Why Going Global Drives Sustainable Growth
July 21, 2021
If you tried taking your brand abroad, you know how hard it can be.
But don’t let that stop you from exploring the vast opportunities of globalization.
Our recent “2021 and Beyond” survey showed that nearly half of our respondents are expanding their international workforce.
Is now the right time for your organization?
Barriers to Entry
Each country is different. Whether language and culture, legal, or lifestyle, expanding internationally presents unique challenges. How to open a new office in a new city. Which government agency to seek permits from to register a new business. Hiring staff in your new market.
Business etiquette is a whole different consideration altogether. When to bring a gift to a business meeting. Whether to eat or drink with a prospective customer. OK to cross your legs or not. Or something as simple as the order in which you enter a room and where you sit.
Doing it on your own is daunting. Working with experts simplifies the process and minimizes your risks. And that’s where we can help.
What it Takes to Go Global
I’ve been in your shoes. I get the frustration and confusion of expanding abroad.
I’ve opened offices all around the world. In India, for example, not only did we have to navigate the complexities of finding a physical office, but we had to figure out how to hire the right people to work for us. Not to mention navigating the legal and tax implications of doing business in India. If you’re not careful, you could expose your global business expansion to taxation if you don’t use the right local accountants and lawyers to make sure you’re protected.
Internationalization Lessons I Learned
While working at American Chemical Society (ACS), a large, Washington, D.C.-based international institution, on their global strategy and market development team, I often relied on the expertise of external international consultants when considering going into a new market.
I quickly realized how hard it was to find partners that offered a truly personalized and transparent approach to internationalization.
It seemed like the big international consulting firms would bring in their most senior people to sign the contract and then we would end up with junior staffers working on our account. Many of the junior folks were quite talented, don’t get me wrong, but oftentimes their experience was limited. We lacked the gravitas and wise counsel that comes with someone with a little grey around the temples.
I also thought the pricing structures weren’t always as clear.
The Factum Global Advantage
Going global has never been more promising. And yet we know from our recent survey that one of the biggest barriers for a company to expand abroad is international know-how. So why go at it alone?
We take the guesswork out of international consulting.
Instead of relying on gut instinct or anecdotal information, our custom research methodologies and a proprietary strategic framework gives us the robust data to create a detailed roadmap to guide you through the entire global expansion process.
Factum A™ and Factum Global’s International Maturity Model™
Factum A™ is a 7-step, data-driven process for strategic development that allows our clients to make fact-based decisions when considering a global expansion.
Additionally, Factum Global’s International Maturity Model™ assesses international expansion readiness by reviewing 10 key factors, including culture, people, systems, and governance.
For our India expansion that I mentioned earlier, if we had not figured out the intricacies of the local tax systems, our client would have learned the hard way and exposed their entire global revenues to local taxation. Yet another example of why a strong partner is key.
If you need help in expanding internationally, we offer a free consultation to assess whether your organization is ready to begin the process. That way you can determine if this is something you should spend time or money on right now.