If you’re at a point in your business where you feel that global expansion is the next logical step, first of all, congratulations! That’s quite an achievement. Having said that, the road ahead is tough, and you’re going to need to play your cards right if you want to have the same success internationally that you’ve had in your local market. That’s why we’ve put together this list of tips for managing global growth to help you expand your e-commerce store.
Outsource Your Logistics
The first thing you’re going to want to do is set up strategic partnerships with logistics companies in the countries to which you wish to expand. So, if you’re looking to expand into the southern hemisphere, you’ll want to partner with 3PL fulfilment companies in Australia, New Zealand, and other key hubs.
Outsourcing your logistics is one of the best ways to ensure that you can scale effectively, despite challenges with freight, customs and local laws. Having the logistics handled by a specialist external provider also greatly reduces both your liability in the event that anything does go wrong (which is also far less likely with a dedicated team) and the amount of paperwork you have to complete on a daily basis. You’ll save time, energy, and stress on all fronts. However, it’s vital that you have a solid plan in place before committing to global expansion.
Build a Diverse Team
As you grow, it’s crucial to foster workplace inclusion and diversity, even if you’re working with a remote team. Individuals with different viewpoints bring different things to the table. If you’re going to make it in the global economy, this is precisely the type of creative thinking you need on your side, no matter who it comes from, what difficulties they face, or what their background is. This also creates a more positive and productive culture within your organization, which is bound to help you scale faster and more efficiently.
Automate Wherever Possible
Expanding into new markets brings new challenges and a whole lot of extra work, so you don’t want to be tied up dealing with basic day-to-day things. We suggest getting started by automating your accounts payable, as keeping on top of your bills will be even more important when you’re dealing with exchange rates, customs fees, and more.
You can then look into which other parts of your business could benefit from being automated. To make wise decisions, focus on how any given automation will benefit both your business and your team.
Keep on Top of Your Taxes
Expanding into the global market means dealing with a whole new set of taxes, as well as all the laws that come with them. Because of this, we strongly recommend finding and engaging the services of an accredited tax accountant whom you can trust. Managing tax as a multinational company is a whole different ball game, and this really isn’t an area you want to make mistakes in.
Make Sure Your Website Appeals to a Global Audience
Finally, just because something works well in one part of the world, that doesn’t necessarily mean it will work worldwide. We suggest finding a reputable UI design agency and giving your website a bit of a makeover to ensure it speaks to a global audience. You don’t have to compromise on your branding or values, but little tweaks can go a long way.
Hopefully, these tips help you in your quest to expand globally. Good luck with it all!