Why Language Barriers Are Still Holding Back Global Business Growth

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Going global is increasingly on a CEO’s and a CMO’s to-do list. In the UK alone, 87% of those businesses who trade internationally are planning on expanding their overseas operations this year, with a further 10% aiming to step outside the UK for the first time.

That’s a lot of cross-market communication campaigns. But, despite emerging technologies helping business bridge borders more easily than ever before, they’re still being held back by language barriers – to the tune of almost £50bn per year in the UK.

In this age of instantaneous tech, a lack of language skills is still putting global business success on mute. How can marketers avoid getting lost in translation?

Find out here.

Today in Global Small Business: Keep the Bicycle Moving Because Trade Is Still Contributing to Recovery and Growth

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What's affecting me, my clients, my colleagues and other global small business owners:

• No doubt it’s a tough time for global trade, battered by supply chain issues and geopolitical concerns. But there’s a useful metaphor to help navigate our way through these challenges: Keep the bicycle moving.
• Expand into foreign markets and increase e-commerce sales.
• Is English the true language of startups?
• Quote of the week: "You have chosen the wrong path if it's not fun. And you are probably not taking enough risk if it's not hard and rocky sometimes" – Marc Russell Benioff
• The importance of cross-cultural communication in global business.
• Discover why creativity is a big driver to global business success.

Today in Global Small Business: What Do SMEs Worldwide Think?

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What's affecting me, my clients, my colleagues and other global small business owners:

• Five (5) basic elements of a global social media plan; webinar 2/1 by IBM digital marketing and commerce expert Melisa Hinojosa (the cool part of the deal -- it's no charge).
• Why you should be strategic in your international expansion plans.
• What factors have the biggest impact on SMEs' businesses?  Find out what other SMEs worldwide think and get tips and insights that could help drive the success of your business. 
• If e-commerce is growing, why is Wal-Mart laying off e-commerce employees?
• Can you keep up with Chinese global e-commerce customers?
• USA President Trump's protectionist measures and the risk of trade wars.

Key to Global Business Success? Build Friendships.

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Invest your liver's time.  Do karaoke.  Build friendships.  What do all three have in common?  It's Martin Graham's list of what brings you success in Russia.  Graham runs a wealth management fund -- Oracle Capital Group -- that owns a karaoke club in London.  Karaoke is not very popular in the UK, but Oracle Capital Group is focused on Eastern Europe's new rich, and Graham's Russian clients love it.

Graham says, "We believe in solutions rather than just selling products to people."  He claims it is about "just building friendships.  You also have to be able to do karaoke quite well."

Read the interview here which has been edited for length and clarity. Here's a snippet on one of the questions:

Q:  What's the secret to successfully managing people in Russia?

A:  It is the same as everywhere. It is about communication, clarity around objectives, proper delegation of authority. You need to give people responsibility. They need coaching. It does not happen overnight. The default mechanism is 'oh, I need to check with my boss.' But the principles are the same.

Related article:  How to Enter the Russian B2B Market