Expanding your business globally can open up a whole plethora of benefits. But it isn’t without its difficulties. Business expansion can help you grow your company, reaching a new audience and influencing you to try out new products, services and practices. However, if your business expansion strategy involves growing in a new country, you could encounter cultural boundaries that are difficult to cross. If you need help with global expansion, look no further.
Here at Payroll Worldwide, we specialise in international human resources management and payroll, helping businesses in Latin America and those wishing to expand. If you want your business to grow successfully, you need to be aware of certain issues and how to overcome them.
Unfamiliar Culture and Language
Just because your business practices and management processes worked in one country, doesn’t mean they’ll fit in with another. It isn’t just a complication in business; society works differently in other countries, so you need to be aware of how the country you’re expanding to works, operates and socialises. Not being clued up could set you apart from the competition in a bad way. If you’re out of touch, it will be much harder to succeed. If you don’t speak the same language as your clients or partners, this can be tricky. However, there are solutions you can follow.
When expanding, try to employ someone in your management team who understands the local culture and can speak the language. As part of your international expansion strategy, you might want to consider a professional employer organisation (PEO) to help with global expansion. They can help you recruit local talent in Latin America, as well as help you with your HR and payroll processes.
Like with culture, certain services and products might not be right for a certain region. This is why research is so important; where is the best place to expand to? Also, if you have a great product or service but someone is already providing it, you need to discover your unique selling point (USP). What’s more, is that it must fit in with the local clientele and their needs. You’ll also have to deal with import fees and tariffs, putting you at a disadvantage right from the start.
Finding the right partner when you expand could make all the difference. You can then build relationships with shipping companies and storage facilities to make the process easier. They have local expertise and knowledge, and could take the some of the stress away from the whole process. This way, you can focus on other global expansion plans.
Tax. It’s a word that everyone dreads. But it shouldn’t have to be so complicated for expanding businesses, as you have other aspects to worry about. However, it is crucially important that you get it right. Taxes, tariffs and fees vary from country to country, so make sure that you do your research thoroughly before expanding. It can be a difficult process, especially for small businesses. Trading standards and other regulations can also crop up, but there is help available if it all gets too much.
Although you should always do your research in-depth, there are tax experts who can help. If you’re expanding to Latin America, we provide assistance in all branches of HR, such as payroll, tax compliance and even recruitment. To find out more about how our PEO services can help you, please visit us here.
When looking for help with global expansion, many people will bring their own staff with them. They know the business inside out, which is always a bonus. However, they won’t be familiar with the business climate of the new country. Therefore, it is important to hire the best staff in the country you are moving to. But how can you determine who is the most suitable, and how can you stand out to them? It is always a risk hiring new people, but PEOs can help.
We have significant experience in hiring the very best candidates for businesses. We even offer a concierge service for new employees who are moving over. To find out more, or to book a free consultation, please give us a call on 07469 892524. Alternatively, you can fill out our online form here.