Handcrafting a Global Expansion Plan
As remote work becomes the norm, more and more companies are leveraging this model to expand to new horizons. Global growth poses several organizational challenges, but a solid expansion plan can mitigate the complexities along the way. But what aspects should companies include in this plan?
In this PANGEO session, Dr. Susan Hanold, Vice President of ADP’s Strategic Advisory Services, delved into what it takes to create a customized global expansion plan.
How to start your global expansion plan
The first step is simple: Look at untapped markets. Companies must first determine where to target their expansion efforts by researching the revenue potential in each location. Hanold recommended talking to key stakeholders, looking at social media, and studying competitors to obtain this vital information.
While global expansion is a top-of-mind priority for most companies, it is important to also consider a global recruitment strategy to ensure one can sustain this new growth stage.
Hanold noted that companies should research emerging talent hubs based on their unique skills requirements and industry. For example, if companies are looking for engineers, then Monterrey may be a market of interest, while companies seeking developers may consider tapping into Bogotá’s vast tech talent pool.
How to prepare your company for global expansion
“Preparation is key to success,” said Hanold. Global expansion requires companies to dig into their current organizational structures, which can be done by answering three vital questions:
- Can your company justify from a financial and business perspective undertaking this expansion?
- Is your company ready to take on the challenges of global expansion?
- What are the organizational changes your company will have to go through to sustain global growth?
According to Hanold, these questions will help detect potential risks and determine if a company is ready to go global.
Creating an efficient business case
Creating a solid business case prior to expansion will help you identify possible weaknesses and business blind spots, but, above all, it will help you refine the scope, the objectives, and the needs that justify this decision. Hanold suggested that interdepartmental collaboration is one of the most important components of a successful business case.
There is no one-size-fits-all strategy for global growth; however, companies must plan accordingly to avoid compliance mistakes and reputational damage. Hanold explained that the best way to do this is to find a global growth ally. “Partnering with someone with experience and local expertise is always the best solution,” concluded Hanold.
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