Best Strategies for Scaling Your Business Into a Global Company
Studies have shown that almost three-quarters of businesses find it challenging to scale up in the long run. Any part of the process might be hard to understand, from resourcing to hiring, or even important local knowledge that can help you thrive. Do you know how to successfully engage with scaling your business in a way that helps you move forward?
Below we have collated some of the best strategies that you need to determine your global scale strategy. By the end of this article, you should be able to think about how your company looks among other global business services. Read on and learn all that you can about these important international business strategies.
What Does a Global Company Look Like?
Many companies are only local. They engage with people and businesses in their immediate area, be that city or country, to provide the service that they offer. If the local area needs that service, they can start to thrive and often wish to expand.
It is at this point that people must think globally. This could turn the company into a wide-reaching service that can provide to everyone. Or, it could still only do business with small, select areas, albeit in separate places around the world.
No matter the circumstances, most global expansions come with the same set of issues, and you need to be ready for them.
Why Have a Global Expansion Strategy?
A strategy such as this ensures that your company has clear ideas of how its expansion plan is going to go moving forward. It not only describes the steps of expansion but describes what to do if things occur faster or slower than expected.
This business plan should lay out the timeline for the project, as well as its budget and goals. If areas need extra talent or specific employees, you should describe them here too.
Such a plan is important because, while you may know what is happening, you may not always be on the project. You should have the ability to communicate what you are doing at every stage of the project and others should know what to expect next.
Steps to your Scaling Strategy
The following five steps should help you get on the road towards creating a solid strategy when it comes to scaling your company. It is not necessary to complete them all in this order, although there are benefits to doing so.
1. Set Goals
This step is not unique to the world of business scaling. Before you engage with any form of long-term business plan, you should set out goals for what you intend to see at the end of the process.
Doing this allows you to align your expectations with the company’s vision for the future. You can also keep looking back at the goals to check if you are on target and work out where to pivot.
2. Research the Market
An important part of the scaling process is knowing about the markets you are about to enter. It does not matter if they are country-wide or other local markets. You should understand that knowing your competition and local customer base can mean the difference between a hit and a miss.
Not only that, but you might need to know some of the nuances of local laws and regulations. If you are not used to a specific region’s rules, you could find yourself caught in a web of issues if you are not ready.
On top of this, you should look into the people in the area. What is the average level of education, and does it match what you need for your business? Will you need to hire from afar or can you hire from local sources?
3. Work Out Which Strategy Works for You
As you expand, it is not only the location you need to work out, but what it is that you are trying to accomplish in an expansion.
It could be that you are planning to export your services or goods to another location. If so, you need to think about the logistics of getting it there, and back if necessary.
If you are merging with a foreign business, you will have to enter the legal world of that other country. Mergers may have different legal requirements there, so ensure that you have all the advice you need.
The options are almost limitless.
4. Hire the Best Talent from Expansion Locations
When expanding to a new location, it is very important to ensure that you have people ready who are used to the new location’s quirks. These could be cultural differences or any number of other unique traits.
On top of that, work with recruiters in the new area to find the most talented people you can get. This will often save you money in the long run as these people will have better contacts in the local area, and be able to offer specific talent you need.
5. Always Watch Your New Market
You cannot safely expand and then ignore your new business. You must keep an eye on it to ensure that it does not act outside of your interests. Many companies’ franchises, for example, need eyes on them to ensure that they are toeing the company line.
On top of that, you should ensure that they remain profitable long-term. If that is not the case, you need to be ready to pivot them, or even pull the plug if necessary.
More on Scaling Your Business
Now that you know much more about scaling your business, you should be able to create a strategy to begin the process. Despite all the above, though, you may still have many questions. Lucky for you, we are specialists in the field of expansion and global hiring.
All you need to do is talk with us and we can help you understand your global business options. Our people are ready to help you wherever you need advice. So, call us up today and we can get started.