International Business Expansion Strategy for Growth Oriented Companies
It is highly consequential to tap as many markets as possible before a product reaches its saturation point. We can extend the life cycle of a product/service if we can get access to diverse markets, talents, and fresh revenue streams. To survive long and maximize profits, it has now become a mandate for growth-oriented organizations to expand globally.
It is evident that international business expansion puts you on the brighter side giving you an edge over your competitors, but the same can leave you between a rock and a hard place if you don’t have a proper strategy for expanding overseas.
The intention of this article is to help you form a robust international business expansion strategy.
Start with a dedicated team
Form a dedicated team to develop, enhance and implement the strategies. Because going global is a very big thing and it adds great value to your organization if you target it right. A team of committed individuals can achieve almost anything if given proper direction.
Perfect the product/service
Companies that expanded internationally did not enter the market without a complete product/service. Quality is the biggest promotion, if you perfect the product, you need not spend much on marketing activities.
Test, alter, and tailor
You need to find ways to test the product/service in target environments so that you can alter your product and offer customized solutions. The best dress is the one that best fits!
Study the market and become a local
You must be very cautious about brand positioning when you try to enter foreign markets. In order to succeed locally, you need to tweak your product as per the targeted regions. Ask your team of experts to conduct in-depth research on the target market and decide on brand positioning.
Choose between physical entity and cloud SaaS
Establishing a foreign entity is a lengthy process, it takes several months to source logistics, licensing, bank accounts, tax registration, and other statutory documents. Above everything, you need approvals from various local governing bodies. It is wise to test the market before establishing a physical entity as one simple mistake can cost you abundance. You can think of minimizing the risk factor by choosing cloud SaaS platforms for your overseas expansion.
Data and legal compliances
It is very crucial to study and understand all the local laws that govern your business operations, such as taxes, licenses, employment regulations, data protection, etc. You can overcome the challenges related to compliance by seeking suggestions from local experts or you can partner with a PEO/EOR platform that takes care of onboarding, payroll, benefits, and compliance.
Tweak your hiring strategies
Go light when you go global, hire people from your targeted countries without setting up an office. Most companies that expanded internationally prefer hiring remote talent, and partnering with different PEO/EOR companies.
Collaborate and celebrate
Collaborating with global partners will minimize risk factors and give you a sense of assurance. It is always good to have partners, whose local presence should help you enter the market without much hassle. Collaborate with in-country employers and get access to a diverse pool of talent and let them handle challenges related to operations/compliance. Here are the benefits of partnering with an efficient international hiring and payroll company –
- Quick access to foreign markets
- Diverse culture, zero skill gaps
- Assured 100% compliance and risk-free operations
- Vetted talents
- Complete HR cycle
- Technological advantages
All you need is a good international business expansion strategy in place
There are many benefits of international business expansion, building your reputation across borders/boundaries, and getting access to more and more revenue streams. But make sure that you enter the market with a clear expansion strategy and a budget for at least three successive years. And be prepared to localize your product to generate more interest and achieve better results.
Accelerate your global business expansion plans with Global Squirrels, schedule a demo now to know more about our platform.