selected by SMEs. They may, however, consider or evolve toward more complex models of international operations which may involve joint ventures, strategic alliances or direct investments. Whichever route is chosen, the internationalization process is inevitably one change that will impact every aspect of the company–including management and its aspirations, planning, finance and its corporate structure–as well as a range of other unique considerations that will vary by market and

new target groups characterized by different cultures and ways of doing business.

Local knowledge is key to overcoming these challenges and is something best obtained by building a network of contacts and advisors in your target market. This knowledge will also prove invaluable in finding, recruiting and developing talent, an ongoing challenge for all businesses, but one that is even more important when entering new markets. The Need for a Trusted Business Advisor Many of the changes that have occurred over the last decade, for instance, the evolution of the internet, have increased globalization by fostering greater cross- border communication and the ability to trade internationally. It is in this international arena that a trusted business advisor can add the most value to businesses by helping with issues such as tackling regulatory red tape, facilitating introductions to funding at an international level and understanding the complexities of taxation. All of the 27,000 people working at the 154 Baker Tilly International member firms see their role as helping businesses deliver relevant and transparent financial reports, manage risk, optimize operations and profitability, and meet tax compliance and reporting obligations, all against a backdrop of constantly evolving business needs. The philosophy of our network has always focused on the need to stay close to clients and to understand their businesses in order to provide the services they need wherever in the world they choose to operate. When clients turn to our member firms, they expect more than just a physical presence in a country or region. They want advisors who understand what it takes to operate successfully in today’s global business environment, as well as having a genuine understanding of the nuances of local economies.

RubinBrown, an Independent Member of Baker Tilly International

Baker Tilly International is a network of high quality, independent accountancy and business advisory firms, all of whom are committed to providing the best possible service to their clients in their own marketplaces and across the world, wherever the client needs help.

As the 8th largest accounting network in the world, Baker Tilly International continues to grow through uncompromised integrity and dedication to the profession.

page 10 | horizons Spring 2015