24 international markets
Embrace change and different cultures to find new markets
The global business world may be transforming rapidly both in its west to east shift in economic power and the Internet- led changes in business models and corporate work styles, but that’s no reason to shy away from it. Change brings business opportunities. That was the broad view of RSM Tenon international business director Gayle Woodman (pictured) and Gareth Osborn (pictured), director for Thames Valley and the regions at SEGRO, the European owner-manager and developer of industrial property, when they met recently. Journalist John Burbedge sat in on their discussion
Change requires fresh knowledge, a willingness to adapt and adopt, and perhaps re-learn common business practices to suit the customs of new clients.
Even the simple act of handing over a business card should be done in the traditional manner of the individual you are meeting. For example, with a Chinese client it is important to present the business card using two hands as a sign of respect. Understanding the etiquette of different cultures is key to getting a working relationship off to a great start.
Fortunately, internationally expanding companies are well-served by professional international business advisers, such as RSM Tenon, who can assist with inward investment links, exporting activities, and advice on good business etiquette.*
The UK continues to be a major world-trading hub and the Thames Valley is a prime location**. But, are we doing enough locally to encourage international trading with the emerging nations? Will they want to set up their businesses here? The answer could be: "Maybe, but not in the manner we expect".
“In the Thames Valley we are currently seeing very little Chinese and Indian investment activity, and it is noticeable that companies coming over to the UK for the first time no longer put lots of people on the ground,” noted Woodman.
Osborn and Woodman were agreed that the days when “large corporates turned up in the Thames Valley and wanted to employ 500 local people” had effectively disappeared. The western business world’s major players, mainly from North America, have now established their UK bases.
RSM Tenon, in its recent Entrepreneurs Report, called for more to be done to encourage international business and, alongside organisations like UKTI, are urging government to look at ways to attract investment into the UK as well as promote exporting as an important channel for UK-based industries. But the UK and Thames Valley in particular, still remains a highly attractive place to do business.
Heathrow, the proximity to London, and the clustering of like-minded Thames Valley businesses and industry sectors are the magnets that draw companies towards Slough, says Osborn.
Plus, said Woodman, the UK has a well-educated and skilled workforce, reducing corporate tax rates over the next few years, and is still regarded as the easiest place to set up and run a business in Europe.
www.businessmag.co.uk
Although Osborn thought some emerging corporates in China and India might prefer to develop markets in their own vastly populated regions, before considering opportunities further afield, he added: “The challenge we’ve got is convincing them to invest here, rather than within their own growing economies.”
Woodman added: “We also have a responsibility to help more UK companies do business in China and India, to bring some of the Far East wealth back into the UK economy. Developing an understanding amongst the business community in the Thames Valley of how to do business in these countries will foster better working relationships on both continents."
SEGRO has a 20-year ‘Vision for the Future’ regeneration plan for Slough Trading Estate, designed to produce a world-class business environment for existing and new occupiers. It is expected to create 4,000 jobs and contribute £100m annually to the Slough economy.
However, some big eastern companies have already become Thames Valley residents. Chinese telecoms giant Huawei has been in Basingstoke since 2003. LG Electronics (Korea) and Dr Reddy’s pharmaceutical laboratories (India) are already well-known names and growing within Slough. Recently major wireless communications provider Hytera became the first Chinese company to locate on Slough Trading Estate.
Hytera’s move to Slough was assisted by Thames Valley Chamber of Commerce support for inward investment and its ‘LinkToChina’ initiative, said Osborn.
THE BUSINESS MAGAZINE – THAMES VALLEY – APRIL 2012
Woodman believes RSM Tenon can help open trading doors with its extensive expertise of UK and pan-European business regulations and trading practices. “People tend to work with people they know and trust to service their clients well.”
RSM Tenon has a dedicated international ‘Touchdown’ network – a team of professional business advisers ready to assist with both inward investing and exporting concerns, such as outsourced services, taxation, funding or employment matters.
As the UK member of RSM International, the sixth largest global accounting network, RSM Tenon can also call upon professionals within over 700 offices in more than 80 countries – in excess of 32,000 people worldwide.
* Advisory leaflets – Chinese Business Practices & Etiquette, Doing business in the UK – are downloadable from:
www.rsmtenon.com or www.
rsmi.com.
** Reading was top-ranked as the ‘Micro City of the Future’; Slough as best European micro city for infrastructure, and third best for quality of life, in the recent European Cities and Regions of the Future 2012/13 report by fDi (foreign direct investment) Magazine.
Details for RSM Tenon Offices
Reading: 0118-9530350 Basingstoke: 01256-312312 Marlow: 01628-478100
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