Now that your small company is doing really well and starting to hit all the right projections, scaling it up to a more global level can seem like a smart idea. Global scaling is a great step to achieving bigger profits, but it also means new customers and new standards to keep up, as well.
There will be a lot of challenges that won't respond to the initial tactics you started your business with. With that in mind, it is especially imperative that you consider new parameters - such as global competition, cultural differences, and even time zones - when scaling your business. We've gathered a few tips to help you plan in the right direction.
Research Your Target Market and Location
In your planning stage, it is important to do extensive and exhaustive research on your target market and the locations you intend to set up shop. This research will help you determine the quality and quantity of customers you may find there. Understanding your target location will also give you a good knowledge of the competitors that already exist there.
Also, good knowledge of your target location and market will help you understand the cultural and time differences, so you can figure out a way to easily settle in and adapt. This research will also help you decide if you want to stick with the desired location or find more suitable locations with better customer potential.
Build Your Team
For your business to scale successfully, you cannot burden your existing employees with all the tasks from overseas. You will need to secure and leverage new talent from your target location. Finding the right partners that can work in line with your company goals and vision while helping you expand is key. However, since you are new to this location, this may cause a few hitches.
With global employment solutions, you can easily hire and source the best hands without having an entity there, or even bother about the complexities of employing them traditionally. Moreover, you can cut down on costs and redirect them to some other important areas, such as training them and providing them with necessary resources.
Leverage Technology
While scaling your business, there may be lots of processes that will require standardization. Strategies and workflows that are repeatable can be easily automated, to free up more time for more important tasks. Moreover, automating these processes help your business to run at much lower costs, cutting out the need for repetitive manual work.
Also, taking advantage of technology such as cloud computing makes it easier for companies to scale their businesses proportionally at any given period in time. This also makes it easy for companies to integrate their systems, having a stronger and more reliable network.
Utilize Local Tools for Marketing
While some approaches may seem generally acceptable, some locations may require that you enter into their world. For example, most countries have Google as their local search engine choice, but this is not true for other specific countries that rely on other search engine options.
From your initial market research, you should be able to deduce the most popular and suitable social media tools for your target location, as this will help you concentrate your marketing content. Also, a good understanding of local language and customs will prove profitable in meeting the market needs and policies.
Don't Underestimate Financing
Scaling or expanding internationally requires financing, and it simply does not happen freely. Every stage and every step of the process will require clear budgeting and adequate financing to sustain it. From your market research to your team building, you will need to have provision for each stage.
Sometimes you may require investors for financing, or you may have to rely upon other funding options like business loans, bootstrapping, or crowdfunding. Whichever funding options you choose, though, be certain that it will be sufficient to avoid unwanted budgetary constraints or halted progress.
To Summarize
Scaling your company or business to a global level requires serious planning, and it often requires that you make tough choices to carry it out successfully. However, with the advice above, you can start planning your company expansion and start taking your company to the international market.
Following through with sufficient market research, you can also seek advice from trusted sources that have successfully scaled to international markets. Also, know that you will have to develop your leadership skills to conveniently project your vision and manage your team to bring your company to the desired growth level.
