From Local to Global: Our Guide to Expanding Your Business

Expanding your business locally

Expanding your business within your local market presents unique opportunities and challenges. You’ll need a strategic focus on key areas to ensure growth while maintaining your company’s core values. Here are the four essential strategies our experts Katya and Deborah suggest you should consider for successful local expansion.

• Find employees that support your culture
• Use bonuses that drive change and growth
• Maintain customer service standards
• Identify areas for business opportunities

Find employees that support your culture

Hire people who fit your culture: As your business grows, it’s crucial to hire employees who align with your company’s values and culture. Look for skilled candidates who embody the ethos and mission of your business. Employees who are passionate about your vision will contribute to a positive work environment and help drive your company forward.

Promote Internal Growth: Don’t forget to recognise and reward the talent in your existing team. Encouraging current employees to take on new roles or responsibilities can help preserve and strengthen your business culture. Investing in training and development programs ensures that your team grows with the company, maintaining a consistent cultural identity.

Use bonuses that drive change and growth

Align incentives with your business goals: Create a bonus system that supports your company’s growth plans. Bonuses should not only reward hard work but also incentivise behaviours and outcomes that drive the business forward. This could mean hitting sales goals, boosting customer satisfaction, or developing new ideas that improve the business.

Recognise and reward your employees’ achievements: Regularly acknowledge and reward employees who contribute to your business’ success. This boosts morale, encourages loyalty, and motivates others to strive for excellence. Consider offering both individual and team-based bonuses to foster a sense of camaraderie and healthy competition.

Maintain Customer Service Standards

Prioritise customer experience: It’s important to maintain high customer service standards when you grow your business. Consistent, exceptional service builds trust and loyalty, ensuring customers return and recommend your business to others. Regular training and performance evaluations can help align your customer service team with these standards.

Implement feedback mechanisms: Establish channels for customers to provide feedback, whether through surveys, social media, or direct communication. Use this feedback to identify areas for improvement and adapt your services to meet evolving customer needs. Showing that you value customer opinions can significantly enhance your brand’s reputation.

Identify Areas for Business Opportunities

Analyse market trends: Stay informed about local market trends and consumer preferences. Regular market research can help you identify new opportunities and potential areas for expansion. This might include exploring new customer segments, introducing complementary products, or expanding your service offerings.

Leverage local networks: Build strong relationships with other businesses, community leaders, and industry groups in your area. Networking can uncover new opportunities to collaborate and provide valuable insights into the local business landscape. Partnerships can also open doors to new markets and customer bases.

Expanding Internationally

Expanding your business overseas is an exciting yet challenging venture, so you need to be ready and have a strong strategy in place. Working for an international brand like NESCAFÉ®, expert Katya Simmons has a wealth of experience in taking business to markets overseas. Have a look at the advice Katya and business guru Deborah Meaden recommend for expanding your business internationally.

• Narrow down your target market
• Tackle one new market at a time
• Find a consultant in-country
• Find companies to partner with

Narrow down your target market

Identify promising markets: The first step in international growth is selecting the right country or countries to target. If you've been approached by investors or potential partners from specific regions, that can be a promising starting point. However, thorough market research is essential if you're exploring options independently. Look at economic stability, market demand for your product or service, and competitive landscape.

Consider cultural compatibility: When exploring potential markets, it’s important to understand cultural nuances and consumer behaviour. A product that thrives in one country might need to change due to cultural preferences in another. Try conducting surveys, focus groups, and analysing local trends to get insights into new markets and potential barriers you might face.

Tackle one new market at a time

Try one new country at a time: It's tempting to dive into multiple markets simultaneously. However, focusing on one at a time allows for a deeper understanding and better resource allocation. This approach enables you to identify challenges unique to that market, such as supply chain logistics, consumer preferences, and regulatory requirements.

Learn from your experiences: Expanding into a single market lets you learn and perfect your strategies. You can test different approaches, gather data on what works, and refine your tactics before scaling to additional regions. This iterative process minimises risk and maximises your chances of success in subsequent markets.

Find a consultant in-country

Leverage local expertise: Partnering with a local consultant or expert is invaluable for navigating unfamiliar territory. They provide insights into local market dynamics, cultural practices, and business etiquette that may differ significantly from your home country.

Navigate legal and regulatory hurdles: A consultant can guide you through the complex legal landscape of a new market, ensuring compliance with local laws and regulations. They can also help you connect with key stakeholders, including government officials and potential business partners, to help smooth the path towards international growth.

Find companies to partner with

Make strategic partnerships: Establishing partnerships with local companies can accelerate your international business growth. Identify businesses that complement your offerings or have a strong foothold in the region. Partnerships like these can provide access to established distribution networks, customer bases, and valuable market insights.

Craft win-win proposals: When approaching potential partners, focus on how your collaboration will benefit them. Highlight your business's unique value, such as innovative products, technological expertise, or operational efficiencies. Tailor your pitch to align with their goals, demonstrating how your partnership can drive mutual growth and success.