Culture is defined as the set of values, beliefs and attitudes that are taught to a group. Cultural difference refers only to the variations in the behavior, value, and belief. Globalization has made it possible for cultures to differ from one another. The internet technology allows you to learn about other cultures and conduct business.

Companies are able to access the global market by expanding their businesses across borders. Companies can also benefit from cross-cultural and multinational teams that offer new and insightful ways to solve business problems. But global businesses can also face cultural and business challenges. The concept of international business requires that you consider many things. These include culture, economy and social status as well as income and religion. Communication, workplace etiquette, organizational hierarchy and organization hierarchy are three of the most crucial aspects to business. Our business function will operate out of there so an employee assigned will be responsible for the work. Communication is difficult because of language barriers. Managers and employees from Bangladesh need to be proficient in English speaking and grammar. Nonverbal communication is also important for communication. English people can be very reserved, which can lead people to mistakenly believe that they are moody. In reality, they are extremely friendly with foreigners and are helpful. Although Bangladeshis are friendly, they are not comfortable speaking English. Bangladeshi people greet each others with Salam. English people greet eachother with good mornings, smiles and hellos. At social or business events, shake hands. When you leave, shake hands once more. You should not hold your hand too tightly. A tight handshake indicates a very unhygienic society. Bangladeshis don’t observe any rules. Coworker relationships between males and females must be kept at a distance in Bangladesh. However, they should speak in a formal manner. English love this kind of relationship. The British are not fond of this type of behavior. English people use the appropriate titles and last name until you are asked by British hosts to change your first name. Bangladeshis refer to their bosses by calling them sir/madam. The British love a little privacy. Do not place your arm or hand on another person’s shoulder. It is quite normal for Bangladeshis to place their arms on the shoulders of others. British people consider staring at another a crime, while Bangladeshi people are curious about others. These are just a few of the cultural differences.

Another important issue is workplace etiquette. Great Britain’s business people are punctual and always on time. But the culture of Bangladesh’s corporate world is very different. People in Bangladesh are hardworking. Meetings need to be set up well in advanced. Meetings should have a specific objective like making a decision, creating a plan. Etc. British business owners set clear goals and work to achieve them. It is important to present your ideas clearly and accurately.

British culture places the Board of Directors at the center of decision making in companies. The hierarchy must approve every business function. Decision making is therefore slow. Business organizations are multi-layered. They have a vertical hierarchy of command. Larger companies have a network formal and informal of committees. Individual initiative is preferable to group consensus.

England is an industrialized country with a strong trade infrastructure. Since the time of colonization, trade was the largest factor in England’s economy.

England was ranked 10th globally in terms of exports in 2009, with a total figure of $351.3Billion. Even though the figure dropped from $466.3 million in 2008 to $351.3 billion, exports still had a positive impact on the economy.

England’s most exported commodities include: Manufactured products, Fuels Chemicals, Foods, Beverages, Tobacco, and Chemicals.

The United States, Germany, France, Spain, the Netherlands, France and Ireland are major export partners.

In 2009, imports were $473.6 billion. This is compared to $639.3 million in 2008. England was 7th in import volume.

These commodities dominate England’s imports of goods: Machinery, fuels, food and machinery.

The major partners of England in import are the United States, China, Netherlands and France.

Many economists expected that British would collapse upon the UK leaving the European Union. Forbes reports that their pound rate increased by 9% over the dollar. Their GDP rises by 1.8% in 2016. Their GDP grew by 1.8 % in 2016. U.K. companies hold off investing in order to study the effects of Brexit on trade relations. While growth is expected slow in 2018, Britain’s attractive business climate will not change. Forbes’ 12th annual survey ranked the U.K. as the Best Country for Business. Numerous large corporations have made investments in the United Kingdom to create a hub for Europe. The UK is a destination for international companies who want to be a part of the global economy.

To access existing or new customers

develop new products

Find new suppliers/partners

Do more business abroad.

UK-based companies can reach over 500 million European customers. Because it is free, there are no fees for transferring inventory through the UK.

The UK’s workforce is more than 30,000,000. This makes it the 2nd-largest in the EU. The UK boasts:

Strong skills are essential for a strong workforce

a flexible labor market

Employee protection regulations

The “flexible labor law” in England allows companies to hire staff according to their business needs. Low employer social security contributions make the UK’s labor costs the lowest in Western Europe. The UK has a lower overall labor cost than other countries like France, Ireland and the Netherlands.

A Department of International Trade existed in England. It was managed by the government and provided free services for foreign investors to help them establish businesses in England. This assistance includes:

Identifying market opportunities in Europe/UK

Access and introductions to people who are right for you

Setting up in Britain

Market research

The best place to live

Tax advice

After you have established yourself in the UK, continue to receive government support

Application for visas to enter the UK

Finding staff

support for entrepreneurs

The UK’s transportation system is very efficient and will allow inventory to be moved from one country to the next. England already has Europe’s 2nd biggest port, Europe’s largest air transportation system, and Europe’s most developed rail network.

Management and cross-border communications

Some areas of business, however, will likely be affected in different ways, particularly by changes/ divergence to existing trade rules.

Examining contracts

While it’s not clear how the UK will trade with the EU in the future, there is contingency

Planning legal issues in contract reviews is a good idea. This will help you to manage and identify risk.

Review of strategic contracts that are dependent on UK trade. Pricing mechanisms in place that assume no tariffs or quotas.

Examining any contractual terms that might be triggered (against your) due to the UK leaving the EU (including market volatilities).

Contract terms that might need to be changed due to the UK’s exit from EU should be reviewed. This should be considered when evaluating new arrangements or tenders.

The UK will be exempted from the EU’s competition laws, which cover three major areas: merger control and anti-competitive agreements, as well as state aid. Independent from EU competition law, British companies will have to adhere to their own competition laws.

michaellang

Michael Lang is a 33-year-old professor and blogger who is passionate about writing. He has been blogging for over 7 years and has written for various online publications. Michael is also a seasoned professor who has taught at the college level for over a decade. He is currently a professor of English at a community college in the Midwest.