Global Expansion Could be Future for Small Businesses
2024-02-04 – BE&O A&B
As the world becomes more connected, small business owners should look for ways to expand their reach overseas to find new customers.
According to Courtney Kincaid, President and CEO of the Indiana CPA Society, global expansion is now easier than ever. She says studies show businesses are more successful in the long term when they spread their reach to new countries and markets.
While Kincaid reminds business owners not to limit themselves, she stresses the importance of understanding nuanced issues like currency exchanges, foreign tax laws, financial reporting frameworks, and more.
Kincaid says it is essential to have the right CPA working with your business to stay out of any potential legal issues in a foreign country. Specifically, regarding tax compliance laws, Kincaid says the fines and fees can be heavier than they are in America.
When considering global expansion, Kincaid warns business owners to be selective about which markets they operate in and consider the costs.