Also in the news...
Switzerland: providing services and travelling for business
Guidance for UK businesses on rules for selling services to Switzerland.
UK lands trade deal with South Korea to boost jobs and exports
UK lands momentous trade deal with South Korea to boost jobs and exports
New laws bring the world of work into the 21st century
Over 15 million people across the UK are expected to benefit as the Employment Rights Act receives Royal Assent.
Brilliant Borders: Kenya's Customs goes digital
A new app will save time and money for big businesses and small traders alike, as a longstanding Kenya-UK partnership further improves cross-border trade.
Yorkshire family brewery taps into new export opportunities with Government guarantee
UKEF support helps Wold Top brewery to expand its exports into new markets.
How US Companies Expand Internationally
In the age of the Internet, it could be argued that there is less of a need for companies to establish a physical presence in new countries simply to establish access to and to service a new and larger customer base. However, the reality is that people still buy from people and ultimately this requires a physical presence in key target markets.
The United States’ early emergence from the recent economic downturn has meant that companies based there have been in a stronger position than many other companies in the western economies to consider and plan for expansion into new markets.
For US headquartered companies the most popular regions for expansion are Europe and Asia-Pacific. In Europe, the most popular destinations are the UK followed by Germany.
Entering a new market and establishing a physical presence there is a major decision for any company, regardless of its size. Expanding overseas is often a time-consuming and expensive process fraught with commercial and reputational risks.
The prime issue for US enterprises entering new territories is to find, hire and train the right staff. Not understanding the local culture when it comes to recruitment and addressing this lack of empathy.
The great advantage for a company looking to establish a presence in an overseas market today, compared with say 20 years ago, is that there are specialist firms that can assist in these areas, particularly in the early phases of territorial expansion. Selecting the right partner to represent and work with you in an overseas location is imperative.
Article supplied by BizXpand