Next week, the Mauve Group team will once again exhibit at the Going Global event in London Olympia, the global mobility and expansion arm of The Business Show.
We have a long-standing relationship with the show and once again look forward to meeting CEOs and business owners interested in expanding their operations into new markets. As always, our experts will be providing free advice, networking and demonstrating our service offering to show why Mauve is the best partner for your global operations.
This year’s event will be host to some notable speakers and familiar faces; the big name line-up includes Dragons’ Den stars Hilary De Vey and Jenny Campbell, PureGym founder Peter Roberts, entrepreneur and musician Levi Roots, TOWIE alumni & Hair Rehab founder Lauren Pope, and Bill Collison of Bill’s Restaurants amongst many more.
In anticipation of the event, this week we are reminding you of our 10-step checklist to growing your business globally; you can also find our webinar on the same topic archived in the Knowledge and Resource Centre.
For free tickets to next week’s Going Global Live, click here.
Take Your Business Global in 10 Easy Steps
As any business operating in 2017 is aware, the modern marketplace is global. The ability to trade and grow overseas offers strategic competitive advantage for any organisation looking to reduce their operational costs and expand their target markets. Perhaps your business has outgrown its foundations in your home market, or you have pinpointed an overseas market with a lucrative gap your product could fill. Whatever the reason, today, very few organisations can function to their full potential without moving beyond their domestic operations, and thus more are looking to global expansion.
- Decide Where You Want to Grow
The world is your oyster; where have you set your sights on? Consider your long-term business goals and choose the location that offers the best strategic advantage; whether in terms of profit, customer base or establishing regional hubs for operational purposes.
- Research Your Target Market
Become an expert on your chosen location and its current economic and socio-political conditions, competitors and customer base. Try to find out how locals do business through networking or consulting local partners.
- Look at your Business Now- Can You Afford the Operational Impact?
Nobody should jump headfirst into setting up overseas without first weighing up whether their core business is strong enough to absorb the impact of moving into a new market. Audit your business as it stands today alongside its performance in your home market; consider how cost, operations and timeframe implications of global expansion might initially detract from your core business, and look for a contingency plan if so.
- Consider Timescales
The timescales for your overseas set-up will vary depending on the location and route you choose to take and should be factored into planning; for example, work permit applications for expatriate staff will add time onto the overall process.
- Complete a Cost Analysis
Put simply; can you afford to do this and what is the best-value option available to you? Expanding into a new location will open your product up to a new customer base, but keep in mind the logistical and operational costs of working there and weigh this up against the potential for profit.
- Explore Financial/Banking Requirements
Tight financial processes will ensure your business maximises its profits; look into banking and foreign exchange charges and select the best financial products for your business needs. Check finance and taxation legalities to avoid unnecessary fines.
- Familiarise Yourself with The Law
Ensure that your plans comply with all the rules and regulations; be mindful that they may differ from the laws of your home country and you may need to take professional advice. Consider tax, labour and immigration laws as well as import and export regulations.
- Manage your Personnel Effectively
Look at whether your existing staff are able to manage the workload of an additional location remotely, or whether you will need to expatriate them or hire local staff.
- Choose the Right Type of Entity
There are many different local in-country entities with varying benefits, such as:
LLC / LTDs (Limited Liability Company)
PLC (Public Limited Company)
Registered Office for Tax
3rd Party Employer of Record
- Employ External Partners, Consultants and Support
Build a trusted support network of expert partners such as lawyers, accountants and recruiters, or third-party companies specialising in global expansion and mobility solutions like Mauve Group. Make sure you have watertight SLAs in place with any contracted partners.