If you’re reading this, well, congratulations are in order! Your business is evolving and you’re thinking about expansion.
Perhaps you’re considering new markets, looking to increase your leverage in the domestic market, or you might be going global to explore an entirely new customer base. This is an exciting time, but it can also be challenging as you try to juggle old and new customers, foreign markets and local markets, and a rapidly changing workforce.
Whatever your growth strategy (don’t worry if you’re not quite at that stage yet), we’ve put together some top tips from those already doing it that can benefit all companies in a growth stage—whether you’re a large or small business
Here, you’ll find our top tips to consider for companies navigating both national and international expansion. Rather than strict business development advice, we’re going to be looking at the human aspect, and how taking care of your staff and fostering your company culture can support your business's global expansion strategy and help you secure success.
Let’s get to growing!
Expanding a business isn’t just a logistical challenge; it's a transformative process that can really impact the people within the organization. To ensure a seamless transition, it’s essential to prioritize your staff and their wellbeing. Here are a few key ways to do this:
From Asia to Europe, and everywhere in between, entering new markets can be a daunting prospect. There are cultural differences and technology preferences to consider.
This might involve recruiting locally or (temporarily) relocating existing employees. In either case, a seamless integration process is key for productive onboarding: without clear communication and onboarding processes that you can rinse and repeat, building an international business and its teams is a huge time investment.
Gathering insights from different stakeholders within the company can help foster a culture of openness and inclusivity, which will be crucial to maintaining a sense of cohesion, especially when you’re moving into international markets.
A study by PwC found that
60% of employees would like feedback on a daily or weekly basis—by boosting team cohesion and improving communication, consistent feedback ensures that employees are on the same page and working towards the same goals.
Tackling global markets requires teamwork, as does improving distributor logistics, exporting new products, and all things expansion—so make sure you’re starting from a solid internal base with teams feeling connected to each other.
Cross-collaboration can be a powerful tool for innovation and increased productivity, especially if you’re based in different places: employees who feel connected to each other are
five times as likely to report increased productivity, so giving teams the tools and resources to stay connected and share knowledge is crucial in this growth stage.
An expansion strategy requires hours of communication, negotiation, and problem-solving—real-life conversation can drastically speed up a sticky process.
Business expansion relies heavily on operational efficiency, and human error can cause significant setbacks. AI can collect important data, identify relevant insights, and help you make informed decisions about the health of your company.
You can boost your productivity almost immediately by automating your workflow—leave the legwork to the algorithms and save your employees precious time!
There are many solutions out there, like
TravelPerk, which has been instrumental for companies in expansion mode. TravelPerk offers a centralized platform for booking, provides better control over expenses, real-time travel data, and
seamless integrations with leading expense partnersyou’re probably already familiar with.
Whether it’s looking for flexible airfares or centralizing expenses,
TravelPerkis here to help companies looking to gain control over their business travel management.