Scaling up your business internationally is not an easy task. For a start, you can’t rely on the business model that made you successful at home. In fact, it’s essential that you are able to adapt and remain agile as you navigate your new course. There are many new challenges that you have not had to face before such as working in different languages and understanding the local culture as well as operating within new types of tax and law.
If you’re in a position to start thinking about scaling your business internationally then there are many things to consider when entering a new market. Quite often companies have secured venture capital and the backers want them to scale fast for faster returns but if you’re doing this by yourself, the reality is quite different.
Culture and language
For a start, if you are entering a market where you do not fully understand the culture, it may take you a long time to learn how things are done. A potentially better option would be to hire a local to act as a cultural guide. They will be able to tell you how business is done in this particular territory and transfer that knowledge into your company, giving you a competitive edge.
Fast market entry
Being fluent in a language doesn’t make you a native and even if you are going to hire local salespeople, the whole process can take months. There are of course specific companies you can outsource your sales and marketing operation to. Not only is this a more cost-efficient way of doing things, but it is also more effective too as an outsourced team can begin commercial activities much faster. Of course, the major advantage of getting to market faster is a faster return on investment (ROI), which should at least keep the backers happy. More important than that though is that the risks and pitfalls of attempting to do this by yourself have seen many a company pull out of the market altogether and in the worst cases, some companies didn’t survive.
Scale and grow
In terms of scaling fast, an outsourcing company will give you the ability to test different go-to-market strategies and allow you to work with the most effective ones. And, as long as your outsourcing company has specific expertise in your area of operations or your domain, there will have a much better and faster understanding of your business which leads to faster market access. What’s more, you don’t need to just rely on the contacts of the person assigned to work with you, you will actually have access to the whole of the outsourcing company’s contacts, which reduces risk and enhances the chances of success.
If you have ambitious growth targets that you expect to reach in a short amount of time, then outsourcing is the most cost-effective and efficient way to do this. Even if you do want to open an office and hire your own sales staff eventually, there is no need to do that right now. You can always wait until you are thoroughly established in the new territory before you set all of this up. By outsourcing, you’ll reduce costs and limit your exposure to risk. In the meantime, you’ll get access to a team of professionals, working in the tech and software space who speak the local language, understand the local business culture and have an extensive network of contacts that you need to speak to. There’s a lot more that can be done as well but right now, this is the best way for you to start fast.
So, if you’d like to gain a business advantage and penetrate the US or EU markets fast, leave us a message. We’d be keen to set up a call.