When your business succeeds on the local market, getting further can be very tempting. In today’s global economy, companies of all sizes are looking to expand on foreign markets. On one hand, serving a wider base of customers can significantly increase the income. On the other, ensuring a smooth transition may be tricky, for it’s crucial to be aware of the difficulties and challenges of globalization.

You can always get stuck on points that may seem trivial when you have a great product or service, such as differences in culture and mentality, not to mention different social norms and legal regulations. Despite the challenges your business may face, the increased potential for market growth and diversity are only a couple of the advantages expansion can offer. So, if international expansion has been on the to-do list for your business, here are some convincing reasons to start embarking on it in 2024.

New markets and customer base

It comes as no surprise that global business expansion allows access to new markets as well as greater demand for your product or service from new potential customers. This not only gives you the opportunity to sell to a new client base, but also the chance to develop new products and services, i.e., suitable for a specific chosen market that may increase your company’s relevancy.

But let’s face the truth, expanding into a new country or market can be an exciting journey – unless you face unexpected surprises. An increased amount of paperwork (especially if your home country had everything digitalised), dealing with local authorities for a long time, the complicated registration process or any restrictions may leave you baffled at the start. With many years of experience with supporting our clients in growing their business internationally, our experts can provide you with a full range of market entry support to make the transition to a new market as seamless as possible. Having a reliable partner by your side when starting with expansion can take off the pressure and allows you to switch your focus from administrative tasks (and running from one local authority to another) to product-market fit, marketing and recruitment processes.

Increase profit potential

As mentioned earlier, expanding business internationally allows to sell your products or services to a new customer base. When done in a smart way, this can bring thousands or even millions of new potential clients to your company, leading to an increase in sales. And such increase in sales volume could increase your revenues.

Another benefit of the global expansion is that when the economic or political situation in your local market is unstable, choosing to do business in other countries, where the scenario is different, allows you to stabilise revenues and reduce risks for your company.

Access to market diversity

Regarding unstable local market, as mentioned above, exposure to market changes is one of the disadvantages businesses face while operating in only one region. Depending on one location and being unprepared for disruptions may bring devastating risks. Not to mention that not all business models survive with a limited location reach. By expanding your company internationally, you have the chance to diversify your markets and services and increase the stability of your revenue.

Another benefit of the global expansion is that when the economic or political situation in your local market is unstable, choosing to do business in other countries, where the scenario is different, allows you to stabilise revenues and reduce risks for your company.

However, it is important to remember that the diversity of markets lies not only in the demand for different products, but also in the different legal regulations. Having a partner by your side who is ready to handle all the business processes on your behalf and provide the necessary consultancy when navigating in a foreign country makes it all a piece of cake. For instance, our market entry consultancy combined with our free introduction calls with a selected expert allows you to discuss relevant aspects of expanding your business to the country of your choice and clarifies all the uncertainties you may have.

Bigger talent pool

Access to a far broader talent pool is another benefit of expansion. You may come across individuals with education, experience and expertise you may not find in your home country, and who can increase the value of your company. Moreover, hiring foreign employees contribute to more benefits, such as a better understanding of the market as well as knowledge of the foreign language. Thus, doing business becomes many times easier.

In Accace, we have vast experience with customers who decided for expansion and grow their company internationally with us by their side. Our team is ready to advise you on the best choice for your business and discuss all aspects of new markets based on your needs.

Zuzana Marton Derňarová

Business Development Coordinator | Accace

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+421 232 553 000

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