For many entrepreneurs whom we work with across London, once they have established their business in London, the next step is to target other cities in the UK, and the natural progression is to expand overseas.
At Berley, we grow with our entrepreneur clients. Our international business advice is available to help you avoiding the pitfalls of overseas expansion and ensuring you’re financially ready for growing your business abroad.
Different countries have different tax laws, payment systems and legal requirements – taking your business to a new market overseas doesn’t mean you have to understand all that, because we work through the process for you.
Key to every business expansion is funding – extra investment is needed to target new markets, increase stock levels and set-up an overseas presence. You can pump up the investment through one or a combination of means such as:
- Investing profits back into your business
- Selling your company shares to investors
- Taking out a loan
- Looking for other sources of funding
There’s no such thing as one-size-fits-all business funding advice, which is why our team of chartered accountants at Berley will work with you to find the right funding that will benefit your business. We will also help you to construct the appropriate legal framework to accompany your application for loan or equity capital.
With us helping you on the financial side, you and your team can focus on other aspects that are critical to growing your business overseas. A solid marketing plan encompasses conducting market research, choosing which markets to target, identifying distribution channels and communicating with customers abroad.
Even with today’s technology which allows you to connect with partners and customers overseas electronically, many small business owners still insist that the best approach is to visit the destination market and gather first-hand intelligence by spending time talking to the potential customers, logistics partners, marketing agents and even banking staff in the market you want to be in.
After crunching through data and gathering insight, the next step is to test it out. Create a local campaign, assess the demand, test the fulfilling process, get feedback and adjust your plan accordingly. Talk to our chartered accountants at Berley about the tax system in your target market and the impact it may have on your business.
If you’re convinced that you need a physical presence in the new market, then work with us to assess the impact on your cashflow.
The option to expand overseas by working with partners in your destination market is also viable, and perhaps a less costly approach. However, you do need to make sure that your agreement is watertight.
Be financially prepared
From producing more stocks to hiring new employees, expanding business overseas require cash investment and a practical cash flow planning, along with a solid growth plan. You can’t spread too thin which may jeopardise your UK operations, nor you can expand too fast without plans. This is where Berley can help.
Why would you need an accountant
When you think of an overseas expansion plan, you may not think you need an accountant at first, but having one by your side will prove to be beneficial. From business plans to funding and tax laws, you can count on the team of chartered accountants at Berley.
Call us on 020 7788 8261 or use our Online Form to arrange a no-obligation meeting and find out how we can help you grow your business abroad.