Business today is becoming increasingly international and a global expansion plan could be the answer to growth-minded entrepreneurs seeking new opportunities.
As a small business, budgeting for big changes may be your concern, but with the right approach, technology and strategies in place, doing business in new frontiers doesn’t need to cost too much. As long as your foundations are solid, and your strategies are well-informed, you too can penetrate a global market.
Read on for our three top tips for doing business internationally.
There’s no such thing as too much research
As fun as spinning a globe and choosing a country at random sounds, there’s a better approach. Thorough research will pinpoint exactly which markets are right for your business and where your potential for success lies. The question that should be on your mind is will your product sell well in the targeted location? Sometimes brand-new products can be received with scepticism in other cultures, but it’s also possible that a new and exciting product will be embraced with enthusiasm. The thing is you don’t know until you’ve researched your market. Research should include looking at competitors and trends and also talking to prospective consumers. Invest time and money to find out what adjustments you need to make locally and whether there are legal limitations you could be facing. Consider researching local marketing practices and how your marketing efforts can be successful.
Be mindful of post-Brexit implications
It’s fair to assume that the way UK companies conduct business in the EU will be affected by Britain leaving the European Union. It should not be a deterring factor, however, and many UK companies are continuing to form partnerships with Europe. Companies doing business in the EU should pay close attention to the business climate and be prepared to cross more red tape.
Consulting local experts is the key
Global expansion comes with many challenges and it pays to consult with experts who have experience in international business growth strategies. Being connected to local brainiacs on the ground in your destination market is important, as they can give you the right answers and shed light on possible complications. Knowing what to expect in advance will raise your chances of success.
Berley Chartered Accountants for small businesses and entrepreneurs
We’re not just small business accountants, we’re small business growth specialists, so if you are a UK based company looking to branch out overseas, we can help. Berley has established relationships with accountancy firms in the world’s major trading cities so that we can support you wherever you choose to do business.