1. Meticulous research
Prior to going global it is important to fully understand how this will affect your business:
• Have an analysis drawn up of market needs to ensure your product will be sold in the targeted market.
• Do research on the local market to determine if there is a demand for a product not being offered by a local company, i.e. a gap analysis.
• Carefully research the competition. Your product will probably be more expensive than those on sale locally, but will be sold?
• Figure out how big the market is and how long it will take you to be on top of it.
2. Line of attack
Decide on your strategic line of attack and policy. Every market is different due to economic, cultural and political circumstances. You should therefore draw up a plan which will ensure success locally and still fall in line with the overall corporate policy and goals.
• Classify short, medium and long term policies. Make realistic goals in order to calculate progress, benefits and costs.
• Mark out goals, objectives and projected profits.
• Decide on whether you need to set up a separate branch or sales office or company.
• Work out your annual budget.
• Draw up a tactical project plan complete with dates of committal.
3. Create a special team
Instead of trying to go global with in-house executives, or building up a team locally, it is far better to use senior executives to go in temporarily and evaluate the situation while the company takes time to employ the ideal senior management team.
• Initially take on senior temporary executives or outsource.
• Set up financial infrastructure – or again, outsource.
• Start hiring the permanent leadership team.
4. Product Availability
After analysing the product gap analysis, get your product prepared for the market so that you are ready if there is a high demand.
• Evaluate government and industry regulations to be sure you are in compliance and have the necessary certifications.
• Make your product ready for local consumption. Ensure correct translations in the local language of your product name and any instructions/ingredients.
• Patent your product and get a trademark – some countries are swift to ‘copy’ good ideas.
• Start quality control testing with a view to local standards.
• Establish a local distribution network – who will sell your product and how you will get it to them.
5. Corporate readiness
Your company should be ready for every eventuality, taking into consideration the differences in language, regulations and customs of the targeted country. You need to be flexible both in policies and procedures for an operation of this kind.
• Assess the structure of the organisation to successfully carry out your plan.
• Create policies and procedures in compliance with local regulations in keeping with overall company guidelines.
• Set up competitive benefit programs and compensation packages to draw in local talent.
• Ensure your local technology infrastructure is compatible with your domestic infrastructure.
• Management of salaries and personnel functions could be carried out by local sources.
6. Market Strategy
Marketing strategy is required in order to effectively sell and market your products. This should take into account sales strategy, delivery, branding, marketing programs and pricing which all combine to make lucid market differentiators necessary for market acceptance and growth of revenue.
• Work out your sales methods and prices.
• Figure out if a new brand is required or if you will use the parent brand.
• Create a comprehensive marketing plan.
• Make sure your pricing is suitable for the targeted country.
7. Be prepared legally
Ensure that valid legal processes are in place in order to minimise any risk commercially. All legal documentation must be completed before operation commences.
• Commercial agreements should be made locally.
• Check that regulations are adhered to, in order to ensure compliance and obtain necessary certifications.
• Carry out necessary corporate services: immigration, customs and shipping or any dispute resolution.
• A local source could maintain corporate records and governance.
8. Tax and finance preparedness
The correct tax and finance procedures need to be set up as soon as possible so that you receive reports on time and to ensure adherence to local corporate policies and procedures.
• Think about outsourcing accounting, salaries and tax procedures.
• Set up local banking.
• Create a risk management plan.
• Research transfer pricing.
• Build up a cash repatriation plan.
• Prepare sales and VAT tax reports.
• Get a local consultation. Experienced consultants remain at the forefront of the taxation-auditing profession because they understand their clients’ needs and provide consistent assistance and consulting, targeting significant issues they are facing. They also identify their client’s obstacles and opportunities and they are always respond.
9. Get ready your final budget preparation
After all the above steps are in place, there should be sufficient information to prepare a final budget that is hard hitting but realistic and that will be in the hands of your local team.
• Make a 3 year budget and a yearly business plan which includes key performance pointers, to be updated twice a year.
• Carry out quarterly operating reviews.
• Start a weekly budget to actual reporting, including an analysis of variances.
10. Gain close associations with local businesses
Create a competitive edge by supplying complimentary products which
can come from 3rd party relationships with local businesses.
• Create an ecosystem policy and business model.
• Set up an alliance team internally to manage and promote relationships.
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If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in the contact form below.
We will take you through a step by step process from A to Z in creating the perfect business structure in Cyprus.
Can’t wait any longer? Become even more successful by working with accountants you can count on and be among the thousands business that already did.