How to grow companies

LOOK OVERSEAS, SAYS EXPERT The risks are significant. You have to really understand the market you’re entering.

It’s no secret that we all have concerns about SA’s economy and the future. Many of the issues facing businesses in SA today are out of the control of business owners. Leaders of all firms have a duty to continue to protect and grow their businesses to in turn work towards a better economy.

What offers a potential solution? It might seem contradictory to suggest expansion, but when the economy in your own market is not fruitful, nor performing well, you have to look five to ten years ahead to see what will potentially bring success – looking overseas could very well be the answer.

There are currently many industries that would do well to look abroad.

The risks are significant, of course. You have to really know and understand the market you’re entering, as companies that truly have their finger on the pulse will be the ones with a competitive advantage.

Firstly, companies must re-evaluate their business offering and build bulletproof relationships with the customers they currently have. Then adequate preparation and research is needed to find appropriate opportunities overseas. Consider where your product or service will work. For example, on mainland Europe, post Brexit will offer a host of opportunities for start-ups. However, you can have the best product or service but if you don’t have the right people, whether locally or internationally, you won’t succeed.

Consider whether to employ new people internationally or potentially transfer key employees looking for an exciting opportunity. The advantage to this is they already know and understand your business and will aid in keeping uniformity across countries.

But if you consider expanding into other African countries, for example, there are distinct advantages to employing locals in your new office. Africa does business in its own way with each country being unique and having its own requirements and understanding.

Having someone who knows the way business is done and who enables you to “hit the ground running” as soon as possible is invaluable.

Africa is very attractive to foreigners. Why not start thinking about how we can have an impact on its home markets? Expanding into the rest of Africa makes sense for many businesses that already have the competitive edge of being established in SA.

In challenging times, businesses tend to retract and refrain from investing in their future.

Instead, they should consider expansion and the international opportunities available to them. By not having all their eggs in one basket, firms are able to spread the risk.

By succeeding internationally, it helps local offices and brings a spotlight onto SA and the potential opportunities for international trade and investment. Not to mention an increase in tourism.

Rob Green is CEO of GRM, an executive search, market entry, board advisory and leadership consulting firm.