Finding partners in globalization could, very well, be the key to your company’s success overseas. As you probably already know, in business, we’re always reliant on partners. This doesn’t change when you move into new markets. You may find yourself working directly with partners local to that country and others that are local to your headquarters.
How do you find the perfect match? Well, it’s a good thing you asked because that is the topic we plan to cover in this post. Choosing partners in globalization can be a vulnerable feeling for business owners. No one can understand your business as well as you do, but some people and companies want to help you succeed. The world of business is cutthroat. We get it. But for global expansion, you’ll want to confide in a trusted partner, or two.
Supply Chain Relationships
For those of you offering products to your customers overseas, you’ll want to develop relationships with local manufacturers or distributors. Smaller businesses increase their chances of success once they connect with partners in their new country that they can trust. Find supply chain partners that have similar objectives and expectations that you require for your team members.
One way to find great partners is by tapping into your international customer base and employees. They can make connections between your company and local firms with positive reputations.
Experience is Critical for Partners in Globalization
Chances are, you wouldn’t trust a plumber to work in your home if they’ve never completed a plumbing job. We can go on and on with examples showing that ample and appropriate experience is a necessity in many industries. This important factor should be one that your company uses when seeking a global partner.
You’ll find through your research that every country has different labor requirements, cultures, and tax implications for international employers. You want to work with a partner that has not only general experience in global expansion but also specific experience in your target market. For example, our team works in, and has experience, in more than 185 countries. If there’s a nuance you’re struggling with in Singapore, Brazil, or Australia, we can help.
Kill Two (or Three) Birds with One Stone
If you need assistance with labor law, payroll, and recruitment, you can choose to work with multiple partners in globalization or find a company that can help in all areas. The choice is up to you and your business’ preferences. If you can find a company that helps in all areas of global growth, that can keep your businesses processes more streamlined and reduce bookkeeping time. Plus, it reduces the chances of information falling through the cracks due to multiple channels of communication.
When picking companies as partners, always ask for their Net Promoter Score (NPS), which can help you learn about their customer satisfaction. You’ll also want to learn about their billing process, communication standards and methods, and their understanding of local compliance and IP laws.
Also, one of the best ways to find a global partner is through personal references. Ask your colleagues who they worked with during their international expansion. If they had a great experience with a company, it’s worth checking them out for your global expansion needs.
Partners in Globalization Based on Strategy
If you’re looking for a competitive edge in the marketplace, strategic partnerships can boost your potential. When businesses have complementary offerings or attract the same type of consumers, collaboration can help them stand out in a competitive location. A strategic partnership may be an excellent way to help your company reach new heights during its expansion overseas.
One example of a creative, strategic partnership is between Residence Inn and Under Armour. Both brands want to attract more millennial consumers. They found that 56% of millennials have traveled for business in the past year and this age group is more likely to mix work with leisure. One of those personal activities is fitness. An overwhelming majority of millennials worked out on a regular basis and said that physical appearance is highly important. As a result, a study by American Express shows that 49% of millennials said that an onsite gym is the most important amenity for a hotel.
Through this revelation, Residence Inn partnered with Under Armour to create specially designed running routes from its hotel. Guests can run on individualized paths based on their selected distance and the part of the city they wish to see. Under Armour maps out the routes to ensure safety and accuracy.
This unlikely duo took a trend and made it into a strategic partnership that is attracting new consumers in many markets.
Get creative and pick partners in globalization that align with your company’s needs.