5 Tips to Expanding Your Business Globally

Are you looking to expand your business globally in an attempt to reach the international market and earn higher revenues? Thanks to the prevalence of the Internet and other technological advancements, expanding globally has become an easier, more achievable task for businesses.

However, growing your business beyond your local shores also comes with challenges. For starters, you need to consider time differences and language barriers. This will require you to build and implement a completely different business model – something that’ll require time, money, and effort from your business.

To ensure success as you expand your business globally, take note of these tips:

1. Conduct In-Depth Research

Performing extensive market research should be on top of your to-do list before expanding your business globally. Going global without determining whether your target area is in need of your products or services is a recipe for failure.

Start by learning about your target audience. For example, if you want to expand your business to the Netherlands, spend time and effort acquiring consumer market insights for the Netherlands. Aside from knowing who your target audience is, the information you can gain from research helps you determine their needs, spending habits, and preferred marketing method.

Don’t forget to research the local competition, as well. Who are the biggest players in your target area? How are their products or services similar to yours? Is the local market saturated with household brands, or is there still room enough for your business to grow?

Examine the local market thoroughly before going global. In this way, you can properly formulate business strategies that will enable your business to generate international appeal.

2. Educate Yourself on the Rules and Regulations of the Target Country

The rules and regulations governing your place of business aren’t always the same in other countries. Countries have different sets of compliance laws that businesses need to adhere to, so make sure to learn all of these before expanding your business.

For instance, if you want to expand your business to China, you need to fully understand the role of government in businesses. Unlike other Western countries, the Chinese government plays a substantial role in businesses. In this country, almost 80% of assets are owned by the government, while most assets are usually owned privately in the United States.

It’s also essential to educate yourself on the rules for patents and trademarks to avoid any violations and penalties. Conduct a series of quality assurance testing to ensure that your products meet the standards set by the local authorities.

3. Localise Your Products

Your attempt to go global won’t haul in customers or revenues if the local market feels alienated from your offerings. Products that don’t appeal to the local market aren’t saleable, meaning they’ll end up being stale on shelves and in stores.

Localising your products is an excellent way of attracting the locals. They’ll likely buy from your brand if they find your offerings more relatable.

There are many ways to localise your products. For one, you can use imagery by using clothing models from the same region that your business is expanding into. You can also make colour changes to your logo or packaging, as different countries have different connotations on colours. For example, yellow is linked to happiness, glory, and harmony in many Asian countries, while Russia uses the colour to represent mental hospitals (mental hospitals are called yellow houses in this country).

4. Foster Local Relationships

Fostering relationships with local entrepreneurs can become your key to success when expanding globally. The relationship you’ll build with other entrepreneurs can help you fully understand the business arena, especially how your target market and competitors behave.

Before you offer products and services to a new country, reach out to entrepreneurs who can help your business. For example, if you’re running an e-commerce company, partner with well-known and established brick-and-mortar stores that complement your offerings. This allows you to tap into their existing network that you otherwise won’t have any access to.

Creating alliances with local entrepreneurs can help your business improve its existing strategies to better fit the demands of the local market while reducing financial risks. Prioritise partnering with experts in the industry, so you can have better insights into the local market.

5. Analyse and Improve Your Marketing Strategies

The marketing campaign that worked well with your existing customers in your original place of business won’t always reap the same results when used internationally. The consumers in your target area have different needs and wants, which means that they also prefer a different marketing campaign.

Examine your existing marketing campaign and assess if it matches the preferences of your new target audience. Are your ads still applicable to foreign consumers? Do they compete well with ads of your potential competitors? Learn about the most successful marketing tactics in your target area and use that information to craft your own.

If you’re planning to sell different products to a new country, it’s best to focus on marketing one product first. Ideally, you should choose the product that has the highest market potential and invest all of your marketing efforts in advertising it. Taking this route enables you to determine which marketing tactics appeal the most to the locals, making it easier to determine which tactics to use (and not use) as you market other products in the long run.

Slow and Steady Is the Best Way to Go

Going global is a huge milestone, but doing it unprepared can snowball into bigger problems, which can affect all areas of your business. Diving into the global market without any key strategies in mind can adversely affect your branding, operations, marketing, and capital.

Take your time and implement the tips mentioned in this article before you expand globally. Never rush to expand your business unless you’re fully prepared, as this will certainly lead to financial losses and issues that might cause your business to stop its operations.

Law Firm Launches in The BVI and Saint Lucia

A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights.

Dentons law firm has opened offices in the BVI and Saint Lucia as part of its expansion plans in the Caribbean.

