Growing your business by going global
Given that business today is becoming increasingly international, expanding your company globally could be the answer to exploring new opportunities.
For many entrepreneurs whom we work with across London, once they have established their business in London, the next step is to target other cities in the UK, and the natural progression is to expand overseas.
At Berley, we believe in growing alongside our entrepreneurial clients, and with the assistance of our international business advisors, you can determine whether you are financially ready for overseas expansion. Our expert accountants are well versed in international tax laws, payment systems and legal requirements, and will be with you every step of the way.
Find the funding
To grow your business aboard you are likely to need a sufficient amount of funding. For instance, targeting new markets, increasing stock levels and launching marketing campaigns in an overseas market does require additional investment.
You can source investment through one or a combination of means such as:
- Investing profits back into your business
- Selling your company shares to investors
- Taking out a loan
- Looking for other sources of funding
When it comes to using additional funds to grow your business, there’s no such thing as one-size-fits-all business funding advice, which is why our team of chartered accountants at Berley will work with you to find the right funding that will benefit your business. We will also help you to construct the appropriate legal framework to accompany your application for loan or equity capital.
It is important to take into consideration that producing more stock or hiring new employees will require cash investment, practical cash flow planning and a solid growth plan. If you spread yourself too thin financially or expand rapidly without a plan, you may jeopardise your UK operations. That is why employing an experienced chartered accountant to manage your finances is an integral part of a business expansion plan.
Research is key
With us helping you on the financial side, you and your team can focus on other aspects that are critical to growing your business overseas. Before expanding, thorough research needs to be conducted, and a solid marketing strategy needs to be put into place.
Detailed research should include:
- Determining which markets to target
- Exploring what adjustments need to be made locally
- Considering any legal limitations that you could face
- Investigating local marketing practices
- Analysing competitors and trends
- Identifying distribution channels
- Communicating with prospective customers aboard
- Consulting local experts in your destination market
Even with today’s technology, which allows you to connect with partners and customers overseas electronically, many small business owners still insist that the best approach is to visit the destination market and gather first-hand intelligence by spending time talking to the potential customers, logistics partners, marketing agents and even banking staff in the market you want to be in. If this appeals to you, then heed the advice and visit your target market.
Explore the market
After crunching through data and gathering insights, the next step is to test it out. Create a local campaign, assess the demand, test the fulfilment process, get feedback and adjust your plan accordingly. To help you with this procedure, talk to our chartered accountants at Berley about the tax system in your target market and the impact it may have on your business.
If you are convinced that you need a physical presence in the new market, then we can assess the impact of your cash flow. The option to expand overseas by working with partners in your destination market is also viable, and perhaps a less costly approach. However, you do need to make sure that your agreement is watertight.
Be mindful of post-Brexit implications
It is fair to assume that the way UK companies conduct business in the EU will be affected by Britain leaving the European Union. It should not be a deterring factor, however, and many UK companies are continuing to form partnerships with European businesses. Companies doing business in the EU should pay close attention to the business climate and be prepared to cross more red tape.
Let Berley help you grow your business abroad
When you think of an overseas expansion plan, you may not think you need an accountant at first, but having one by your side will prove to be beneficial. Our small business growth business specialists have years of experience with helping UK based companies looking to branch out overseas. Berley also has established relationships with accountancy firms in the world’s major trading cities so that we can support you wherever you choose to do business.
Call us on 020 7636 9094 or use our Online Form to arrange a no-obligation meeting and find out how we can help you grow your business abroad.
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