top10 global expansion best practices
TRANSCRIPT
TOP 10 GLOBAL EXPANSION BEST PRACTICES
1DEFINE YOUR MOTIVES AND DO YOUR HOMEWORK
Is international expansion right for your business?
What are your goals in setting up international operations?
2START SMALL AND DON’T OVEREXTEND YOURSELFStart with 1-2 key goals in a small slice of a foreign market.
3CREATE A DETAILED PLAN FOR SETUP
Determine early on how you will structure your company overseas.
Understand permanent establishment risk.
4RESIST THE URGE TO STANDARDIZEEntity setup will vary by country.
Depending on your activities, a branch entity may make sense in some markets, whereas a subsidiary may make sense in others.
5KNOW THAT ALMOST EVERYTHING WILL BE DIFFERENTHiring employees, issuing stock options, opening a bank account, filing taxes, setting up insurance and other benefits for new staff – every country has completely different requirements for each.
6DON’T UNDERESTIMATE THE EFFECT OF CULTURELearn and respond appropriately to different customs in a business setting.
7PREPARE REALISTIC BUDGETS AND CONTINGENCY PLANS
Spending can start out restrained, but mushroom in the future.
8RECOGNIZE THAT YOU’LL NEED INITIAL AND ONGOING SUPPORTHQ finance and HR need to be involved. Create transparency among HQ functions and local management.Outsource functions where possible.
9BE PATIENTRapid growth can mean rapid failure; planning can facilitate success.
A best practice is to double the amount of time you anticipate you’ll need to become operational.
10 GET HELPComplying with constantly changing target-country regulations is complicated and time-consuming. Get expert help so you can focus on what’s important — your company.
Need help with your international expansion?
Connect with Radius:US: +1 888 881 6576 UK: +44 (0) 203 005 5518
Radius helps companies expand and win globally.
Need help with your international expansion?
Connect with Radius:US: +1 888 881 6576 UK: +44 (0) 203 005 5518
Radius helps companies expand and win globally.
Want More Insight Into Key International Expansion Issues?
AN EXCERPT FROM WINNING GLOBALLY: A PLAYBOOK FOR INTERNATIONAL EXPANSION TEAMS
WHAT’S STOPPING YOUR COMPANY FROMEXPANDING GLOBALLY?
WINDING DOWN A BUSINESS ABROADWHAT YOU NEED TO KNOW BEFORE YOU SET UP
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