Global expansion of any business is more complicated than it seems, and therefore trying to do it successfully without employing outside help is very hard (if not impossible).
Starting a business can be one of the most rewarding jobs in the world, and it can also be one of the most challenging. An exceptionally large percentage of small businesses fail within the first few years, and so the idea of expanding nationally and internationally can seem like a real pipe dream that is out of reach. However, to be truly successful in business in today’s economic climate, the idea of international expansion needs to be considered and researched. Many obstacles arise when expanding internationally – some that can make or break you. Luckily, there are many examples of successful expansions to use as examples and people that can help and assist.
Should you expand internationally?
Whether or not to expand internationally will depend on many things. Are you prepared to put in the work required, and often the enormous financial risk that comes with it? There is no guarantee of success even if you hire a whole team of professionals; it is never going to be 100% certain that your expansion will be a success. A lot will depend on the business model, the rate of expansion, and whether you get the best advice. Successfully expanding internationally will put you ahead of the pack and is a real sign of success in the eyes of many people. However, like anything worth doing, it will not be easy and will involve a seemingly endless number of hoops to jump through.
Roadblocks to international expansion
In theory, expanding internationally should be easy; simply open offices or stores in a new city or country and employ some people to make a profit. However, there is a reason why the rate of failure is so high. Some many roadblocks and obstacles come with any expansion, especially when you add international relations and laws into the mix. The consequences of bad management of global expansion can be quite severe and can be more than just financial. Luckily, there are experts and business professionals that can help to navigate the complex world of international business – these are known as PEO’s.
Professional Employer Organizations
If you are in business and at the point of thinking about expanding internationally, chances are you have heard of, or at least come across a PEO at some point (although you may not be aware of it). A PEO is a Professional Employer Organization, and they are outsourcing firms that support and work with your business in many areas, including payroll, human resources, training and development, and even insurance. PEO’s are specialists in their field and know best how to navigate the complex environment that is running a successful business. There are different sized PEO’s depending on the scale of your business, so if you want to expand internationally, you will want to employ the services of an international PEO.
The International PEO
Global expansion of any business is more complicated than it seems, and therefore trying to do it successfully without employing outside help is very hard (if not impossible). These international PEO’s will work closely alongside you to ensure that your goals are met and that there are no legal issues with what is being achieved.
The international marketplace is complex as it often involves different governments and laws, and one of the most significant benefits of using a global PEO is not only their expertise but the fact that they share liability with you. It is in their best interests to ensure that everything is completed legally and properly. After all, it is more than just your profits at stake, but their reputations as well.
So, if you happen to be in Canada, what exactly are the specific roles of a Canada PEO and how can they help you? This will depend on your particular business needs and the PEO that you employ. There is no single job description for a PEO – they will work with you to work out your needs, whether it’s legal help with international tax systems, human resource management, or even marketing to an international clientele. It is undoubtedly in the best interests of you and your business to employ a quality PEO so that you can see a positive return on investment. It can be the make or break for the future of your business.