Operating in more than one country offers more than just the obvious advantage of expansion and growth it also:
 

• reduces dependence on your home market 
• mitigates seasonal fluctuations or demand cycles
• hedges against economic instability in any one market

Expanding globally also carries a lot of risk for an SME which is why a considered approach to growth is important: 

Begin by researching potential markets for your product. There are a number of questions your business needs to ask when deciding where to expand to initially:
 

• what barriers to entry are there in this market?
• is the market familiar with your product or service?
• what is physical infrastructure like?

The combined answers to the above questions should help you identify the best market for your SME.

Key to success in any area of business is having a clear written plan. This is a step some SME’s skip as it is time consuming and challenging when done well. In the end, the effort you put into planning your expansion will pay dividends. It will also pale into insignificance compared to extracting yourself from an unplanned expansion that fails.   

Do not underestimate the need for a full-time human presence in a market that you are establishing your business in. You may choose to send a senior manager on expat assignment to establish your office initially but also hire locally. Local employees may also help the business spot additional opportunities or identify how you may have to adapt products for the local market.

There is no doubt growing internationally comes with risk, but if carefully planned it can also be a great move for your business. 

Protect employees while they travel on expat assignment or for business with international health insurance tailored to SME’s so they can access medical treatment around the world.

With our modular international healthcare plans for small and medium sized businesses you can build your plan to suit the needs of your employees and your budget.