How to Take Your Company Global?
Taking your company global is a good idea for everyone who thinks about expanding their company’s current potential. This means getting access to new markets, a new talent pool and a whole new level of expansion options. However, making a global business is a difficult task. There are new contacts to make, new logistical issues to resolve and a whole new portion of the supply chain to coordinate. So, how do you take your company global? Well, there are several things you could do that would surely help you out in this regard. Here are six of them.
1. Look for local support
In order to take your company global, you might have to register in every single country where you plan to establish a headquarters. What this means is that you will have to find a registered agent in each of these states/countries but also seek local support otherwise. You see, in order to figure out the way in which local rules and regulations work, you might have to consult local legal experts. All in all, without local support you won’t get very far but even the quality of local support makes all the difference in the world. Overall, you can’t have global expansion without reliable allies.
2. Develop a culturally sensitive approach
Before you become present on a foreign market, make sure that you do the research on the local culture. First, make sure that your product won’t encounter any type of regional prohibitions. For instance, alcohol is banned in some Middle-eastern countries, which is why trying to market your alcoholic beverage there might be at an impasse. Also, your global marketing campaign might have to undergo some tweaks in order not to offend people of certain regions. Be very careful that your marketing efforts don’t cause a backlash.
3. Update your website
The next thing you want is to present your staff as diverse and you want local representation on crucial functions. This way, you’re sending a clear message that they’re not just another market. According to experts in corporate photography from Melbourne, updating your About Us page with headshots of your staff members could make a world of difference in this regard. Other than this, it’s essential that your website has versions in all relevant target languages. This way, you would access even those parts of the market that struggle with the English language.
4. International supply chain
The biggest concern in taking your business global is definitely the issue of your global supply chain. Here, it’s probably best to use a professional freighting agency, rather than try to pull it all off on your own. Customs offices and custom laws usually require a ton of paperwork, as well as networks in channels in which you might not be well-represented. By outsourcing such a major infrastructural aspect of your business, you’re making its business model somewhat simple. Running an international business is difficult as it is. This way, it will get slightly simpler.
5. Adjust pricing and payments
One of the biggest challenges that you’ll have to face is the ones regarding the pricing and payments of your products abroad. While it may seem like having different prices for the same product is unfair, this is a common practice exercised even by some of the world’s largest corporations. The Big Mac Index, which is the unofficial purchasing power parity index, indicates just that. Also, shipping products across the world adds to your total costs, which is why it would be unwise not to take this into account. After all, you are trying to make a profit.
6. Start hiring
Hiring competent local staff will also be a major challenge and the simplest way to overcome it would be to hire a local recruitment agency. Keep in mind that before you commit to making a local branch, you need to study local hiring law, in-depth. This way, you can avoid potential logistical issues that you would face otherwise. Also, hiring a local manager could be quite helpful but picking the right person for the job is not easy. It’s the most efficient to have them over for a couple of months for training and in order to really get to know them.
The biggest problem with expansion lies in the fact that it’s not linear but exponential. This means that when you decide to access new markets, you will have substantially more paperwork and administrative issues to deal with. Other than this, the likelihood of error and the dispersion of your staff will become much higher. From the administrative standpoint, it will be quite difficult to control it all. So, the key thing lies in giving your branches more autonomy. Before you can do this, nonetheless, it’s vital that you have people you can trust in these positions. As always, outsourcing is your ace in the sleeve.