Doing business all around the world can seem a long way from doing business in the comfort of your home country. Nevertheless, countless small and medium businesses take on this challenge every year. As most complex projects, going global can be organized down to smaller steps. We hope this article can serve as a brief summary of such transition.
Successfully Expand Your Business
As allbusiness.com points out, expanding your business overseas is not for the fainthearted, but for most businesses it will be inevitable as global markets offer greater opportunities for growth. Making the move itself is another challenge and it’s important to plan t very carefully. Here are some helpful steps to ease the process of going global:
- Before going global, it is critical to understand what the full impact on your business will be and it is essential to prepare an analysis.
- Each market has its own nuances due to economic, cultural, governmental, and market conditions. It is important to develop a localized strategy and business plan that drives local success while remaining integrated with the overall business strategy and objectives.
- Many global businesses try to launch with executives from the parent company or rapidly build a local team from scratch. This is time consuming, risky, and slows time to market. Using proven senior interim executives allows the company to hit the ground running, quickly validate assumptions, and drive key readiness initiatives while the company hires the right senior management team.
- Cultural differences, whether it is language, regulations, or customs, requires a firm to be flexible in the policies and procedures implemented in an international operation to ensure employees are engaged and executing on the company’s plans.
- The effective selling and marketing of your products or services requires a comprehensive, cohesive strategy that addresses sales strategy, sales delivery, branding/value proposition, marketing strategy, marketing programs, and pricing, which together create clear market differentiators that propel market acceptance and revenue growth.
- The proper tax and finance infrastructures need to be set up early on to ensure that you are receiving timely reporting and that your foreign entity is adhering to local corporate policies and procedures.
- Results from the above steps should provide sufficient data for stakeholders of the foreign company to develop a final budget that is aggressive yet attainable, and one that will be owned by your local team.
- Gain a strong competitive advantage by creating a supporting ecosystem of complimentary products and services, which can come via third-party relationships. These relationships can support the scaling of the organization while minimizing the financial risk.
Grow Your Business Comfortably
Expanding your operations to other countries or just relocating business is a tough task and the stress involved is enormous. It involves a lot of planning, costs extra money, and demands some extra logistics too. It is something that most businesses will want to avoid if they can.
If you are only planning to expand your business abroad, maybe you should consider trying the services of Virtual office, before actually making the move. It is a strong trend that has come to solve the problems of self-employed professionals and businesses in the initial process of change or business development.
The first thing that strikes about the virtual office is the cost savings of not having to rent offices or employ people. At the BWorking Spaces, located at the heart of Lisbon’s business district well known for freelancers, startups and small / medium companies, there are many benefits attached to operating out of a virtual office:
- you could get a unique phone number with a local area code and the access to a professional virtual receptionist;
- you could also gain a valid business address, which could be used for various purposes, including tax;
- all incoming correspondence and messages can be correctly handled by the service;
- depending on your subscription, you could get the website and logo designed for your business.
The flexibility offered by the virtual office helps productivity as very limited obligations are required to set it up.
If having virtual office in Lisbon is not an option, BWorking Coworking Spaces can also offer partners’ offices in Açores, Miami, São Paulo and soon in Switzerland, which could be used both as conventional and virtual offices.