Five Reasons to Expand Internationally in 2021
If going global has been in your business plans for some time, here are five reasons to expand internationally in 2021.
1. Increase revenue
When businesses have exhausted growth opportunities at home, overseas expansion becomes a necessity to increase revenue. For many companies, expanding globally offers a chance to explore new markets and gain access to millions of customers, thus increasing sales. In addition, taking a business international allows you the opportunity to diversify your markets, so your revenue is more stable.
2. Access to new talent
Another excellent benefit of taking a business globally is access to a much larger pool of talent. Hiring international talent can bring many advantages, including advanced language skills and diverse educational backgrounds.
3. Cost savings
By setting up in a new country, a business will be able to lower its operational costs and save money. Many companies have found it advantageous to move some of their manufacturing operations to other markets due to cheaper labour costs and more affordable talent.
4. Stay ahead of the competition
Go to market before your competitors do. Expanding abroad gives you access to new customers, and in a market where your competitors do not operate.
5. Build regional centres
One of the reasons why businesses expand globally is to be able to provide a reliable service to their international clients. Expanding globally allows companies to employ local workers who have the expertise to communicate and serve clients (within the same time zone) without any complications.
Are you considering employing remote workers globally?
While we know there are many advantages to hiring remote workers internationally, it is important to understand that employment law, compliance, regulatory frameworks, and local customs can make global expansion complex. If a company is looking for a more cost-effective and faster way to expand its business and hire workers globally, then an Employer of Record (EOR) solution should be considered.
Once you know where you want to expand and who you want to hire, we can do the rest. Contact us below to speak to one of our experts about our Global EOR service.