grow your business
Neat Team April 10, 2022 3:07 am

Looking to grow your business globally? Here’s all you need to know

Are you looking to grow your business globally? Congratulations on reaching the point where small businesses can truly achieve their destiny. You probably have many questions about how you can grow your business. Jumping across international borders can be a daunting task, with differences in local laws, taxes, and even alternative international payment systems.  

Getting to grips with these differences is essential. When the time has come to expand, if you are unsure how to do so, look no further. Below, we have listed the top 7 steps you should consider if you are to succeed globally.

 

1. Do your market research

Do international clients want the service you are offering? What worked well in your local market may not translate well abroad. Take the time to do your research if you hope to unlock new markets.

You can conduct in-house research or hire a third-party company that specialises in this area. Market research often takes the form of surveys, product testing, and focus groups.

Whether producing a physical product or offering a global service, market research is a vital component in developing new ideas.

2. Analyse the competition

Make a list of the competition in the same industry. How did your competitors approach the global market? Are there aspects of their business model that you need to emulate? And what parts of your businesses are similar and would benefit from differentiation? Remember, potential clients will not be excited by companies that are just clones of other already available enterprises.

3. Optimise established revenue sources

When expanding, remember that growth does not have to mean new customers. You will already have a pool of loyal customers buying from you. For example, if you are a retailer who has decided to branch out to work with new global suppliers, do your research and establish what products you can sell to your existing clients.

Optimising established revenue from existing clients increases your sales and improves the experience for the client, as they can receive more of the products that they want from a single source, giving them fewer headaches and offering potential cost savings.

4. Invest in a global payment solution

Many small businesses grow up out of a personal account. Your company is going to need a business account. While traditional banks can undoubtedly give you this, SMEs today are free to choose from alternative solutions, and finding the right tool for your business is essential. It can stand to save you considerable time and money. There are intuitive online alternatives, such as Neat, that support you to make local and global payments and manage multiple currencies. 

In the case of Neat, we support users to get paid and pay 177+ countries/regions, our multi-currency wallets allow users to manage HKD, USD, GBP, and Euro in one go. Global payments are accepted through Stripe, Paypal, Shopify, Cardup and more, while accounting is made simple with Xero integration, a world-renowned accounting package.

5. Hire the best team

Before your business gets too far in international relations, give your home team careful consideration. How solid are your existing staff? Can the current staff manage elevated roles? Will they be responsible for liaising with multiple teams in many countries? Are they up to the task?

Incentivise your staff, and hire additional team members to fill any existing skill shortcomings. If you intend to do significant amounts of business with only a few countries, it may be wise to recruit someone that speaks the language. You are on a surefire path to success when your team shares your goals. If you are the type of business owner who manages every aspect of the business, it may be time to accept that your team is there to work alongside you, so go ahead and delegate some tasks.

6. Form a strategic partnership

If you desire rapid growth, partnering with a strategic company that can offer you access to new markets is an easy way to grow your business. Ideally, you should be able to lock in a deal that mutually benefits both parties without hampering your ongoing endeavours. 

7. Think ahead

Most importantly of all, you need to plan.

Ensure you have a payment solution in play that can handle your expansion plans, such as being able to accept payments in multiple currencies. This may be several bank accounts housed inside one payment app. If your goal is to grow your business rather than maintain your existing place in the market, staffing decisions must be made with future needs in mind. 

Let your team know the company plans. Bring them on board with your goals so that these targets become their own. The company agenda should always be to maintain a growth and success mindset.

 

Neat is here to help

There you have it. As a small business owner, the world is your oyster, and you are now armed with 7 essential strategies to move forward with your plans for global significance. How effectively you decide to implement these within your business will ultimately impact how quickly your plans will bear the fruit of your labour. 

Get a taste of Neat

Neat offers a modern account that suits all your financial needs. If you’re looking to engage in international commerce, sign up for a Neat Business account to get a multi-currency account, seamless international transaction solutions and corporate cards with year-round 1% cashback and more.

From now till 30 Jun 2022, sign up with promo code SIGN12P to get your first 10 international transaction fees waived!* Terms and conditions apply.

Having doubt? Book a time to talk to one of our product specialists today.

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