The financial crisis of the last few years has seen companies across a wide range of industries struggle to enjoy the same success as before, but those that have managed to survive continue to look for new ways to boost growth.
A rising number of companies have decided to capitalise on the economic prosperity being experienced in emerging markets across the globe – including Asia and Latin America – as US and eurozone markets remain stagnant.
But growing your business overseas can be an extremely daunting task – and is not one that should be underestimated. Read on for our guide on how to expand your operations to emerging markets and how doing so could be the best move you ever made.
Establish clear motives and do your research
Just because other businesses in your industry are expanding overseas does not mean the same move could be beneficial for you. It is vital to carry out extensive research before making the initial leap.
This includes working out how your products and services will fit into industries in your chosen marketplace, as well as whether or not such a move is a good or bad decision for your financial future.
Think big, but not too big
Having realistic aims is another thing to consider ahead of your expansion plans. And while having numerous objectives may seem like you are being cautious, it could actually cause confusion in the long term.
Start with one or two key goals for your company in an area of the foreign market – this will allow you to better manage your growth and easily evaluate your success.
Create a detailed plan of action
Ensure you know exactly how you plan to structure your company overseas – including which staff you will use to launch your foreign business and where the branch will be based. In addition, make sure determining the corporate identity is a first priority – as factors such as taking on new staff and creating a payroll cannot continue without it.
Know your budget limitations
Although you may think you know exactly how much establishing your business abroad will cost, it is likely that spending will be stretched in the future. For this reason, you must ensure that budgets for overseas spending are not set at unrealistically low levels, while having built-in contingencies for the unexpected is a must.
Do not be afraid to get help
It is best to purchase services from quality local providers when launching your firm overseas. Even if you are confident you have the best team, product or service, it is best to spend your initial time focusing on what is important.
This is why taking on an experienced international business services company that specialises in expansion could help you to implement and handle the day-to-day operations initially.
Have realistic expectations
Being aware that almost every aspect of your operations will be different when jetting off overseas means you have a more realistic approach and are unlikely to undermine the initial tasks that need to be carried out.
Keep in touch
Keep in touch with members of staff you have sent to launch your services overseas, a great way of doing so is through an international conference call with Buzz Conferencing. Utilising this technology makes it easier for companies to communicate with employees who are abroad and provides a more effect method of keeping in touch than via email.