Things to Consider When Scaling Up
If your business and company are looking to take the next step, grow and scale-up. There are a few things to consider when scaling up. The are many barriers to scaling businesses whose aim is to expand into new territories such as the unfamiliarity with local laws, filing requirements, registration and poor cost-effective legal advice.
It’s therefore vitally important to take the time to choose the right partners who can with you just as quickly.
This is what you should do if you’re looking into scaling up internationally
- Future Planning – If expansion overseas is something you will eventually look to do. Bear in mind to maintain optimal structures from the start to avoid any costly re-organisations later down the line.
- Connecting with other Organisations – Research organisations who have scaled up and expanded at a similar time in their life cycle. If you’re not aware of any or unable to find any, ask your advisors to put you in contact with them.
- Work with your local accountant and law firm – It’s always a wise move to work with those who know your business and can connect you with the best and most appropriate legal, accounting and other advisors that suits your business abroad.
- Due diligence and market research – We can’t stress this enough. There is always a risk with expanding into new territories so doing plenty of market research and your due diligence will reduce the level of risk as you’ll be more informed about the market, policies & procedures in the country you are looking to expand into.