Who Are You? (Who, Who?)
Who are you as a company? What do you bring to the equation in terms of corporate social responsibility? This is something you’ll want to think about before expanding into foreign markets.
Along with understanding foreign bureaucracies, tax structures, logistics – all the things a company needs to know to achieve success abroad - have you thought about what kind of corporate partner you want to be as you enter a foreign market?
Corporate social responsibility, or CSR, means different things to different people. For some companies it means philanthropy. For some it means protecting the environment. For others, it means having highly ethical business practices. For some, it is all of these.
What will your corporate social responsibility look like in foreign markets? And how will you know the locals will recognize and value it?
Generally speaking, it is a good idea to have strong practices laid out and understood company-wide when it comes to CSR. And this goes for work in foreign markets too. The last thing any company making a name for itself in a global economy wants is to be viewed poorly or receive bad press on how they operate when not under regulations or business protocols that exist in the U.S.
Know Before You Go
Knowing what is perceived as most important in terms of CSR in a foreign market is a good idea before going in. Is the country you are entering focused on the environment? Would it be a good idea to support local charity when you set up operations in a city or province? How can you assure local agencies and/or governments that you have ethical business practices?
Building relationships and partnerships in countries in which they seek to expand will help U.S. businesses understand what is needed for success in terms of corporate social responsibility. Experts in foreign market expansion at GetGlobal 2016 will help provide these important connections. Join us in Los Angeles in October to learn more about corporate social responsibility and how your company can succeed abroad at GetGlobal 2016.