As an entrepreneur, being able to scale up your business to the point that you can take it global is a major achievement. However, before you start operating in other countries, you will have to clear some logistical hurdles. Read on for a resource guide addressing key considerations of global business expansion.

Address the Practical Components of Geographic Expansion

Research the administrative steps needed to ensure you remain in compliance with all relevant laws.

• Determine how much global expansion will cost.
• If you’ll be hiring locals in your new area of operation, learn about employment law in the relevant jurisdiction.
• Find a logistics provider who can meet your global needs.
• Consider whether an international corporate structure makes the most sense for your business.

Adapt Your Communications for a Global Market

If you’re going to start operating in a new geographic market, you’ll have to tailor your business practices accordingly.

• Trust an expert like Idea to Plan to provide market research to help plan your entry into the local market.
• Adapt your internal communication efforts to reflect cultural differences in your new area of operation.
• Use professionals to translate your marketing materials, taking into account both linguistic and cultural differences.

Set Up a Support Team to Help You Go Global

The right team of localized experts can help ensure your business operations get off to a smooth start.

• Follow best practices when vetting, selecting, and working with foreign suppliers.
• Find a trusted tax advisor who specializes in cross-border business transactions.
• Talk to a lawyer about global IP issues, as legislation varies between countries.

Taking your business global is an exciting step. However, there are some hurdles to clear before you can go this route. The above resource guide covers some of the essential points you’ll want to consider as you scale up operations.

Image via Pexels

Attracting highly skilled and qualified people to your business can be a challenge, especially in a competitive marketplace, or when you’re looking for people with unique abilities in a niche area. To be successful, and reach the most qualified prospects, you may need to take a new approach to your recruitment strategy. Read on to learn how to create compelling materials to attract the most qualified candidates.

Make a Plan

An effective recruitment strategy will be multifaceted. To recruit your team, your objective should be to focus on the myriad benefits of working for your company. Employees are more and more interested in corporate culture, opportunities for professional development and advancement, and a diverse environment. According to SHRM, people also appreciate working for companies that are good corporate stewards and have a good reputation in the industry. The more your outward-facing materials demonstrate these factors, the more appealing your company will be to top prospects.

Offer More Than the Competition

Research your competitors and find out what salaries, perks, and benefits they’re offering employees and include yours in recruitment materials. This will help you stand out if you meet or exceed what’s considered “standard” or competitive in your industry. According to Robert Half, many employees say they value a work-life balance, so promoting the fact that you’re open to remote or hybrid working schedules can be attractive. Other things prospects find appealing include tuition reimbursement, technology allowance, company vehicle, generous vacation time, and reduced-price products or services. 

Write Detailed Job Descriptions 

Accurate job descriptions are always a wise idea, but they’re even more beneficial when they’re written from a recruiting standpoint. Use engaging language that speaks not only to the day-to-day aspects of the job but the big picture elements of the role. Focus on intangibles as well as specifics. For example, “Opportunity to lead an award-winning team of skilled designers to the next level of creativity,” or, “Chance to significantly impact societal change that has the potential to change human lives for the better.”  

Maximize Your Outreach

To get the widest possible reach, recruit in numerous venues and track where you have the most success. Advertise on social media, online job boards, industry associations, and through your company website. If you’re looking for entry-level staffers, and don’t want to review numerous resumes on your own, a staffing agency can help. You can also ask for referrals from trusted colleagues, and if you’re looking to retain a high-level executive, consider utilizing an executive recruitment firm. One that specializes in your industry will have far-ranging contacts, and prospects will be vetted before review.

Recruit From Within

While many companies promote from within – another point to emphasize in your recruitment materials – you can also leverage your current employee connections when it comes to reaching prospects.  Ask staffers to refer openings to colleagues in other companies who are looking for new opportunities. Having someone you trust vouch for another’s work ability can be reassuring, and you may open the door to candidates who aren’t even looking for a job, but might consider making a move if the right opportunity presents itself.

Grow From Within

Make a commitment to invest in your existing employees, as a professional development and retention tool. Job shadowing, mentoring, cross-training, and leadership opportunities can all make employees feel good about their jobs. Employee recognition programs, competitive salaries, and opportunities for advancement can all reduce attrition, which helps you save on recruiting, and ensures institutional knowledge stays put. It also serves as a motivator for other staffers.

Recruiting high-quality candidates takes time and effort. Plan your strategy in advance and create compelling materials that demonstrate your wealth of offerings. This will help you establish your company as a great place to work and grow a long-term career.

Photo by Pixabay

If you own a small, local business, you already know that entrepreneurship has lots of expenses, including different types of legal assistance. Below, we will look at a few ways that business owners can access the legal help they need without going into debt.

Types of Help

Throughout the course of running your business, you may find yourself in need of these types of legal services:

• Debt collection. People don’t always pay their bills. There are many reasons for this. Sometimes, they have experienced an emergency, and their cash flow is gone. Others might think your quality is poor. You may need a debt collection agency to collect this money. Before hiring, make sure you understand the fees, which are usually a percentage of collected funds. 

• Selling your business. You might need an attorney to help you sell your business. But, before you call someone, you can do some work on your own by figuring out how much your company is worth. If you do not wish to pay for an appraisal, you can get a good idea by looking at your business compared to similar ones in your area. You can also add up the value of your assets as well as your earnings, both pre-and post-tax.

• Employee theft. Employee theft is a hot topic. Given the number of security cameras in businesses across the nation, it is also on the decline. That doesn’t always stop unscrupulous workers from taking what’s not theirs. 

• Trademark disputes. According to Winston & Strawn, LLP, a trademark infringement happens when a company or individual utilizes another’s intellectual property for financial gain. This might happen if a competitor uses your logo to sell goods and services under your name. This deceptive practice is illegal, and you may be entitled to compensation.

• Injuries on your property. Injuries on your property or caused by your products or services can cost you a lot of money. If you already have business insurance, you should have some form of protection, and your insurance company may have attorneys that will work to reduce the insurance firm’s liability.

How to Find Affordable Services

Legal help is not cheap. But, that does not mean that it has to cost you everything you have in savings. A few ways that you can save money here are to:

• Network. Networking is one of the best things you can do for your business, especially when you need help with things outside of your area of expertise. Talk to your business contacts, customers, and even service providers for recommendations on an attorney.

• Research. Sometimes, all you really need is knowledge. Do your research by reading blogs from local attorneys or looking at government websites (the IRS, for example) for information on the topic that you need help with.

• Have an attorney on retainer. A retainer is a dollar amount of money that you prepay to an attorney’s office so that they can help you on short notice. The Weisblatt Law Firm notes that this might be anywhere from $500 up to $5000 or more, but this ensures that you have a helping hand if you find yourself on the wrong end of litigation or dealing with contracts, HR, or liability issues.

There is no escaping legal issues when you run a business. But, your legal obligations don’t have to cost you everything. Start by knowing what types of help you might need, and then look for ways to save. You can network, have someone on retainer, or simply do your own research. Whatever you do, be prepared for the unexpected.

Image via Pexels