Expanding into new markets abroad can be complex and challenging, with potential “landmines” sometimes waiting along the way. These roadblocks include tax liabilities, regulatory compliance, HR challenges and other risks. A dedicated expert team can be helpful in avoiding pitfalls and guiding a company on the path to success – helping you discover new opportunities abroad, identify risks and “win” in new markets.
But who should serve on your global expansion team? Just as sports teams look to draft the best players to make a winning team, here are the players to consider:
Legal professionals can safeguard global business expansion efforts by providing guidance on regulatory compliance in different countries, including: :
- Protecting the company’s intellectual property (IP)
- Negotiating contracts with international partners
- Overseeing expansion efforts to ensure the process is being conducted in an ethical and lawful manner
Accounting and Finance
Professionals in accounting and finance provide valuable insight and guidance on financial matters related to the expansion, such as:
- Assessing the financial feasibility and potential return on investment for entering a marketing
- Identifying and mitigating financial risks
- Developing financial strategies to support the expansion
- Advising tax planning and reporting
IT and Technology
Technology plays a critical role in enabling companies to operate and compete effectively in the global marketplace. IT professionals can help your global expansion implement technology in ways that reduce costs and increase competitiveness in the global market. This is done by
- Setting up the necessary technology infrastructure and systems to support your expansion efforts, especially for remote work (e.g. cloud-based solutions, communication platforms and data management systems)
- Securing IP digitally and protecting your company from cybersecurity threats
- Optimizing workflow processes, automating operations and improving efficiency
Marketing and Reputation Management
Marketing and reputation management each play an important role in building a company’s image abroad and informing a positive perception that can help to drive business growth in new markets. Marketing and reputation management are important for:
- Creating awareness and interest in your company’s products or services
- Building trust and credibility with key stakeholders (e.g. government authorities, customers, talent pools, vendors, suppliers, etc.)
- Forming partnerships and alliances
- Attracting and retaining top talent
HR professionals are key to international expansion because they can help you attract, develop and retain the right people. They make sure people are at the core of your global expansion.
This is done by:
- Navigating the complex task of administering payroll and managing a headcount in an unfamiliar labor market
- Providing the right support to your workers when it comes to their taxes, statutory benefits, leave time and compensation
- Interfacing with the IT team to align your technology ecosystem supports human capital development
- Developing benefits packages with features like health insurance, retirement plans, equity options and other forms of compensation
Have you considered partnering with an Employer of Record?
For many companies, an Employer of Record (EOR) can play a key position on your global expansion team. That’s because an EOR provides expertise and resources that support all of the previously mentioned areas.
The functions of an EOR team player include but are not limited to the following:
- Ensuring compliance with local labor laws and regulations
- Streamlining hiring processes to better meet financial goals and mitigate employment risks
- Offering technology-enabled HR solutions
- Bolstering the company’s reputation among workers and government authorities
- Supporting all HR processes, including payroll, worker taxes and benefit
Should you enlist an EOR partner to be part of your global expansion team? Check out our ‘Pathways to International Success’ guidebook or contact us to learn more about navigating the international expansion and hiring lifecycle.