Dentons is the only Pan-Caribbean law firm, and with more offices in all of Latin America and the Caribbean than any other law firm, Dentons is the first truly Pan-Latin American and the Caribbean law firm in the history of the legal profession.

The British Virgin Islands is widely recognised as a leading international financial centre principally due to its internationally recognised regulatory regime, a well-developed and professional corporate infrastructure, efficient company formation and administration processes, political and economic stability, an internationally renowned and respected commercial court and tax-neutrality.

The British Virgin Islands is a world leader for excellence and innovation in financial services and plays an essential role in the global economy.

The BVI Business Company is widely used globally as the core of many private wealth, investment and joint venture structures.

Dentons’ new office in the BVI is led by partner Stuart Bruce who has extensive experience handling complex, high-value cross-border matters across banking and finance, mergers and acquisitions, private equity and joint ventures, corporate and regulatory advice.

In Saint Lucia, Dentons has expertise in banking and finance, corporate, construction, employment and labour, financial institutions, government, hotels and leisure, insurance, litigation and dispute resolution, public law and real estate.

So far in 2020, Dentons has launched six combinations: Dentons Bingham Greenebaum and Dentons Cohen & Grigsby, the first step in forming a truly national law firm in the United States as part of Dentons’ “Project Golden Spike,” Dentons Kensington Swan in New Zealand, Dentons Lee in South Korea, Dentons Jiménez de Aréchaga in Uruguay and Dentons Rattagan Macchiavello Arocena in Argentina.

BDO USA LLP Expands Advisory Division

BDO, one of the nations leading accounting and advisory firms, today announced the expansion of its Philadelphia practice through the addition of 100 professionals from Philadelphia area-based management consulting firm AC Lordi.

Founded in 2001, AC Lordi specialises in accounting, risk and compliance, business advisory and CFO services. The firms practice areas include SEC reporting, technical accounting, internal and IT audit, SOX compliance and finance transformation, among others.

The firm has performed work throughout the United States and in more than twenty countries for a broad range of clients, from emerging private equity-sponsored companies to multinational organisations across most major industries.

BDO and AC Lordi are united in our commitment to providing exceptional client service and a holistic, solutions-oriented approach to complex business problems, said Jay Duke, national managing partner of Advisory Services at BDO United States.

This expansion builds on our advisory capabilities in the Philadelphia market with an infusion of top-notch local talent and deep industry experience.

Subject to customary closing conditions, the combination of BDO and AC Lordi will be effective June 1, 2019. Upon completion of the transaction, AC Lordi Chief Executive Officer Frank Lordi along with the firms six other principals will become BDO partners.

We are thrilled to combine forces with BDO and increase the breadth and depth of services we can offer to our clients, said Lordi. As part of such a high-calibre advisory practice, we can take advantage of BDOs resources and relationships nationally and around the world.

In turn, our team will deepen BDOs management consulting and regulatory compliance credentials in addition to strengthening its presence in the mid-Atlantic region.

BDO Overview

BDO is the brand name for BDO USA LLP, a United States professional services firm providing assurance, tax, and advisory services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals.

The firm serves clients through more than 60 offices and over 650 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of more than 80000 people working out of 1590 offices across 162 countries.

BDO USA LLP, a Delaware limited liability partnership, is the United States member of BDO International Limited, a United Kingdom company limited by guarantee, and forms part of the international BDO network of independent member firms.

BDO is the brand name for the BDO network and for each of the BDO Member Firms.

Arc Legal expands Corporate team with new hire

Arc Legal Assistance (Arc Legal), a leading provider of legal expenses insurance (LEI) and assistance services provider in the UK and Republic of Ireland, has welcomed Kerry Knief as its new Senior Corporate Relations Manager.

Kerry joins Arc Legal with over twenty years’ experience in the insurance industry having previously worked for AXA Partners as a Senior Account Manager, managing key strategic clients, specialising in ancillary products.

Kerry’s new role will involve managing existing corporate relationships, with a focus on identifying growth opportunities with partners across Arc Legal’s ancillary product range.

Chief Commercial Officer, Peter Harvey commented;

“Further growth has prompted us to bolster our Corporate Relations team, and Kerry’s knowledge and experience in the ancillary products market makes her a great fit for us.”

“Kerry has a wealth of experience in the industry, and her appointment will help to ensure we continue to meet our growth ambitions for 2019 and beyond. She has a fantastic reputation in the industry and we are delighted to have her on board.”

Kerry Knief, Commented;

“I am very excited to be able to join the team here at Arc Legal, especially during this exciting period of continued growth and expansion. I am looking forward to hitting the ground running and contributing towards the continued success of the business.”

For more information about Arc Legal Assistance, please visit https://www.arclegal.co.uk/