However, the opportunities across the globe are also huge, and potentially even bigger, which is the reason why so many recruitment companies decide to look overseas. Global expansion however takes an enormous amount of time and planning, and if it’s something you’ve just started to consider, here’s a few things to keep in mind:
Do your research
We cannot stress this enough. Just because you heard James talking about the opportunity in China when you were all down the pub last Thursday night, does not make it a convincing business case. No matter how many business trips James has just been on.
You’re going to be expanding your business in a county that you’re probably not familiar with, and the ways people work, the cultural implications and the socio-political trends will all make or break your global expansion.
Research market trends, local talent and hiring patterns, risks, competitors operating in the space already, government legislation, currency patterns, and not to mention culture and traditions. When it comes to business, nothing works in isolation and just like a row of dominos, it will affect you. Make sure you’re seriously in the know. You’ll be going back in time to your university library days with hours bent over books, compiling sources, colour-coding and files upon files of research. Leave no stone unturned.
Local partnerships matter
Having a partnership with someone who is already operating in that country is a huge advantage that will get your recruitment business up and running faster than on your own. A local connection will bring deal flow your way, as your partnership puts you on the right radars. People are not always willing to do business with foreign strangers who have just landed in their country, no matter how great your offering is. Someone who can introduce you, create meetings and show you around will be invaluable. They might not even be a native to that country. Rather it might just be someone who has already expanded into that specific country, and you can learn from their initial mistakes.
Get your ducks in a row
As in, make sure your business in the UK is running smoothly and you’ve ironed out the kinks. As in, do you have the right recruitment softwaresystems in place, is your CRM running smoothly, does it integrate with the rest of your software, is your back office a smooth machine that pays all your contractors on time and the list goes on and on. Access Recruitment CRM is designed to act as a single sign on platform that integrates front and back office functions, while moving cash through your business quicker and more efficiently. That means new office expansions and global takeovers happen easily and with your entire business connected.
If you haven’t managed the basics in your UK business, there is very little chance you’ll be in the right position to take it overseas. For example, if your recruitment software system runs on terminal servers, you can login in from anywhere in the world and have the same desktop and user experience, no matter where you are.
You’ll often be working in tandem with your headquarters in the UK, and the ability to logon to the same systems and work together will contribute to the flow of information and communication.
Start with these three things, and you’ll be creating the right foundation to springboard your global expansion.
Hear from our CRM specialist on why Access Recruitment CRM software can place more candidates quicker: