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Top tips to decide where to expand your business internationally
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Expanding business internationally can be a very exciting process however, choosing where to expand can be perplexing, especially for the uninitiated. Many developed and developing countries around the world have tremendous potential for growing business, and it is a long process to decide where to expand your business.
Leading businesses like Amazon and TCS had thought of strategies for expanding overseas and have been successful in creating their impact on the globe. Business expansion strategy plays a very big role in the success of the expansion. Very importantly, these organizations were strategic in selecting their place of expansion during the growth of these businesses. To understand these strategies, here are some tips by Thomas Cook to narrow in on where to expand your business internationally for the most returns.
Have set Goals and Objectives
If you have had the thought of “I think I should expand my business” then you must have a clear objective. Every decision in the business world is taken with set goals and objectives and a measurable success rate. Why do you want to expand your business overseas? The reason may be profits and sales, brand enrichment or any other relevant objective. The objective should be measurable. If the reason for expanding business overseas is clear and business expansion strategy is in place, then businesses may take the decision to expand based on what they are looking to gain out of the new international location they eventually decide upon.
Conduct Research
Many factors, including consumer preferences, economic condition of the country and financial feasibility of running the business have to be looked into when deciding where to expand business. The country should have great potential for your business’ product. For example, Germany is a great country to expand on automobile business but there are already giants there that offer considerable competition. A growing economy is ideal for starting a business, understanding and analyzing a country’s economic condition is important. India as a market has great potential for expansions as it is a growing economy.
Several research methods like observation and surveys can be used for research for expanding your business.
Analyzing Market Gaps
After the research, you will be able to identify market gaps in your endeavor for expanding overseas. If your business will be able to cover these gaps, it would be a good decision to expand to the country but if those gaps cannot be covered, one must definitely take this into consideration before making the decision to expand business.
Language and Cultural Aspects
During research, language and cultural aspects need to be considered and analyzing if the brand can fit into the culture of the country should be well assessed. Diversification comes into the picture here. If the product can be diversified as per the country, then expanding your business overseas may be a good decision.
Economic and Political Aspects
Many destinations will have abundant talent and infrastructure, however if the economic state of the country is volatile, then it could potentially lead the business into losses. For example, The United States of America is undergoing an economic crisis right now and many businesses are suffering. Political aspects, including quality of leadership in the parties and the laws followed in the country also pose challenges expanding business overseas
Employment and tax regulations
The laws of the country you are planning to expand to will decide who will be employed and the amount of tax that you will have to pay. Understanding the risks associated with the same and evaluating return on investment is important before making the decision.
Deloitte’s Expansion Strategy
If you have said to yourself or someone else before, “I want to learn how to expand my business” , then you should learn from Deloitte. Deloitte is one company that has effectively utilized business expansion and created a strong brand name across the globe. Their strategy is followed by many businesses for expansion.
After choosing the market, the company performs a detailed analysis of the market including checking market size, customers, competition, channels and price levels. Once the analysis is done, the company determines the operational and organizational model and conducts a feasibility analysis. Next, a roadmap and an action plan is created which is cross-checked with laws of the country and once approved, the plan is set for action.
With all the strategies and hard work, Deloitte is present in 150 countries with a turnover of US dollar 38.8 billion per year.
Conclusion
Planning and strategizing for expanding business can be an exciting yet long process; however, with the right ideas, strategies, knowledge and willpower, the big move can be made successful. Challenges expanding business overseas are normal. Knowing what mistakes have been made before, understanding the most relevant strategies used by fortune 400 companies and implementing them is the recipe for success!
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