Global Expansion: Why it should be on your horizon right now
Can you see the glittering lights at the end of the COIVID tunnel yet?
I can. Whilst some national economies are already roaring back as we embark on the bumpy road to recovery, many more countries are ready and willing to roll out the woolly welcome mat to any business considering setting up shop within their borders.
Benefits of International Business Expansion
There’s never been a better time to consider expanding internationally, especially as it offers business owners a number of BIG benefits.
- New revenue potential
- The ability to access more customers
- Greater access to talent
- Enhancing your corporate culture
- Exposure to foreign investment opportunities
- Improving your company’s reputation
- Diversifying markets and enhancing your security and stability
These are all attractive propositions, but for so many businesses there is still a huge element of complexity and fear about global expansion. There needn’t be. Today, sophisticated and streamlined global workforce management solutions make international expansion easier than ever before.
What is GEO and what are the benefits of utilising GEO solutions?
For example, one of the first decisions you’ll have to make is whether to hire new local staff in the country you’re setting up in. A hassle? Not when you utilise a GEO (Global Employment Outsourcing) solution. Particularly popular in Asia, it’s a comprehensive international solution that’s ideal for hiring employees abroad when you don’t have a branch or subsidiary in the foreign location.
The GEO structure utilizes ‘employers of record’ (EOR) in each country of employment – already set up and ready to onboard and payroll new employees. This streamlines the hiring process and ensures that employers are in compliance in the host country, where the GEO partner relies on their local partners and experts.
- tax administration
- Ensuring all employment contracts meet local standards
- Foreign exchange and in-country money movement
- Insurance, local laws and regulations
- Arranging work permits and visas for expat employees
Focus on the core business challenges of Global Expansion. Let CXC handle the rest!
For companies embarking on international expansion, a GEO/EOR arrangement streamlines the whole operation. Better still, workforce management specialists like CXC can handle everything for you. At a surprisingly modest fee.
With this bowling ball of complexity taken care of, you can then focus on the core business challenges of global expansion. For example:
Do your market research: Do your reading and research, and assemble comprehensive data-backed information on the different demographics within your new market. Look for trends to help you make informed decisions about marketing and sales, customer financing options and consumer preferences.
Start with small steps: Don’t let go of ambitious growth plans, but it’s often best to take measured, manageable steps first. Build your market knowledge and your confidence. In addition, establishing a new office may involve many logistical challenges, such as coordinating with remote employees, building work practices and a corporate culture and working across different time zones, so ‘hasten slowly’.
Hire wisely: If you only need a few employees in your new country, then you may simply consider sending some of your current employees there. Longer term however, you’ll want to hire locals. This is a better long-term solution for keeping your business up and running in that new country.
Understand local laws and culture: How professionals work, communicate, and interact can vary drastically across different cultures. Understanding how to adapt to accommodate diverse preferences is vital for fostering a happy and productive global workforce.