In 2010, our family vacationed in Paris, Italy, and London. We had a great time, especially visiting with our cousins in Italy. A few months after I got home, I received a parking ticket from Bologna, and a small speeding ticket from Rome. I never saw the parking ticket on my car during the pouring rain. In addition, contrary to my diligent efforts to drive under the speed limits (which were confusing), I possibly was picked up for speeding, driving on the wrong street, or something by a camera. I never saw the picture, but I was in Rome driving at that time. My visiting Italian friend was able to translate the ticket for me. Regardless, my wife had created a great vacation strategy.
Like vacationing, if you engage in, or plan to engage in international business transactions, it is important that you design and implement a strategy. Otherwise, many dollars, if not the whole venture, can be “lost in translation.”
With the current European slowdown, governments are finding ways to skim your profits. In Roger Russell’s article, Global governments are getting hungrier, Roger discusses the global sharing of information and how that is affecting how companies move revenue from one country to another.
Another victim of the global information sharing is the financial information sharing that the IRS is pushing. Don’t you remember the IRS obtaining Swiss Bank information? This is becoming commonplace. Businesses must find strategy experts to chart the strategic course in order to avoid double and triple taxation. If you are not one of those experts, at least know where to find help.
There is a quick fix on Tuesday, April 10. I am the local chapter President of the Association for Strategic Planning, Los Angeles. We are presenting Creating the Future from the Future. Speakers, Daniel Feiman and Ivan Rosenberg have designed strategies all over the world.
If you cannot make it, and you engage in international transactions, find a strategy expert who can navigate the waters for you.