Extensions Due -- Fiduciary 9/30/2023 -- Individual & C-Corp 10/16/2023
'Go global' checklist
If your 2022 business plans include world domination—or even just doing business in a larger area domestically—it’s always good to have a plan in place. The following checklist of action items is only a starting point, but it will give you a baseline understanding of the key areas to consider and the information you’ll need in order to work on your business expansion plan.
Business expansion action items
Collect data and analyze market opportunities.
Define your short- and long-term goals as you develop a high-level strategy.
Create your expansion strategy, plan and tactics.
Get your product or services ready for the new market.
Determine the organizational structure that will work best for your business.
Define marketing strategies for your chosen market.
Create and implement compliant legal processes.
Prepare your accounting, payroll, tax and financial processes.
Determine your budget.
Create a network of partners, vendors, local businesses, referral sources and customers.
Other decision points to consider
Do you have an active pipeline of new customers in your chosen market?
Does your business have the bandwidth to respond to challenges in other markets?
Do you have the necessary resources to operate in other markets?
Do you have a plan for the human resources you need in other markets?
Are you aware of all local laws, compliance requirements and regulations in your chosen market?
Do you have high-quality vendors you can depend on to source the supplies and products you need?
Do you have a legal team that can support you as you expand?
Is your finance team well-versed on how to adjust their workflows, accounting practices, tax management and payroll as you expand?
Does your HR team have the necessary experience to manage global personnel growth?
Is your company ready to go global?
If you answered “no” to any of the questions above, or if you’re unsure that your company has what it takes to succeed, you should take as much time as you need to really refine your market expansion capabilities and strategies. When your business goals include expansion, it’s imperative to make reality-based, data-driven decisions. Our firm can provide the financial information you need to understand the implications of expanding your business in different geographic locations. If an expansion is on your horizon, contact us today so we can partner with you on the next phase of your business success!Back to issue