Many companies seeking to grow and expand have begun to look outside their locality and towards the global market. While these expansions might offer great opportunities, it also offers many challenges for business owners especially when handling overseas employees and customers. In order to make this transition as smooth as possible, you first need to address three primary issues:
- Human capital – there are numerous laws and regulations in different countries that you will need to follow if you intend to go global. Do your research beforehand when drafting up employee contracts so your benefits parameters are in-line with the law of that country.
- Technology – you will need to figure out how to centralize all of your systems so that they are usable in other areas where technology is not as advanced.
- Joint Ventures – in order to broaden your reach in these foreign markets, you might consider partnering with pre-existing foreign companies in your market. While these ventures can come with a great deal of risk due to potential fraud issues, when done properly it can present opportunities for effective expansion.
To make managing your global presence easier, there are numerous tech tools that can help you with collaboration, project management, localization and more. The infographic below lists various tools you can use to help manage your expansion and presence.