4 Simple Tips On Managing Your Offshore Company

By | January 9, 2018

There are have been a lot of articles and write-ups discussing incorporation and RAK offshore company formation. But more than the formation, managing and keeping the offshore company that you’ve built overseas is equally important. Without proper management, all the efforts exerted on forming your offshore brand will go to waste.

If you are one of the stockholders of some companies in DIFC Dubai, these simple management tips would help you manage your overseas team:

  • Set clear branch goals

 

The first thing that you need to do before you roll out your business operations overseas is to create a list of goals and objectives for each branch of the business. Having a set of goals would help your overseas team create a solid action plan to achieve the challenges that you set. Without an objective, your overseas team would be working blindly and without proper benchmark and guidance. Be sure to align the goals of the overseas branch to the overall business objectives of the company.

 

  • Designate team leaders

 

Since you will not be around to check the progress of your overseas branch personally, you need to assign trusted personnel to lead the group. These personnel could be someone from the HQ or a local employee that knows the ins and outs of business in the location. It would be best if you can have both to lead and take charge. Your team leaders would be your representative and middleman at the same time, so be sure they have the necessary skills to handle this kind of job.

 

  • Schedule regular updates

 

Like any other companies, updates are necessary to check the progress of the time. Since you are working with an overseas team, face-to-face meeting would be a challenge. The good news is, you can take advantage of the technology and do a video conference with prospective teams. Schedule a regular update session with team members. Try to meet half-way with the schedule, especially for businesses and teams residing in different time zones. Be straightforward and brief with the updates.

 

Ask the team leaders about the progress of their branch, challenges and problems they encountered, how was it resolved, and other concerns regarding the operation. Have them submit the minutes of the meeting to document the conversation and action plan.

 

  • Use a project management tool

 

Another technology that you can take advantage of is the project-management and time tracking tool. Business owners can see the progress of a project in real time and ask updates on specific tasks. There are a lot of project management tools or apps available for use. You just need to know what system would work best for your team.