The desire to enter foreign markets is a natural stage of successful business development aimed at sustainable development. If an audit firm is established in the Ukrainian market, has become a member of an international professional network, alliance or association, has high customer awareness, self-confidence and resources to continue paving the way for success in the international arena, it is definitely worth trying opportunities to finally get out of the conditional comfort zone.
There are certain trends in the domestic market that encourage firms to expand the boundaries of their activities. As a rule, medium and large business representatives enter the international markets as a result of the expansion of their business activity, the need to maintain and develop the company’s image, as well as their desire to reduce risks and diversify the assets that have the resources to globalize the business. In addition, representatives of domestic businesses are attracted by opportunities to access innovative technologies, international development programs, promising business partnerships, etc.
Entering the international level opens up endless opportunities for companies and their owners. Players planning to enter the international market should choose a specific market, strategies and methods of penetration, and also take into account many legal details and tax aspects. However, doing business in a neighboring country may seem far removed from doing business in Ukraine. Despite this, many companies, including auditors, take the serious step of scaling the business every year. They enter international markets in search of growth and development opportunities, but at the same time everyone’s motivation is different.
Assessment of the company’s readiness to scale
Before investing time and money into conquering new territories, you need to do some exploration to know for sure that your target audience is there, it needs these services and is ready for you to enter the market.
Also, one of the main arguments for choosing foreign markets is their resemblance to local ones. The more intersection points, the easier the adaptation process will be. After all, the algorithm for success can be repeated to some extent in the foreign market.
Before entering the international arena, make sure that the company has sufficient resources and staff to begin expanding into new markets. It is important to build a strong team that is responsible for expanding the company and effectively meeting new challenges.
How to prepare for business globalization
In order to scale the business and expand its presence not only in Ukraine but also in the world, it is necessary to create a reliable launch pad, to provide strong management, to cope with the new challenges that will certainly arise. Entering a new market requires pre-project preparation - from forming a brand concept and accompanying a path to a potential buyer, as well as conducting market research, updating and adjusting a company’s marketing strategy, etc.
In order to scale the business, services should first and foremost be truly unique, professional, meet international standards, and comply with the rules of professional ethics. In addition, it is important not to cross the fine line between client orientation and maintaining impartiality and independence of thought.
If the market sees a new company, the business begins to grow like a mushroom. There are new clients, and new challenges are coming in – how to provide services as needed. And if a company can’t meet the growing needs, clients start to forget about it and go to competitors. The answer to meeting the growing needs of service consumers can be the creation of a learning ecosystem within the company that supports business growth and the constant need for employees to learn new competencies. It can be used to implement models, processes and systems that guarantee a financial result and meet the needs of clients in peak load.
Choosing the optimum presence formula
Before developing new markets for their services, it is necessary to carefully study all aspects of doing business, weigh the risks, take into account the national and mental characteristics of consumers, and examine competitors. To do this, it is necessary to hold several meetings with your potential employees, suppliers, partners in new areas. It will allow to receive a large amount of information about work in the country, about its specificity. This tactic is used by all international companies entering the Ukrainian market. It is good to adopt a proven algorithm that doesn’t exactly hurt your business.
Creating an innovative corporate model
Organizational design is how your business is perceived by clients in foreign markets. You need to be prepared that partners and clients to carefully analyze your operational and management processes. Therefore, some customer-focused organizational updates will only benefit the business.
Globalization is always a risk. Failure to take the right steps at an early stage can lead to a much faster collapse in international markets than in local ones. The requirements of global markets for new players can and will change, so you should be well prepared and calculate all possible scenarios. To do this, you need to conduct a thorough and comprehensive analysis of the market you are going to enter. The result of the analytical study is a multi-factor model of target market selection that considers all exit risks and promotes the right strategy choice.
Formation of a clear strategy
Having obtained information about the market, consumers and competitors, it is possible to proceed to the approval of the current strategy of entering foreign markets. It provides up-to-date additions to the services provided, a competitive pricing policy, effective sales channels for services in the market, tools for promoting services etc.
Implementation of global thinking into company culture
It is not enough to complete legal formalities to successfully integrate into foreign markets. Although this should be thought through to the smallest detail. In order to move beyond the local market and retain positions, they will have to organize their work in accordance with many new factors that have not been encountered within their country. Any management decision, any operational process should be analyzed for how it will operate in a business scalable environment.