TAKEAWAYS
As the Chapter Chairperson of ISCA, I am deeply honoured and eager to share my experiences and insights. In this role, I represent not only our organisation but also the interests and voices of a broad community of accountancy professionals.
As a professional accountant, my experience in conducting business overseas has enriched my career. Different countries have distinct accounting standards and business environments, which pose higher demands on us. In such situations, flexibility and continuous learning are crucial.
For example, in the Asian market, cultural and business practice differences are significant. I spent considerable time understanding local business customs and legal regulations. This not only helped me better adapt to the local working environment but also laid a solid foundation for the smooth operation of company business.
I was in Singapore for 10 years from 2007, having left China after getting my university degree. When I returned to the land of my birth in 2018, in the initial period at the workplace, I encountered a significant cultural difference that took me some time to understand and adapt to. One memorable experience was during a business meeting with local customers in China. I had prepared extensively, focusing on the business details and financial projections, and expecting a straightforward discussion. However, the meeting began with an elaborate tea ceremony, and the discussion was more about building personal relationships than diving into the business details. I realised that in China, establishing trust and a personal connection was a crucial step before any business discussion. This was quite different from my previous experiences in the Singapore businesscape, where meetings tended to be more direct and task-oriented. To adapt to the domestic work environment, I spent more time learning about the local culture, including the importance of patience and the subtle art of non-verbal communication. This investment in understanding and respect paid off, as it led to a strong partnership built on mutual respect and trust. This experience taught me the invaluable lesson of adapting to local customs and the importance of patience in business relationships.
Effective communication is paramount when dealing with cross-border teams. I recall a project where I was leading a team spread across different time zones, including members from the Philippines, India and Vietnam. The challenge was not only in coordinating meetings but also in ensuring that all team members felt included and heard, despite the geographical and cultural distances. One particular instance stood out. We were working on a tight deadline for a project, and there were misunderstandings arising from the different communication styles. To address this, I initiated a “virtual coffee break” session once a week. These informal video calls were designed to foster a sense of camaraderie and understanding among team members. We shared updates not just about work but also about our cultures, personal interests, and local news. Additionally, I implemented a clear and structured communication protocol. Important decisions and updates were documented and shared in a collaborative workspace accessible to all team members. These efforts significantly improved our communication and teamwork. By the end of the project, we had developed a seamless workflow that respected individual working hours and cultural differences. This experience reinforced the importance of fostering personal connections and implementing clear communication strategies in cross-border collaborations.
These anecdotes highlight the importance of cultural sensitivity and effective communication in international business. They have been invaluable in my role as Chapter Chairperson and have helped me guide others facing similar situations.
For professionals interested in entering overseas markets, I have the following suggestions:
1) Thorough market research
Before entering a new market, it is essential to conduct comprehensive market research. Understand the local economic environment, legal regulations, cultural customs, and market demands. This will help you formulate better entry strategies and avoid potential risks.
2) Building a network
Investing in networking is worthwhile. Attend local industry conferences and social events, and actively join professional organisations and their activities. These not only provide valuable information but also help you meet potential business partners.
3) Continuous learning and adaptability
The overseas market environment is ever-changing. Maintaining an open mindset and a continuous learning attitude is crucial. Constantly update your knowledge base and adapt to new business environments, which will keep you competitive.
4) Valuing local teams
The local team is your important support in the overseas market. Respect their culture and working methods, and motivate them. This will greatly enhance team efficiency and project success rates.
In today’s globalised world, the role of accountants extends beyond traditional financial reporting and auditing; we are also crucial supporters of corporate strategy. I hope my experiences and advice can help professionals who are keen to explore overseas markets.
As the Chapter Chairperson of ISCA, I feel a great sense of responsibility. Going forward, I will continue to strive to provide better service and support to our members, to promote the development and progress of the industry.
I look forward to growing and progressing together with everyone in our future endeavours.
Lynn Chen, CA (Singapore), is Chief Financial Officer, Scoreoneglobal Holding Limited, and Chairperson, ISCA Guangzhou Chapter.
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