Is it time for your business to expand on a globally competitive level? Growing at a rate that’s taking you beyond U.S. shores is a great problem to have, but if you’re contemplating making that jump, you need to prepare properly. Read on for some tips and resources that will ensure you move forward in a healthy and secure manner.
Practice Due Diligence
Transitioning to the worldwide marketplace is a powerful and profitable step, but you must go about it the right way. These resources help to ensure you have the financial and legal arrangements you need:
- Weigh the pros and cons of setting up a foreign subsidiary.
- Cybersecurity compliance should be weighed heavily in your planning.
- Determine what payroll model will best fit your overseas employees.
- Take steps to minimize your tax liability at home and abroad.
- Explore the steps involved with funding your global expansion.
Cover the Daily Grind
Your financial and legal matters provide you with a solid foundation. Next, determine how you’ll manage the logistics of your expanded operations.
- Think through your global supply chain.
- Consider the benefits of outsourcing in your supply chain.
- Explore your freight options.
- Optimize the overall shipping process.
Consider Your Customers
Developing a sound customer base for your new expansion ensures success, right off the bat. A little research will go a long way towards a strong start.
- One of the first things you should do is identify your target markets.
- Keep in mind that cultural differences can affect your branding.
- Look into what marketing strategies are working for other companies.
- Consider sustainability when optimizing the economic, environmental, and social needs of a business.
Level Up Your Education
They say the more you learn, the more you know. That definitely applies to global expansion, so consider adding a course or two to your preparatory measures.
- Consider applying for Harvard’s online Global Business course for a more in-depth understanding of how political and economic decisions affect the global market.
- For a better handle on day-to-day matters, Georgetown offers a course in Global Business in Practice through EdX.
- Podcasts can help fill in knowledge gaps and keep you abreast of shifts in the global business world.
Expanding your business to an international level is something to be proud of, but it also requires serious scrutiny. Confirm your legal and financial moves, consider the logistics of your supply chain, identify marketing best practices, and top things off with some educational material. Thanks to your careful planning, you’ll ensure success both at home and abroad.
Author: Burt Sims at firstname.lastname@example.org