If you have a business that is well established in Victoria, or even in Australia, then congratulations: you’ve achieved a feat that not many people can say that they have. But this might also mean that you’re ready to take the next step: you want to start entering international markets. There’s a world outside of the CBD, after all. This can be an intimidating task, so it’s nothing to be ashamed of if you’ve been dragging your feet a little bit. But if you have, you should consider hiring a business consultant to help you make the transition. Not only can they improve your teamwork and time management for international business, they can also give you pointers on what it takes to market and sell yourself internationally.
In Australia, Austrade can assist you with grants and education sessions to get things moving, but back in your business there’s a lot to do to personally prepare and set up for you and your team. This is where a local business consultant comes in. With their know-how they can begin easing you into the idea of working in international markets. Making the process of transition one that feels manageable and possible for you and your team to achieve. Having someone to guide you through the government red tape, difficulties with languages and translations, currency conversion chaos, tax and legal obligations as well as keep control over your existing business strategies can help keep your resolve when things stall or become challenging.
One big benefit of hiring a business consultant like David Guest in Melbourne is that they can help you plan your entry into international markets so that you’re business growth locally isn’t compromised by your expansion into overseas markets. The best business consultants used to be small business owners themselves, so they’re familiar with what it takes to launch a business from a solid domestic platform out into the larger international market. They have firsthand experience and know what it takes to succeed as an international business as well as a domestic one. And they can help you to manage your cash flow so that you’re not neglecting this important aspect of your business while you focus on branching out.
Where to Begin
Start by learning a little about the country (or countries) you want to expand into. Find out about how their financial arrangements work such as legal obligations to buyers, how lending agreements work and whether there are any label or sales restrictions that exist there that don’t apply here. You may also want to find out about any different jargon or terms that are used that you might be unfamiliar with.
Next look internally, how will the structure of your business need to change to accommodate the different demands of your new intended market. Decide whether you’ll be able to transition with the team you already have or if you need to recruit more people. Ask yourself can your operations really be run out of Australia or will you need to invest in setting up a local presence and have a team on the ground in your new market. Will your existing training programs adequately work for your team(s) now they’ll need to manage a different way of working or will specialist training be required for them. Come up with a list of questions that you need to research and find answers for, so that you can turn this exploration into manageable tasks.
Consider exploring your ideas of international expansion with your advisers (Accountant, Bank Manager, Lawyer, Mentor, etc) early on, so that you’ve got their additional insights and expert knowledge to add to your arsenal. Having information come in from different perspectives can help you find solutions to difficulties more simply and easily – not every challenge needs to be solved with a complex strategy, sometimes it just takes knowing the right bit of information.
Hiring a business consultant is one of the smartest ways to make sure that your transition into international markets is as easy as possible. When you find a business consultant that you like working with, you’ll not only be able to successfully help your staff transition, you’ll also pick up plenty of knowledge of your own so that, in the future, when the time comes to expand your business again, you may not need their help. Being able to increase your cash flow by tapping into new markets is always a great skill to have.