Expanding a company can be something that needs to be done carefully. The expansion is going to put stress on the company’s cash flow and could potentially harm its current reputation. The truth that needs to be told is that certain work environments might not work as well overseas. There could be less of a focus on autonomy and more of a focus on a structured day. Doing market research before partnering with a company internationally is important. You might find that the culture simply will not embrace a certain business concept. The following are things to watch out for when picking international partners.
Avoid Partners That Have A Checkered Legal Past
There are going to be partners that you should do a background check on. If you have found that they have been taken to court by partners in the past, this should be a red flag. There is a difference between dissolving a partnership legally and other less than ethical ways to dissolve a partnership. The last thing you want is to have to invest in a federal crime lawyer due to not looking into the past of a potential partner. There should be things that you list out that are dealbreakers when it comes to partnering with a person or organization.
Look For Frequent Rebranding Attempts
A company that seems to rebrand every few years could be trying to hide something. This happens frequently in niches like digital marketing after a severe Google penalty that was highly publicized. Contractors also do this as people will go to online review sites to voice their complaints. For this reason, you should always search for the people in the organization that you are working with. You could find that they partner up with companies only to dissolve the partnership and try to steal clients a year or two later.
Surprise Visits To Factories Or Offices
Surprise visits to factories or offices cannot be more important. You do not want a PR nightmare due to poor working conditions that will reflect poorly on the brand as a whole. With this being said, motivation tactics differ by culture with some being far harsher than others. If you have a concern about the ways employees are being treated at an international location, you need to voice this early and have it documented.
Make Sure That They Make The Company More Versatile
The partner should not only help the company grow but should make the company more versatile. A partner could have an incredible sales department while your branch handles digital marketing efficiently. Do not partner simply because you want to call your business one that has clients all over the world. Only expand if it makes sense for the company’s future and the business can become more profitable.
International expansion can be stressful when you are not looking for a partner in the country you are expanding to. Finding the right partner can make this transition far easier and allow the business to reach new heights.