What things should be considered when using advisors to support growth and expansion to global markets?
If you run your business only in domestic market, things are rather easy. You have the needed network and you know the local business culture and legistlation. As soon as you expand overseas, things get much more complicated. A flexible way to overcome the issues related to global expansion is to get an advisor with relevant experience and skills. There are however few key things to consider when using advisors to support growth and expansion into global markets.
First, it's important to find advisors who have experience and expertise in the specific markets you are looking to enter. This will ensure that they are able to provide valuable insights and guidance on the unique challenges and opportunities of those markets. If you are looking for a market entry advisor for a specific country, do not settle for one that has lived there for few years but seek "natives" or at least one that has long experience in your destination country.
Second, it's important to ensure that the advisors you work with have a good understanding of your business and its goals. This will allow them to provide tailored advice and support that is aligned with your overall business strategy. It is naturally up to you to provide this understanding but advisor with a right background and relevant industry experience will understand the situation faster than someone more green in this field.
Third, it's essential to establish clear communication channels and expectations with your advisors. This will help ensure that everyone is on the same page and working towards the same goals. At least in the beginning it makes sense to have frequent calls (like weekly or bi-weekly) to get advisor up to speed and to get you familiar with the advisor.
Finally, it's important to regularly review and assess the effectiveness of the support and advice being provided by your advisors. This will help you determine whether they are providing the right level of support and whether any adjustments need to be made to ensure the success of your global expansion efforts. In case advisor stops delivering, do not hesitate to end the advisor agreement and look for a new one.
One of our customers asked us to find advisors to support growth and global expansion. This company offers solutions for real estate and construction industries by producing building information modelling, applied reality and visualization services for construction projects. While none of the founders had any experience in strong growth or entering global markets, they needed advisors to bring needed skills inhouse. We found 19 candidates out of which company met with 5 and selected 2 who now work with the company as advisors.
- Is it a good idea to search for foreign advisors or board members?
- Should I use advisors when entering the US market?
- How to use advisors for growing the company?
- When is the right time to start using advisors or external board members?
- What are the benefits of using advisors or external board members?