When planning to expand internationally, there are several factors that you need to take into account. Here are some examples:
- Harness local knowledge: When expanding to a new market, it is beneficial to partner up with local organisations or hire local residents who already have established connections, familiarity with the way government operates, and understanding of the cultural norms and customer behaviours.
- Maintain company culture: While hiring locals is beneficial in some situations, it can also be challenging and risky since they may lack an understanding of the company culture and mission. One way to potentially reduce the risk is to send someone from the home office to guide the new set-up, since they understand the company’s core values.
- Build strategic relationships: Strategic partners and companies with complementary technology that want to do business in UK are a good way to enter the US market, since they have a vested interest in partnering with you. Joint R&D with a US university is another way to build networks as well as improve products – alumni networks of US universities are very active and powerful, and can increase reach enormously.
- Consider nuances and logistics: Before going into an overseas market such as the US, it is important to consider the impact of different time zones, cultural approaches to business, financial situations, social cohesion, etc. in order to run your business as conflict-free as possible.
- Recruit mindfully: Get someone in-house to source talent is the long-term solution. While freelancers may be easy to come by, it is essential that they understand your organisation’s culture and goals. It can be challenging to find the right person, but by using your networks to acquire talent, you can increase your chances of success.