Empowering your global expansion strategy
With the international marketplace becoming more connected, there are now greater opportunities for businesses to extend their global operations. By identifying profitable markets to sell into, multi-country expansion represents a viable opportunity for businesses to grow their customer base and extend the sales life of existing products.
To successfully transition into foreign countries, business owners must first conduct detailed market analysis, in order to understand their target market. This enables them to properly assess determining factors such as growth potential, competition, and local market trends.
By developing a tailored market entry strategy, owners and stakeholders can evaluate markets in which to focus, target customer profiles, and formulate a brand strategy that acknowledges product and service value. This allows businesses to set realistic expansion goals and better navigate the complexities underpinning employment, legal, and tax compliance.
Flexible solutions for your global expansion
New Horizons works alongside your business to develop strategies enabling you to expand into new markets. We help you assess the suitability of your target market and support your business to formulate an effective market-entry strategy.
Our global strategy solutions
- 1. Assistance in identifying your target market.
- 2. Comprehensive market analysis encompassing factors like growth opportunities, customer profiles, levels of competition, economic variables, and investment analysis.
- 3. Formulating your company’s market entry strategy. This includes your channel strategy, brand positioning, pricing model, and unique value propositions.
- 4. Creating your organizational and operational models.
- 5. Feasibility analysis procedures.
- 6. Drafting a realistic action plan on which to measure success
- 7. Assisting your business to select the right partners and prepare appropriate formal agreements.
- 8. Providing your business with guidance through local law, legislation, and tax compliance.
- 9. Helping you to identify production locations that offer the most commercial value.
Helping you to define your global expansion strategy
New Horizons provides market driven analysis and end-to-end solutions enabling companies to identify sustainable global expansion strategies. Our team of in-country experts support your business to formulate an expansion strategy that allows you to set a realistic framework for success. We also offer a suite of services helping international companies effectively transition into local markets.
Benefits of market entry with New Horizons
Factors that determine your global expansion strategy
To establish or extend your global operations, there are a number of factors that business owners and stakeholders should consider. Businesses must ensure they comply with local regulations that govern employment, legal, and tax compliance. In addition to these measures, there are global payroll logistics, as well as staffing and HR-related matters to manage.
Here are the key points to consider before enacting a successful global expansion strategy:
Entity setup & PEO
To establish an entity or subsidiary in foreign countries, business owners must consider determining factors such as local tax regulations, setup expenses, and banking capabilities.
If your business intends to hire local workers in your country of expansion, there are two options: You can establish an entity and in doing so, ensure that your business complies with local employment and tax regulations. Alternatively, you can engage a Professional Employer Organization (PEO) – like New Horizons – that manages ongoing payroll, benefits, and HR compliance.
Local talent acquisition & wages assessment
When expanding globally, many businesses require a local workforce to help them meet their objectives. To find the right local talent, a recruitment strategy needs to be devised that enables you to quickly source, hire, and onboard new employees.
Job adverts must be drafted, interviews conducted, and credentials need to be verified. To streamline this process, companies often engage recruitment providers to help them find suitable candidates.
In order to maximize the potential of your global expansion, it’s important to pay your employees in accordance with competitive market rates. This enables you to attract and retain the country’s most talented professionals. Our HR specialists work alongside your company to ensure that all local payment and tax regulations are managed compliantly.
As the only Global PEO with a dedicated, in-house international recruitment team, New Horizons connects your business to local talent and acts as their Employer of Record. This enables you to fast-track your cost-effective transition into new markets, by removing the need to establish a foreign entity.
Global payroll presents multiple challenges for expanding businesses. If your business is hiring employees directly – and they live in the country you’re doing business in – you need to establish an entity in each of the relevant countries. This ensures that employees are paid correctly and all tax and benefits payments are in compliance with local regulations.
When you engage New Horizons as your Global PEO, we ensure all employee payments and benefits – including full leave entitlements – are recognized and paid on-time. This allows your business to maintain full compliance with local employment and tax legislations.
Countries have individual regulations that govern employment and tax compliance. It is incumbent on businesses to follow these regulations and maintain compliance with local employment laws.
By acknowledging employer responsibilities in your country of expansion, this not only protects the rights of your employees, but also protects your organization from any unwanted legal ramifications.
New Horizons supports your compliant global expansion by assisting you to navigate the local employment landscape of your target market. This ensures your business stays compliant with all relevant legal and tax regulations and does not breach any labor laws.
Frequently asked questions
As part of a market and feasibility analysis, we can advise you on any payroll tax implications associated with your expansion.
For most businesses, there is a point at which international expansion is desirable. Through our feasibility analysis, we advise you on whether now is the right time for your international expansion.
Engaging a Global PEO or establishing a local legal entity can be two useful ways to establish a presence overseas. However, in some cases, other options may be appropriate. For example, we can advise you on the implications of engaging an independent contractor in your country of expansion.
If our analysis suggests that expansion in a particular country is unwise, it's likely that we can suggest other countries that might be a better fit for expansion.
We identify any potential competitors in our initial market analysis. The presence of strong competition in a new market is not necessarily a negative consideration. We can advise you on the possibility of a joint venture or merger - or the acquisition - of an existing competitor.
There are multiple areas where the support of a Global PEO is invaluable for international expansion:
- Making the strategic decision whether to expand via a Global PEO solution or a local entity
- Talent acquisition
- Employee onboarding
- Payroll and benefits administration
Failing to consider these matters can present major compliance risks to expansion.