How to internationalize a company? Many companies have already reached the peak of their business in the national market and, to maintain growth, they need to operate in other countries. For this, it is essential to do a thorough planning with all the details of the new market to explore.
First, it is necessary to outline the objectives, the performance model and the necessary investments. This is the starting point to achieve the desired expansion with strength and efficiency.
To assist you in this challenge, learn about the benefits of expanding your business and the steps necessary for the corporation to succeed in other markets.
What are the benefits of internationalization?
Expanding the business to other countries is a very advantageous process in every way. After all, it is a great growth strategy. In addition, internationalization offers numerous benefits, such as:
- Reduce dependence on the internal market;
- Increase productivity;
- Improve products and services;
- Diversify business;
- Gain international experience;
- Increase sales volume;
- Greater profitability;
- Improve the internal and external reputation of the company.
How to internationalize a company and conquer new markets?
Now that you know the benefits of how to internationalize a company, see step by step to expand your business in practice.
1. Do a preliminary investigation
In the corporate world, all decisions are made after much research, discussion, and planning. When studying how to internationalize a company, it would be no different.
Therefore, it is essential to conduct detailed research on various aspects of the country to which you want to expand your business. Therefore, the company avoids surprises due to the lack of knowledge in legal, fiscal, economic and cultural areas, for example.
In addition, it is important to also investigate other factors related to your company, such as:
- What is the current situation of the company?
- Growth potential;
- Feasibility of adapting processes, products and services;
- Moment of the internationalization process, either in the export of products or in the opening of a branch.
2. Discover your company’s new market
It is essential to understand the characteristics of the market in which you want to operate. Therefore, it is essential to study and understand the demands and characteristics of consumers.
It is also worth understanding the preferences and trends, the culture of the country, the local currency and evaluating the need to adapt products and services to the new reality.
3. Study local law
In order to carry out the successful internationalization process of a company, it is also of great importance to know the local legislation and bureaucratic regulations.
Each country has its own laws regarding the sale of services and products. And fulfilling them exactly to the letter can be decisive for the success of the company.
Among other aspects that must be considered in this analysis are:
- Rights and duties of the organization in the expansion country;
- Taxes and fees that can be collected;
- Local labor legislation;
- Product labeling;
- Environmental certification.
4. Participate in local events
To better analyze and understand the market, it is essential to participate in large local fairs. Therefore, you can closely observe the behavior and trends of the market, as well as exchange experiences with local entrepreneurs.
5. Develop strategies and business plans
In addition to having your business in your local country, expanding to other markets requires the definition of strategies, operating model and business plan. Only in this way is it possible to establish short, medium and long-term objectives and determine a timetable for the internationalization process of a company.
After market research and strategy development, you must adapt both your structure, operation and equipment, and your product or service according to the new market.
It is also essential to prepare financial planning for internationalization according to the investments, the need for strategy and the reality of the company.
But the process does not stop there and it is necessary to monitor the expenses, performance and results of the organization. With this, it is possible to make adjustments to ensure the success of the company abroad.
6. Have the help of a management system
There are organizations that try to do the internationalization process on their own, without the support of specialized technologies or partners. However, the risk is great. Therefore, it is essential to have a reliable, specialized company with extensive experience in the market.
Be one solutions has experience in helping large multinational companies to open their subsidiaries with ease and simplicity. We operate in 25 countries and have more than 400 clients.
In addition, we offer SAP Business One, a business management system that allows you to map the entire operation, optimize processes and integrate all sectors. Therefore, it is possible to obtain centralized data, standardize activities and have complete control of all management.
This facilitates the adaptation of the business to international expansion. Among our differentials, we highlight:
- International coverage with the implementation of SAP Business One (presence in 25 countries, 60 implementations and 400 clients);
- Knowledge in operations of large clients (large companies);
- Launch experience;
- International coverage for all continents;
- Experience of location worldwide;
- Customized projects according to customer needs.
Do you want to know more details about how to internationalize a company with a unique solution? Contact our professionals and have all the necessary support to conquer new markets.