Making the decision to expand your business globally can be an exciting yet daunting time. You need to get yourself settled and adapt to the culture, as well as develop business strategies to help sell your products or services effectively. Most businesses owners never venture in blind, but if you don’t have an itinerary you can follow, the regulations and compliance requirements can become confusing. Luckily, there are global payroll providers and professional employer organisations (PEOs) that can help.
Here at Payroll Worldwide, we provide effective, fully comprehensive PEO services, such as human resources (HR) and payroll services to businesses in Latin America and those wishing to expand. We can provide a concierge service for your staff, as well as ensuring you are fully compliant with the local labour and employment laws that need adhering to. Partnering with a PEO can help lessen the load of expanding, allowing you to focus on what’s important. Read on below to discover our checklist for international business expansion.
Collecting Data and Analysing the Market
When expanding, you will probably already be fully clued up on the climate you’re moving into, as it’s a fundamental part of choosing where to set up business. Before you make the move, keep an eye on employment and economic trends, as they can change rapidly and can leave you flustered once you arrive. 72% of small business owners expect to take on new international customers, which is what motivates them to expand. Therefore, it’s important to identify key buying trends in the country you’re expanding to. PEOs and expanding go hand in hand, providing exemplary HR services to help ensure you’re fully compliant and recruit the very best talent for your business.
Understanding the Culture and Getting Settled
No one will blame you if you don’t understand the language when you expand to a foreign country. However, it is common courtesy to make yourself familiar with the culture, and it wouldn’t hurt to learn a few key phrases to show your dedication. Also, making the move to a foreign country can be incredibly daunting, especially if the culture is completely different to what you’re used to. Try and move a good few weeks before your business gets up and running to allow yourself time to get your bearings and become familiar with the local culture.
Payroll processes when it comes to international expansion are different in various countries. Employees expect different benefits and HR functions, and trying to work through and understand everything can be overwhelming. Luckily, our payroll providers understand Latin America, and can help you settle effectively by handling your HR and payroll solutions. To find out more about our services, please visit us here.
Set Up Compliant Legal Processes
Payroll, work permits, visas and employment law are all elements of your business that need to be complied with and monitored effectively. If one factor falls through the net, it could be quite detrimental to your business, so global compliance should be up on your list of top priorities. It can be hard to understand and work through, with all the legalities you need to remember on top of all the other important elements on your mind. Therefore, it’s better to work with a PEO who understands the country you’re moving to. If Latin America is on your radar, we can ensure you’re fully compliant, monitoring any changes to employment law.
Recruitment: How Do You Start?
So, you’ve picked your location, set up business and you’ve made sure your company is up to date in all the latest labour laws. Now, you need to focus on recruiting talented employees that can help your business grow in its new country. You may have decided to bring some employees with you, but chances are you’ll need a whole new workforce to help you out. PEOs can help develop your recruitment process, finding the very best talent for your business and ensuring your company thrives.
To find out more about how our payroll providers can help you, please give us a call on 07469 892524. Alternatively, you can fill out our online form here.