As the world changes…
In response to the ongoing challenges of servicing our clients worldwide, Projects RH is expanding our global presence. In 2023, we established a business in the Americas to better serve our growing client base located outside of Australia, especially since the Covid pandemic. We are now excited to announce the establishment of our newest branch in Hong Kong, which is famously known as Asia’s World City. With our expanding network, Projects RH is better positioned than ever to address the needs of our valued clients wherever they may be located.
I have long believed that China will seek to maintain a buffer between itself and the west. The logical buffer is Hong Kong.
For those in North Asia, Hong Kong remains the financial center. As our business connects good projects with money by explaining their stories, being in Hong Kong is a logical choice. Hong Kong upholds the rule of law and is a safe place to be.
Established in 2017, Projects RH had to look internationally for opportunities at the beginning of Covid-19, as the sources of our work in Sydney and across Australia quickly went into a state of procrastination mode. Ironically, in many other markets, idea people and investors began to seek out opportunities, and the linking of good projects with smart money through communication strategies became the norm. They realized the need to utilize online services.
Seeing the need
Since Covid-19 change our world for ever we have seen the growth and importance of almost free telecommunications and news flow. WhatsApp & We Chat coupled with Zoom and Teams have seen the virtual world become one. Fortunately for projects RH, our team are flexible when they work which allows us to cover many time zones. For example, it is Sunday here in Hong Kong at 10:30 this morning. I was talking with our lead CPA based in the United States and it was 9:30 PM on Saturday night. Like so many professionals enjoying quality work he is willing to put in the extra yards to make sure he too conserves global base. It is somewhat ironic that we’re both working under Mongolian mineral project for a young entrepreneur from New York who is being financed by consortium out of Singapore. Our role is to provide the financial model and information memorandum so that the analysts have an independent source of truth.
The need we see is quality information being prepared on a global basis to allow the common language of money, accounting, to provide cool information to facilitate any investment. Naturally there is a lot more needed then in accounting interpretation and the young entrepreneur has found production data and resource data plus a good translator who has turned local accounting into English. We have seen yet another country who has adopted international accounting standards benefit from harmonization of going global.
The global view
Increasing the information we receive, whether we like it or not, is global. Every morning when I wake up, I cannot help but notice my phone providing me with both local and international news based on what Mr. Google thinks I should know. I guess he has a good history of knowing what I look at and using AI to determine what I would like to view. After this brief review of the world, I listen to ABC Australia World News and then read the highlights of The Australian, Australian Financial Review, the South China Morning Post, the Straits Times, and my daily update from The Economist. This feeds me with data wherever I am, and at the negligible cost of listening to the printed version of almost any newspaper while reading. Our world has changed; we need to keep up with it.
This rapid information flow impacts our clients, and at Projects RH, we need to be prepared to adjust our day. While the World Series and Super Bowl are well-known, soccer remains the most watched sport in the world (3.5 billion fans) . In Cali, Colombia, and Beijing, we’ve halted business meetings and dinners to focus on football (soccer) games. Remember, people do business with people, and it’s a great opportunity to demonstrate our humanity.
The need we see is for quality information to be prepared on a global basis, allowing for the common language of money and accounting to provide cold information to facilitate investment. Naturally, there is much more needed than just accounting interpretation; the young entrepreneur has discovered production and resource data, as well as a capable translator who has converted local accounting information into English. We have observed more countries adopting international accounting standards and reaping the benefits of going global.
Global brands and global pricing
Yesterday Carmenza and I had the pleasure of our son joining us from Singapore. We went to the Apple Store to look for a new iPhone. I particularly wanted to get an iPhone in Hong Kong because they have dual SIM cards. I knew that the EU directive requiring Apple to have a USB2 power port was not only operational in the EU but also that Apple had decided to make only one model for the world which complied with the EU requirement. I was surprised that the model of the Apple 15 with twin SIM card readers was only available in Hong Kong to meet local rules, while the rest of the machine was designed to meet global standards. I guess it is like Projects RH, where we have templates to meet the rules for all the jurisdictions we operate in.
Next on our shopping trip, I needed a reasonably priced coffee plunger, something I did not pack in my luggage. We quickly found IKEA, which has a global pricing policy, so the price we were asked for was pretty much the same as what we’d expect in Sydney or Singapore.
Yet, although our world may be shrinking, I will buy my Australian-made vitamins back in Australia after seeing the prices they go for across Hong Kong!
Global food
It continues to surprise me to see the global fast-food operations in nearly every country we go to. While I am not a fan, everywhere we go we see McDonald’s and KFC, but we are also seeing the growth of lesser-known brands such as Paul’s, a place we can be found eating at in Singapore, Panama City, or Vancouver. Paul’s is currently in 47 countries.
Major hotels seem to cope well with their alternatives – one of my team had congee for breakfast, chicken salad for lunch, and steak with three vegetables for dinner. They are really global staples.
The new conversation line – points and discounts
Globally, people are seeking loyalty rewards, expressed through convertible points, products, services, and discounts. This now influences the credit cards we use and where we get our coffee. Major banks, airlines and business credit cards all compete for business. However, it is now a critical discussion and impacts what we do. While the outcomes may vary, the process for choosing which ultra credit card or airline to use remains the same: what’s in it for me?
Sticking to the knitting
At Projects RH, we have a clear mission with our clients. We are not trying to be all things to all people, and as one of the parties who funds our clients in their early stages remarked, some of our clients feel that they outgrow us. We must always be looking for new clients in the same way that a journalist looks for new stories. In our case, Projects RH needs to look for new clients where we can also add further value. One area where we can add value is to speak with investors who we know have invested in similar areas and ask what currently motivates them to invest. Secondly, we need to know where Projects RH has in-house expertise and experience so that we can best serve ourselves and our clients. Examples include copper projects, medical research, AI technology, and renewable energy. There is no “learning” curve or time delay.
We have recently reviewed our processes, and one of the key delays is in team building industry knowledge.
Think globally and act locally
Given what Project RH does in building financial models, information memorandums, pitch decks, and teasers, is for the global investor market, it is imperative that we have a global reach to capitalize on the opportunities available to us. This necessitates the establishment of a presence of Projects RH in various global markets. Our early focus was on Australia and South America. Then, this led us to project managers in Asia plus North and Central America.
Our services are global in nature, and it is essential that we operate in financial and industrial hubs such as Sydney, Hong Kong, Panama, Colombia, Miami, and Vancouver. This year, we plan to expand our reach even further.
We are grateful for the support of fundraising firms like Pan Ocean Advisory Group (POAG), who have introduced us to an international network of clients which need our services before than can fully engage with POAG. We have expanded our teams in Sydney, Hong Kong, and Florida to meet the demand.
Like our clients and their investors, we must think globally and act locally. This requires commitment from the Projects RH team, who must be willing to work odd hours. However, the variety of work and the opportunities it presents make it all worthwhile.
Are you and/or your business planning on going global? How would you go about it?
By Paul Raftery, CEO of Projects RH and based in Sydney. We are happy to receive questions of comments at paulraftery@projectsrh.com
