cultural gap

Firms look Overseas to Escape Slump

Almost 40 per cent of UK businesses are planning to expand in the next year by trading abroad, according to HSBC Commercial Bank. However, the HSBC survey also revealed that firms are put off trading overseas by barriers such as a lack of experience of foreign trade, the cultural gap between themselves and foreign traders, and language differences. Head of commercial banking Steve Bottomley said: “As markets in the UK become more challenging or the cost of supplies, services and skills become more expensive, an increasing number of businesses will consider overseas operations in order to run their own business in the most cost–effective and successful way possible,” “It is vital to take advice on all elements of trading to ensure that logistically the operation is v... »