Companies like Starbucks, McDonalds, and Uniqlo are prime examples of businesses that expanded internationally. Today, technology has allowed people from different parts of the world to stay connected. It has also given businesses the opportunity to reach a bigger audience.
We live in an era of globalization, where businesses or organizations develop international influence or start operation on an international scale. If you are on the fence about expanding your business around the world, here are five benefits that come with global expansion.
New Revenue Potential
When you allow your business to enter foreign markets, you are reaching an entirely new pool of potential clients and/or customers. This could be even more beneficial if your product or service faces rigid competition domestically. If other countries are looking for a solution that you can provide, that solution can lead to increased revenue.
Access to Talent Abroad
Let’s face it, we can’t always find what we’re looking for where we live. While it applies to tools or solutions, it can also apply to employees. There are people around the world that share different points of view and skill sets that you may not have in your home country. Those unique perspectives can be the push that helps your business stand out from other organizations.
The ability to help more people
Based on a 2017 article, Apple has sold over 1.3 billion iPhones since its birth in 2007. With the iPhone, Apple has transformed the way people around the world communicate with one another. Your business could have the potential to improve your customers’ livelihood. On a global scale, that is exponentially more people’s lives being positively affected.
Immersing into new cultures
Diving into a new country means immersing yourself in new languages, customs, food, climate, and people. What may work back home isn’t necessarily going to translate well overseas. Understanding the culture that you want to expand in will not only give you a leg up from the competition domestically, but it will also help set the foundation for your company in the country you choose to inhabit.
Prospect of Foreign Investment
In 2015, the Foreign Direct Investment (FDI) in the United States alone nearly doubled ($482 billion) compared to the year ($212 billion) before. Going global means more eyes are on you and your business, and more investors are more likely to want a piece of the pie. More investors mean more possibilities.
Going global comes with a lot of advantages, but with advantages come challenges. Language barriers, local laws, currency exchange, just to name a few.
NNRoad Solutions can relieve you of those challenges and make expanding around the world as seamless as possible.
Reach out today to see how you can take your business to the next level.
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