All SME’s and local businesses have long term aspirations but what are the pros and cons of global expansion for west midlands firms. Is it money, staff or language barriers? This list is much longer than you think – there is a lot of pre-planning that is involved. As mentioned on previous Nimble recruitment blogs It all depends on your industry sector, which can be broken in to products/services.
It is vital that you always do your research first and look at the competition, see how they have managed to either successfully establish themselves (for example: typical country : Singapore) OR unsuccessfully? Yet again with the aid of modern technology you will manage to find a lot of the information on the internet. The research can be left to a professional or the marketing manager/director at your firm.
The reminder of the pros and cons of global expansion for west midlands firms that I would suggest is from experience and local business associates/clients in the West Midlands as follows:
Check it out?
Why gamble away thousands/millions? Send over a Sales Manager for 1 – 2 months – evaluation
Depending on your industry sector, will you go it alone? OR with an external venture partner
Visa & Border Regulations
Every country has strict rules and regulations on Visa applications so do your homework
Monitoring the Currency
It fluctuates daily & luckily the exchange rate is based around the dollar ($), an app would be ideal
Dependant on the servers, you may have to change the domain plus incorporate Google translation
New Google Analytic A/C (i.e. Singapore Domain)
This is a simple enough process once the new domain & email is purchased the a/c can be set up
Secure your data and information
Possibly you could invest in cheap IT Managed Services / Solutions, readily available in the UK
Solutions for the SEO Market
The SEO configurations may work for in the Midlands but sadly for a new country “start again”
Community & Cultures (i.e. Singapore)
Vital you understand the cultural beliefs, social community and general public in the country
Target Business Market (i.e. Singapore)
Where are the new businesses? Who do I call? When do I call them? Why? Standard/SALES/Succeed
Market Research AGAIN (CROSS MATCH)
Cross match the UK Data with LOCAL Data & ensure you are on the wright tracks – Your targets
Do they have newspapers, magazines, etc…for advertising if so make a list and locate them
Again you might wish to advertise on the digital or analogue channels so the same application
Where do I go to relax? Where can my staff go? Can we purchase food? Again a lot of research
VERY important for any West Midlands firm to locate a locate supply chain or via LinkedIn
Products / Services preassembled (relevant languages)
Always pre-assemble the merchandise / facilities you will offer in the relevant local languages
It is common sense that as an employer recruiting staff with multilingual abilities is essential
Commercial Occupancy Expenditure
Due to the currency rate you will need to ensure it’s an affordable figure and within the budget
Always, ensure you will have sufficient funds tucked away for a “rainy day”
You pay it in the UK therefore in a vast majority of Western states you also have tax to pay.
As initially stated is not a “five minute job” – as a local West Midlands business based in Birmingham, Wolverhampton, Coventry, Solihull, Dudley, etc…your best and most iconic example would be Jaguar Land Rover. As I’ve indicated in the past me/Nimble Recruitment portray information from experience, knowledge and pure professionalism and that’s why we are able to provide you with an analysis on the pros and cons of global expansion for west midlands firms, please do not hesitate to browse the intriguing Nimble Recruitment website.