8 REASONS TO EXPAND INTERNATIONALLY IN 2020 Show Have you been considering taking your business global? 1 INCREASE REVENUE POTENTIAL When businesses have exhausted growth opportunities at home, they turn to global expansion to help grow their business. For many companies, international expansion offers a chance to explore markets and gain access to millions of customers, thus increasing sales. 2.ENTRY TO NEW MARKETS2 ENTRY TO NEW MARKETS Once your company has been successful in your home country, it’s time to look at markets overseas. However, before you enter the new market, it’s vital to do research. Whether it’s looking at emerging markets in South America, advanced technology hubs in Asia or exploring developed markets in Europe, each region offers plenty of opportunities for expansion success. 3.NEW CUSTOMER BASE3 NEW CUSTOMER BASE Another benefit of expanding abroad is that it gives the opportunity to not only sell your current product or service to a new customer base but also to invest and introduce new products/services. With a much broader customer base, you can generate more business and increase sales. 4.EXPANSION ALLOWS YOU TO DIVERSIFY4 EXPANSION ALLOWS YOU TO DIVERSIFY Keeping your business in the home market can limit potential for profit. One of the downsides companies face when they operate in only one country is the exposure to market changes. Taking your business international allows you the opportunity to diversify your markets, so your revenue is more stable. If your domestic market is slowing down, having the advantage of a global market will help cushion the company during slower economic times. 5.GREATER ACCESS TO TALENT5 GREATER ACCESS TO TALENT Another excellent benefit of taking your business global is that you get access to a much greater pool of talent. Hiring international talent can bring many advantages including advanced language skills and diverse educational backgrounds. In addition, expanding globally also allows companies to employ local workers who have the expertise to communicate and serve your clients (within the same time zone) without any complications. 6.GAIN COMPETITIVE ADVANTAGE6 GAIN COMPETITIVE ADVANTAGE Go to market before your competitors do. Expanding abroad allows you to get out of a saturated market. Expanding abroad gives you access to new customers and in a market where your competitors do not operate. 7.IMPROVE YOUR COMPANY'S REPUTATION7 IMPROVE YOUR COMPANY'S REPUTATION One of the reasons why businesses expand globally is to be able to provide a reliable service to their international clients. A good global reputation will attract new customers. Expanding abroad allows a company to build name brand recognition and establish credibility internationally. 8.COST SAVINGS8 COST SAVINGS By setting up in a new country, a business will be able to lower their operational costs and save money. Many companies have found its advantageous to move some of their manufacturing operations to other markets due to cheaper labour costs and more affordable talent. When considering expanding internationally, many businesses think that the only way to achieve their global goal is by setting up their own entity in a foreign country. It is true that if a company is building
infrastructure and has set long-term plans for the country, then establishing an entity may well be the best solution. CONTACT US TO FIND OUT HOW WE CAN WORK TOGETHER What is the easiest way to expand into the global market?The easiest way for an affordable global business expansion is to acquire or partner up with a smaller business that already has local presence. This gives you instant market entry, inside knowledge of the target market and experienced quality staff.
What are the 4 motives for a company expanding internationally?5 good reasons to expand internationally. Increase your turnover. Going international is an excellent opportunity to reduce your risks and increase your revenues. ... . Expand your customer portfolio. ... . Improve your brand image. ... . Better access to local talent. ... . Competitive advantage.. What are the steps to expand a business to the international market?Looking At TAM And SAM. ... . Customizing Your Offer To The Market. ... . Considering Cultural Differences. ... . Hiring An International Team. ... . Researching The Country's Language Knowledge. ... . Being Available Across Time Zones. ... . Knowing The Product Value To International Countries. ... . Understanding Customs, Culture And Desires.. What are the 5 steps of determining where a company should expand internationally?Five Steps to Successful Global Expansion. Develop a Clear Business Justification and Strategy. ... . Work with in-country experts (ICE) to avoid costly mistakes. ... . Determine budget and time required for hiring overseas. ... . Know the culture of the country you are entering. ... . Know the cost of establishing AND terminating operations.. |