Growing Your Business Globally: Mauve Group’s 10-Step Checklist
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 operational costs and expand their target markets. Whether 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, taking your business global is an attractive prospect for future growth.
Considering taking your business to the next level? Read on for Mauve’s 10-step checklist for achieving your global expansion plans:
1. 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.
2. Research Your Target Market
Become an expert on your chosen location and its current economic and socio-political conditions, competitors, customer base. Try to find out how locals do business through networking or consulting local partners.
3. Look at your Business Now- Can You Afford the Operational Impact?
Audit your business as it stands today alongside its performance in your home market; consider whether your current core business is strong enough to absorb the impact of expansion.
4. 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 can be lengthy.
5. 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 and weigh this up against the potential profit.
6. 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.
7. Familiarise Yourself with The Law
Your plans must comply with local rules and regulations; be mindful that they may differ from the laws of your home country and you may need professional advice. Consider tax, labour and immigration laws as well as import and export regulations.
8. Manage your Personnel Effectively
Think about whether you can utilise existing staff in the new location or whether you will need to hire locally.
9. 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
Ascertain which option is available to you locally and best suits the scope of your operations.
10. 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.
If your organisation is ready to take the leap, Mauve Group can provide support, guidance and services to ease your path to global growth. Visit the team at stand 2240 or get in touch via www.mauvegroup.com to learn more about our Global Expansion and Mobility Solutions.
Global Workforce Mobility Solutions
Global Business Expansion
Global Visa and Immigration Services
Value- Added Services (Relocation and Destination Services, Finance & Banking, FX, Staffing etc)