Are you ready to go global?
For all the right reasons, many businesses are considering the opportunity of expanding to other parts of the world. There are many considerations in safely and effectively expanding a regional business to other parts of the world.
What are the risks?
- Increased costs,
- The need to meet foreign regulations and standards,
- Cash flow woes due to delayed methods of payment and
- Operational complexity, and
- Failure to understand local business norms and customs, to name just a few.
Why expand globally?
- Faster growth,
- Access to cheaper inputs (raw materials and labor),
- New market opportunities from a vastly bigger customer base, and
- Diversification—less vulnerability to changes or events in specific regions when the company isdealing with a number of regions of the world.