Geographic Expansion
Expansion into new markets may be as conceptually simple as geographic expansion. Conceptually simple, however, does not necessarily translate into simple in practice. The option that seams the easiest may actually set up the business for disappointing results down the road or require unexpected resources. Expectations and constraints will eliminate some options.
All our partners have driven or participated in geographic (including global) expansions in companies of all sizes. They have seen what works, what does not and why. We will be able to counsel you on whether a global expansion is for you, present multiple alternatives and evaluate them in light of the strengths and limitations of your company. We will be able to outline a medium and long term plan to evolve the initial presence into a success. We can also guide our client in how to set up the foreign team and how to train and support it internally so it can succeed.
Some of the common options involve:
- Getting distributors
- Opening a company owned sales office in a convenient location
- Buying a competitor in the intended location
- Doing a joint venture with a local company
All of these have their merits, but their attractiveness will depend much on the type of business the company conducts, its size and the speed of market penetration desired. All of these represent a sizable investment, if nothing else, in time and internal resources. We highly recommend doing thorough market research before taking the plunge.