International Expansion
We support organizations entering into international markets, or international companies operating abroad considering entering into the local market.
Having a solid international expansion strategy is a must when it comes to taking your business global to avoid waste and additional costs. There must be strong reasons and case for overseas growth.
International expansion plan or strategy is crucial because it will help your organization:
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Use resources and time more efficiently;
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Penetrate into the markets at the right time;
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Increase profits quicker
Before starting your business expansion:
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Set your long-term and short term goals that are realistic, attainable and specific;
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Ensure that the goals are in line with company’s vision;
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Prepare an appropriate budget for the expansion;
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Execute an extensive market research in order to substantiate your expansion plans;
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Ensure that there is a demand for your service or product in the target area;
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Check for any possible legal and compliance risks of expansion;
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Consider people talent in the target country necessary for your expansion
The following are the most common expansion strategies:
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Importing and exporting goods and services
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Creating strategic alliances
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Purchasing or merging with foreign companies
Hiring qualified local talent ensures that you will benefit from local language, customs skills, which will save you money and energy if you have proper supervision and control methods in place.
If you consider cooperating and working with the local partners, you need to be very careful and thorough when selecting them. Before signing contracts, due diligence, excellent references from existing clients is a must.
T & G specialists offer international consulting services on how to set up new corporate entities and maintain legal compliance.
Potential challenges that could impact the business are supply chains, competition, taxes and insurance for foreigners.
The ideal recipe for international expansion is to line up a product or service development with the local market’s needs.