How to grow your business globally

Growth can only happen when you have a solid foundation. If you’re reading this, then chances are that you already have one, and you’re looking to spread your wings and fly your business to other parts of the world. How exciting.

As a business owner, it is crucial for you to understand the full impact of expanding overseas. While expansion is an exciting indicator of success, it can be a daunting and complex process. While there are bound to be small hiccups along the way, preparation and research will ensure your expansion goes as smoothly as possible.

We’ve put together 5 factors you need to think about if you’re expanding your business abroad.

The legal side of things

Preparing for a global initiative is a dynamic process and the legal side of things is no different. Each country will have different legal requirements and industry-specific regulations, so be prepared to take a deep dive into international sales laws or hire someone to do this for you. It can be overwhelming, but it needs to be done right.

·       Consider hiring a translator to overcome any language barriers (For example, what does your product name translate to in that country?)

·       Look into patents and trademarks to protect your products

·       Do you need any specific certificates?

·       Does your product need to be adapted to comply with regulations?

The Government website is a great hub of information that is regularly updated with all the information you need about regulations and requirements.

Analyse your market

Alongside the legalities, analysing how successful your product could be overseas is the most important step in expansion. By researching effectively, you can be sure that reward outweighs risk. If your business has the UK market tied up with a bow, that may not be the case around the world. Factors such as market trends, culture, and population all have an impact on how successful your business will be in that country.

·       Use research techniques like gap analysis and SWOT to help you build a picture of the local market and see how and where your offer fits in.

·       Which is the best logistics company?

·       What are realistic sales targets for the first 12 months?

Prepare your team

The readiness of your team is a key factor in the success of your business both at home and for new ventures. Always keep them in the loop and show your appreciation for their hard work as you’ve been initiating the expansion. It’s essential to consider how moving on to this next chapter will impact your current business activity and how you will cope with the added responsibilities.

·       Training new staff is important, but make sure to also familiarise them with your brand guidelines and values as a priority.

·       If staff are relocating, do everything you can to make their transition comfortable.

·       Send regular updates about the expansion and ask for feedback regularly.

Visit the space

If you have a shop, warehouse, or office space try to visit a few times to familiarise yourself with the area. If you can, introduce yourself to new staff, establish relationships with local businesses and build your network ahead of time.

Here are a few important questions you may have missed:

·       Where is the nearest medical centre?

·       Are there any open spaces nearby?

·       Where will customers/staff park?

·       Are the local amenities good?

·       What does the surrounding area look like?

Organisational readiness

Evaluate how ready your organisation is for the expansion before the launch. It’s a big step and everyone needs to be ready. Business model and budget are top of the list along with finances, HR, and payroll. Every business is different and it’s up to use as the owner to ensure your infrastructure is ready. If you already have enough on your plate, you may want to outsource to help ease the pressure.

·       Develop policies and procedures that are relevant to the expansion

·       Perform risk assessments and create a risk management plan

·       Do VAT, tax and customs charges need to be factored into your pricing strategy?

As always, the Moving Currency team are on hand to offer expert advice on currency and transactions. We help you get the most out of your money at the best rates possible. Simply get in touch to find out how we can help with your business expansion overseas.