The past few years during COVID has been a tough economic time for most industries, but if you have the wherewithal to take your business global then do yourself a huge favour. Given the existing opportunities to reach untapped customers, talent and future business partners, the move will inspire innovative mindsets while creating a thriving business environment through your organization’s platform that works well for everyone involved.
Here, 13 Fast Company board members discuss the decision to invest in other markets outside the United States and how this move has enhanced their company’s growth potential.
1. IT IMPROVES THE REBRANDING PHASE OF THE COMPANY.
We were already a virtual company doing virtual sales training, so COVID actually helped us reach more people and businesses that needed our services. But as we evolve from a service company to a software company, the opportunity to offer our text enhancement software globally is very exciting. Everyone needs to be more productive no matter where they live and work! – Viveka of roses, Vengreso
2. IT HELPS COMPANIES FUNCTION IN THE METAVERSUM.
COVID accelerated the inevitability of virtualization, which is inherently global. As an NFT infrastructure provider for brands and creators, our entire business model is based on serving the needs of brands that want to participate in this new global, connected digital universe. At this stage in the development of the metaverse, the demand from brands far outstrips 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 around the world and the flexibility to hire the best people, regardless of their location. The most successful teams combine different 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 A SMOOTH JOB TRANSITION TO NEW HIRING WORLDWIDE.
Regulations preventing people from entering new jobs remotely (even from abroad) have been lifted due to COVID. This forced efficiencies that had not previously existed. Candidates can now study, prepare and be admitted to their work even while awaiting travel authorization (e.g. awaiting visa approval). – Liza Streiff, Knopman Marks financial training
5. IT INCREASES DEMAND FOR PRODUCTS ALL YEAR ROUND.
Global expansion can increase demand for your product throughout the year, especially if your product is seasonal. For example, because we are making a product to provide relief from insect bites and bites, it is to our advantage that mosquito season peaks in Australia 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 assess whether product or service adjustments to your offering are required given different market dynamics, cultures, regulations, and languages. Make sure your team has strong cultural intelligence related to the new markets to deal effectively with different customers, partners, suppliers and employees. – Andreea Vanacker, SPARKX5
7. IT LEADS TO INNOVATION.
Global expansion has enabled many of our customers to grow and expand. Through their continued development, our customers have also hired a more diverse sales team, leading to an unprecedented wave of innovation and diversity of thinking. These growth drivers have opened up opportunities to help our clients jointly manage growth successfully and with positive outcomes. – Matt Domo, Fifth Vantage
8. IT CAN BE CHEAPER.
The global entertainment industry has exploded in recent years. As a global platform, we have of course benefited greatly from this. Partners like Netflix use us to train and discover new talent and materials internationally. Our ability to deliver desired audiences at scale, significantly reducing costs, has made us attractive to many networks, streamers and production companies. – Richard RB Botto, level 32
9. IT HELPS COMPANIES LEAVE THEIR COMPETITIONS TO THEM.
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 built a solid foundation in North America, and global expansion will continue to widen that gap. We are also in a unique position to support existing clients as they expand into emerging markets, leading to immediate opportunities. – Matthew Tengwall, Verint Systems
10. IT CREATES MORE FLEXIBILITY IN THE WORKPLACE.
The best part about lockdown is that no one cares where you are anymore. We don’t have to travel. Nobody cares what country you are in. You can charge the same rates and the cost is much lower. – Mike Koenigs, The Superpower Accelerator
11. IT REQUIRES EXECUTIVES TO THINK OUT-OF-THE-BOX.
Diverse talent pools and perspectives from all over the world have been key drivers of our success and development. Innovation requires new perspectives and unconventional thinking. As such, having access to a globally diverse workforce has been shown to help drive innovation that we would not otherwise be privy to had we not adopted early technology and practices to make our business work globally. – Bilal Aijazi, Polly
12. IT STRENGTHENS MARKET SHARE.
If your business is looking to expand into new markets, testing the value of a specific product or service through a virtual marketplace can be the perfect opportunity to gather data to figure out which markets to focus on. Follow the data and the results will follow! As my business expands, our ability to effectively track data has enabled my team and I to make the most of our expansion plans. – Brandon Pena, BrandON Media Group
13. IT TARGETS POTENTIAL CUSTOMERS AND SUPPLIERS.
A globally connected business environment can lead to tougher competition for products and services, but it also creates more opportunities to attract more customers and suppliers that we might not have had before. Over the past five years, some of the companies in which we have invested have seen most of their growth outside of the United States. – Tyrone Foster, InvestNet, LLC