Addressing the softer challenges: Acquiring talent, developing partnerships, securing financial support and appreciating cultural nuances need constant consideration - not just when entering a new market, but throughout a company’s expansion journey
Investment roadmap & partnerships - Key considerations:
- What are the investment options and financial policies for foreign firms in a new Growth Market?
- What are the key issues foreign companies face in partnering locally in this market?
- What is the best method for entering the market? Acquisition, JV, franchise or alone?
- How should you identify and assess the most suitable partner or target company?
- What financial policies are in place for foreign companies to raise and extract funds?
Leadership, talent & governance - Key considerations:
- How can you identify the right local talent and build an effective organisation?
- Which roles will you need to staff from outside the country and locally?
- What is the local availability of good senior, experienced talent for your sector?
- What is the average retention rate for your sector locally?
- What are the key factors in retention?
- What are the typical salary and associated costs you should be aware of (pensions, social insurance)?
Cultural capital - Key considerations:
- What are the local cultural norms essential for you to function effectively in the Growth Market?
- How does doing business in this growth market differ from conducting business back home?
- What are the different social classes and hierarchies in the growth territory. How does this affect the way business is conducted?
- How does consumer buying behaviour vary due to the cultural/ social norms?
- Are business relationships more contractual or trust based?