A survey by McKinsey and Company found that more than 90 percent of businesses had effectively scaled their global businesses to a fully remote model without a major loss in productivity. Even further, those efforts were made without harming either client-service experience or employee experience.
Whether you’re already remote and want to scale your business, or you’re looking to take your in-office business to a global, remote one, it’s completely possible with the right global business solutions and efforts. What can you stand to gain, though? How can this help your business as a whole?
Luckily, we’re here to help you answer those questions. Read on to learn everything you need to know.
Adopt a Clear Strategy
The best way to adopt International Expansion is to plan for it from the beginning. That means developing a product that encourages you to expand into new environments and spaces. When you keep other users in mind, it’s going to be a lot easier later down the line.
Once you’re ready, it’s best to test your product in that target country before you launch fully. Don’t assume that just because your product is doing well domestically it’s going to do well overseas.
Take Advantage of Loose Connections
If you have associates in foreign markets — or know people who do — don’t be afraid to tug on those connections. Ask them to help you monitor new developments, maintain contacts with important stakeholders, and even identify new opportunities.
You can also hire a third-party service to do this for you. Once you’re ready to expand into that market fully, you can hire a professional to maintain that work for you full-time.
Regain, Reinvest, Repeat
Next, where are you going to invest? It’s best to start with a market that has low competition. This can help you free up extra revenue to reinvest domestically when the time is right, which will help you continue to gain market share.
Take this approach in moderation when you’re first starting, though. It can help you increase your equity while depending less on outside resources, so this technique is especially effective when funding and lending are scarce!
As time goes on, you’ll learn what does and doesn’t work for your business and you’ll be able to gain capital and invest more quickly, allowing you to expand at new speeds.
Partner With the Best
Before you start your global expansion strategies, it’s best to find a partner that can help you protect assets. Usually, your best bet will be best-in-class companies specializing in recognizing warning signs and understanding potential risks.
Whether it’s a local attorney, an advisor, or a global expansion company to take over your hiring and expanding process, trusting experts can help you avoid serious pain later down the line.
Things to Consider for International Expansion
If you’re not completely sure about whether or not your company is ready to expand, there are some things you can consider first. Here are a few of the best questions you can ask yourself:
- Can you abide by local tax and employment regulations?
- What marketing techniques would work for this area?
- What are the hiring laws for this market?
- Do you have all the logistics figured out?
- What’s the conversion rate?
- How is your quality assurance process going to work?
- Is the market economically and politically stable?
The further ahead you think for this expansion, the easier it’s going to be for you to stay ahead of the curve. Entering a new market can be a volatile time for your business (no matter how steady things may seem), and it’s important to prepare for everything that might lie ahead.
It’s also important to work with an expansion specialist who covers everything you need.
Employer of Record
This is where global expansion starts. Employer of Record is what allows you and your business to set up global remote teams so your brand can explore and test out new markets. It also prevents you from having to set up new entities abroad. A decent service is going to take care of:
- Labour contracts
- Local law compliance
- Paying taxes in international markets
- Payroll (and the currency conversions)
That employee still works for your company, and you’re in control of day-to-day responsibilities, but the company you partner with is simply going to take control of legal and financial responsibilities. That means easy hiring for you, and an almost unlimited talent pool to choose candidates from.
When you’re expanding into new markets, compliance is the most important thing to abide by. It’s going to ensure that you not only start out on a good foot within that market but also with the people inside of it.
Whether it’s tax laws or taking the time to get to know the local culture, it’s important to lead off on the right foot. The better you comply with local expectations, the more easily your product, service, or brand is going to be accepted into the local market.
Find Your Global Business Solutions Today
Now that we’ve gone over a few of the best basics, are you ready to begin implementing global business solutions of your own? Whether you’re just getting started or you’re looking to expand further into new markets, finding the right solutions for your business can get you there. Between fresh talent pools and new markets to enter, your business will only be better off for it.
If you’re looking for a service to help you get started, Bradford Jacobs can. Contact us today to book a consultation.