Global borders are becoming less relevant when it comes to doing business. With most of the world connected to the internet, organizations can do more than just dream about global expansion; they can do it. But daydreaming about satellite offices in key countries isn’t enough. Smart business owners should first research the countries that make the most sense for their organization.
Consider your business needs, purpose, and unique offering as you meet with your leadership team. Once you’ve plotted out what you have to offer to potential locations, it’s time to dig into what you have to gain. Consult top industry journals, leading business minds, and analyze market trends. Understand the global opportunity while learning where other leading organizations are growing as you consider what’s next for your company.
1. To Access Top Talent Across the Globe
There’s a war for talent underway, especially as workers are reframing what work means to them. Today, employees are shifting their goals from work-life balance to life-work balance, meaning your offer has to be compelling.
Expanding your operations globally can allow you to tap into a broader talent pool. But be aware that you’re not alone. Other employers are following suit, meaning your organization has to be among the best to recruit the best.
Getting the necessary paperwork organized, understanding international customs and expectations, and launching your recruiting efforts can be overwhelming. Consider partnering with a global payroll solution like Remote to streamline your efforts. When you use expert advisors to help you break into the international talent market, you can focus on your core business. Bring new talent into the fold with a dynamic onboarding program that celebrates what they offer to your organization.
2. To Diversify Your Business to Protect Against Market Fluctuations
A global presence means that your business can be nimble in the face of market change. Countries vary in their development and uptake of certain business sectors. Because of this, the areas you pursue can support your business growth efforts. If the domestic market for your primary offering is nearly tapped out, overseas markets can offer new horizons. As trends shift, your organization can rely less on your domestic presence, shifting your efforts toward overseas operations.
Everything your business requires — raw materials and supplies, talent, eager consumers — can be obtained more readily when you have global options. If you’re manufacturing a product, you can leverage pricing efficiencies and workforce costs as market forces dictate. Work with your management team to identify the what-if factors that your business will face. Create a plan on how you’ll respond to these changes so you’ll be ready no matter what.
3. To Gain Competitive Intelligence
While nurturing your existing client relationships is critical to long-term success, so is identifying growth opportunities. When you go global, you have the opportunity to gain competitive intelligence while immersing your business in a new environment. While you’re stateside, it can be hard to gauge the opportunity in new markets. When you’re on the ground, it’s easier to see clearly, gaining inspiration you wouldn’t otherwise have.
Commit to being open to new ideas as you undertake your expansion. Dedicate time to immersing yourself in the culture, learning about the new market you’ve entered and identifying opportunities. Resist the urge to allocate large amounts of resources to new endeavors right away. Take it slow, research each opportunity, and develop a plan to explore it while measuring your results over time.
4. To Improve Management Practices Thanks to Global Perspective
The pandemic forced many in-person organizations to shift to remote work arrangements. As a result, management teams had to learn fast how best to lead from afar.
While a baptism by fire isn’t the ideal training ground, it can quickly show leaders what’s important. The tradition in your company may have been to have daily stand-up meetings where teams review their goals for the day. While working remotely, such time-heavy commitments aren’t as easily managed, but that may not be a bad thing. You may discover those status updates can be accomplished in a more efficient way.
Remote teams often benefit from heads-down time where both technically minded and creative workers can focus for hours. Leaders and teams have learned to cut the proverbial fat from their “old-school” way of working. Instead, teams are shifting into a more efficient and employee-friendly model.
Using project management software like Trello or Asana, chat tools within your Microsoft suite, and cloud-based document management tools can improve collaboration. Adopting an asynchronous work model is considerate of team members based across the globe, making working across time zones easy.
The Human Benefits of Global Expansion
Not every strategic business move is only about the dollars earned. Sometimes, what you have to gain involves the “soft” capabilities that are essential for long-term success. Entering global markets, working with talent overseas, and learning more about your customers can round out your business.
When working with global talent, teams will discover other cultures, becoming more sensitive to others’ viewpoints and needs. Your organization can also learn more about global issues and perspectives, which can help you identify new opportunities. By expanding overseas, your organization can lead your industry, keeping its finger on the pulse of what’s to come.
