It’s been a tough economic time across most industries these past years during COVID, but if you have the wherewithal to take your company global, then you’ll be doing yourself a big favor. Given the opportunities that exist to reach untapped clientele, talent, and future business partners, the move will spark innovative mindsets as you create a winning business environment through your organization’s platform that works well for all parties involved.
Here, 13 Fast Company Executive Board members discuss the decision to invest in other markets outside of the United States and how the move has enhanced their company’s growth potential.
1. IT ENHANCES THE BUSINESS REBRANDING PHASE.
We were already a virtual company doing virtual sales training, so COVID actually helped us reach more people and companies who needed our services. But as we move from a service to a software company, the ability to offer our text expansion software globally is very exciting. Everyone needs to be more productive, no matter where they live and work! – Viveka Von Rosen, Vengreso
2. IT HELPS COMPANIES FUNCTION IN THE METAVERSE.
COVID sped up the inevitability of virtualization, which is inherently global. As an NFT infrastructure provider for brands and creators, our entire business model is based on meeting the needs of brands wanting to participate in this new global, interconnected digital universe. At this phase in the development of the metaverse, the demand from brands far exceeds the number of suppliers. – Yonathan Lapchik, INFINITE WORLD
3. IT GIVES YOU MORE ACCESS TO GLOBAL TALENT.
With a global team, you have access to talent all over the world, and the flexibility to hire the best people regardless of their location. The most successful teams combine diverse cultures, personality types and perspectives. Your customers and users are diverse, and the best way to understand them is to represent them. – Erad Fridman, Fluxon
4. IT OFFERS GLOBAL NEW HIRES A SMOOTHER WORK TRANSITION.
Regulations preventing people from onboarding to new jobs remotely (even from abroad) have been peeled back due to COVID. This forced efficiencies that hadn’t previously existed. Candidates are now able to study, prepare, and become licensed for their jobs even if they are waiting for permission to travel (waiting for visa approval, for example). – Liza Streiff, Knopman Marks Financial Training
5. IT INCREASES YEAR-ROUND DEMAND FOR PRODUCTS.
Expanding globally can increase demand for your product year-round, especially if your product is seasonal. For example, since we produce a product to alleviate bug bites and stings, it works to our advantage that Australia’s mosquito season peaks when it is winter in the United States. – Kelley Higney, Bug Bite Thing
6. IT ACCELERATES BUSINESS GROWTH.
Global expansion is key to accelerating the growth of any business. To be successful, you need to evaluate if any product or service adjustments are required to your offering, given different market dynamics, cultures, regulations, and languages. Ensure that your team has a strong cultural intelligence about the new markets to effectively deal with diverse customers, partners, suppliers and employees. – Andreea Vanacker, SPARKX5
7. IT LEADS TO INNOVATION.
Global expansion has enabled many of our clients to grow and expand. Through their continued development, our clients have also hired a more diverse, distribution team, leading to an unprecedented wave of innovation and diversity of thought. These growth factors have opened up opportunities to help our clients navigate the growth successfully and with positive results together. – Matt Domo, FifthVantage
8. IT CAN BE MORE COST-EFFECTIVE.
The global entertainment industry has exploded over the last few years. As a global platform, of course, this has benefitted us greatly. Partners like Netflix have utilized us to help train and discover new talent and material internationally. Our ability to deliver the desired audience at scale, which significantly cuts down costs, has made us attractive to many networks, streamers, and production companies. – Richard RB Botto, Stage 32
9. IT HELPS COMPANIES OUTPACE THEIR COMPETITION.
Banks are on the move, and as a provider dedicated to this market, we must follow. Global expansion is necessary to break through plateaus and outpace the competition. We’ve established a solid foundation in North America and global expansion will widen that gap more. We’re also in a unique position to support existing customers expanding into emerging markets, which leads to immediate opportunities. – Matthew Tengwall, Verint Systems
10. IT CREATES MORE FLEXIBILITY IN THE WORKPLACE.
The best thing about the lockdown is nobody cares where you are anymore. We don’t have to travel. Nobody cares what country you’re in. You can charge the same rates, and expenses are much lower. – Mike Koenigs, The Superpower Accelerator
11. IT PUSHES LEADERS TO THINK OUT-OF-THE-BOX.
Diverse talent pools and points of view from around the world have been significant drivers of our success and evolution. Innovation requires fresh perspectives and out-of-the-box thinking, so access to a globally diverse workforce has proved to help drive innovation that we wouldn’t otherwise be privy to, had we not adopted technologies and practices to function globally early on in our company. – Bilal Aijazi, Polly
12. IT SOLIDIFIES THE MARKET SHARE.
If your business is looking to expand into new markets, testing the value of any given product or service via a virtual marketplace can be the perfect opportunity to gather data to find out what markets you should be focusing on. Track the data and the results will follow! As my company expands, our ability to track data effectively has allowed my team and I to make the most of our plans to expand. – Brandon Pena, BrandON Media Group
13. IT ATTRACTS PROSPECTIVE CLIENTS AND SUPPLIERS.
A globally connected business environment may create stiffer competition for products and services, but it also creates more opportunities for garnering more customers and suppliers we would not have had before. In the last five years, some of the companies we have invested in have seen most of their growth outside the United States. – Tyrone Foster, InvestNet, LLC