Focal Points For International Expansion
Expanding into global markets is an exciting prospect that comes with many advantages, but it can feel intimidating and overwhelming. There are always fears attached to new ventures. Thankfully, good preparation and accessing the right resources can make things much easier. By embracing the help of consultants, you can reap the benefits of their knowledge and experience with success.
Whether you’re a start-up that wants to jump on international opportunities early in the game, or you’re an established business that has found it’s finally time to go for it, using an enterprise resource planning system, doing proper research, and organizing logistics are key areas to focus on to make your expansion go smoothly – from planning to execution to daily operations.
At IWI Consulting Group, we’re business management software experts assisting Canadian businesses and non-profits to use enterprise resource planning and customer relationship management systems to improve their current operations and expand into new markets. These software solutions can be custom-fit to suit your company’s needs, now and in the future, with consulting support and resources.
Focal Points For Expansion:
Utilize An ERP Solution. An enterprise resource planning system can help your business expand into new markets plus increase overall efficiency and departmental integration. With a solution like Sage EM (formerly known as Sage X3) you can better collect, analyze, and utilize data to help prepare you for growth and expansion. Receive insight into relationships with current and potential customers; support for growing business into new locations, languages, and currencies; and improve employee access to shared tools for increased productivity. Shared knowledge is a key part of an ERP system and being able to share insights across multiple business locations, internationally and through the cloud, is possible with Sage software.
Make Wise Partnerships Along The Supply Chain. The specifics of your business will dictate what types of relationships you’ll need to make, such as distribution partners, materials suppliers, importers/exporters, etc. Moving goods through customs in a timely manner, for example, can cause a lot of hassle, particularly for certain types of goods, i.e., technology or controlled goods. You may need a Non-Resident Importer of Record that can assume the risks of international shipping, prepare all the proper documentation correctly and in a timely manner, and that can move your products through customs without costly delays.
The nations you’re expanding into will have their own laws and regulations related to your business that may also affect your supply chain choices. Contacting a consultant and other experts who work in the country that you’ve set your sights on, and/or in nations that you’re planning to buy and ship from, can save a lot of time and money.
Conduct Cultural Research. A key part of your market research, development, and other exploratory activities should be a deep dive into the culture where you plan to set up shop. This goes beyond language translation and currency. Learn about cultural elements directly related to and seemingly unrelated to your product. Look at daily life, entertainment, food, leisure time, art, technology, and more to get a feel for the place and its people. What are the cultural trends, political, and social climate like? Which businesses and industries are succeeding and failing? Where are there gaps and needs? You may need to adjust your product or service slightly – or dramatically – to suit the needs of this new market.
To learn more about IWI Consulting Group and our full suite of Sage Software Solutions, give us a call or email us any time. Our team of experts is available if you have questions about Sage EM (formerly known as Sage X3), Sage 300cloud (formerly known as Sage 300), or Sage Intacct solutions in Toronto to help your business succeed.