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Thinking Of Expanding Your Business Into New Territories?
Today sees the launch of a new report from The Economist Intelligence Unit, sponsored by TMF Group.
"Corporate overseas expansion: opportunities and barriers" examines the motivations and practical challenges faced by over 150 global businesses when they set up operations in a new geographic territory.
Depending on your location, your routes and reasons for expansion could also be very different. What issues are you likely to encounter?
Top 5 challenges faced by businesses when expanding:
1. Understanding and adapting to socio economic circumstances in target market
2. Exchange rate volatility
3. Data protection and privacy laws
4. Security and personal safety of staff
5. Local employment customs, practices and laws
Europe
Three in four European companies cite opening new markets for their products and services as the key driver in international expansion.
Asia Pacific
Businesses in Asia Pacific prioritise finding new sources of capital.
North America
US firms are heavily reliant on Chambers of Commerce, with over half seeking assistance in both their home and destination market.