Navigating challenges working globally from the UK
When business is conducted globally, there are always some challenges a company will face on different markets. However, international business is a worthy endeavour, and this blog article will explore the main challenges FastNetMon (a Share member of the Council), as a UK macro-company has encountered and overcome over the last 6 years as it has expanded its global client base.
FastNetMon - who are we?
FastNetMon is a team of enthusiastic professionals working in the network security area. The company was founded in 2016 in London and operates around the world, protecting businesses from cyber threats. Our mission is to deliver a versatile DDoS (Distributed Denial-of-Service) detection tool which can be used by companies of any scale to protect their networks.
Establishing a global network
The main challenge to be emphasised when working globally is the importance of understanding local nuances such as language, culture and the way business is conducted. To overcome this, we in FastNetMon have established a wide network of partners who represent the product in select markets, assisting us in overcoming language barriers and facilitating communication with customers. Additionally, the diverse society found in the UK helps us to tap into a wealth of knowledge by consulting representatives from various languages and cultures.
Adapting to complexity
Operating on a global scale also requires a deep understanding of foreign policies, geopolitics, and international relations. Complying with local tax regulations and fulfilling complex documentation requirements for cross-border processes are equally vital in conducting business worldwide. Additionally, swift adaptation to local crises is imperative, as is closely monitoring fluctuations in currency exchange rates. Our experience in working with Brazil serves as a good example of this, where a significant depreciation in the Brazilian currency forced us to react quickly and adjust our prices to maintain affordability for Brazilian companies.
Understanding local markets
Crafting a price strategy and competing with local companies presents its own set of intricacies when conducting international business. Familiarity with the key players in the market, understanding their strengths, and comprehending why they enjoy popularity are essential factors. Identifying the unique features that we can offer customers in a new market, differentiating ourselves from the established players, is important when looking to win new clients.
Setting up a business in the UK
Basing a business in the UK has a lot of advantages as the country offers robust legal protection and business support, as exemplified by the government's assistance during the COVID-19 pandemic, or access to the government's incubators for young businesses. At the same time if a business is located in the UK, additional expenses to support the operations and employees must be considered as the UK may be relatively costly in terms of office rent and staff expenditures. Striking a balance between covering these expenses and maintaining competitive pricing is vital for expansion into different countries.
Tax considerations for UK businesses
Additionally, grappling with the intricacies of GDPR implementation and taxation adds another layer of complexity. The UK's tax system is multifaceted, comprising various regulations and laws that demand a comprehensive understanding to fulfil all necessary tax obligations. Following Brexit, tax regulations have become even more intricate, especially when selling products to individuals.
The importance of diversity in cybersecurity
The scarcity of cybersecurity specialists in the UK job market, particularly those well-versed in network security and DDoS defence techniques, poses yet another challenge. At FastNetMon, we acknowledge the importance of bridging this skills gap and promoting diversity within the field. The company is led by a female CEO and we understand the value of diversity in the cybersecurity industry, as embracing diverse mindsets brings forth a variety of approaches and innovative solutions to the table.
A safer digital world
Despite the obstacles discussed in this blog, FastNetMon remains resolute in our commitment to providing robust solutions for detecting and mitigating DDoS attacks. We are dedicated to making a tangible difference in building a safer digital world. You can find out more about FastNetMon’s projects and mission on our website.