Successful businesses must plan ahead, but how often do the day to day pressures of running a recruitment business mean that strategic planning is not given the attention it needs? The result can be rushed judgments, over or under capacity, or missed opportunities. Does this sound familiar?
Many recruitment business owners are attracted by the thought of expanding in to new territories. With advances in technologies and the limited infrastructure required by recruitment agencies, expansion is a real possibility. But before you jump in, you need to appreciate the risks involved and only by carrying out research will you minimise your exposure. Don’t be fooled in to thinking financial losses will be minimal as they can be significant if you get it wrong. You’ll need to:
Understand the overseas market; who are your competitors, the size of the market and the demand for your services, how will your offering be positioned, what are the channels to market.
Research demographics and contemplate the regulatory environment.
Incentivise key staff to lead the expansion as you don’t want them to leave half way through.
Assess corporate structures and what will the group look like.
The UK market is far more sophisticated than the majority of markets around the globe but if you are successful in the UK, you will be able to roll out those services abroad.
As a first port of call, you may wish to consider whether you can tap in to the target market from the UK. Can you service clients here and use that experience to gain an understanding of the opportunities available before expanding.
How have we helped our clients?
Providing insight in to their target market.
Advice on the regulatory environment throughout contacts in the UHY Network.
Challenging and collating budgets and forecasts.
Advice on group structure, to include minimising risk and reducing the impact of taxation.
Advice on staff incentives and staff retention.
Working with our colleagues abroad to provide the financial information you require.
Interpreting results and performance and providing opinions
Here at UHY we have experience of guiding our clients through the process of international expansion. We work alongside our international colleagues around the globe and we have detailed guides on the tax and legislative environment.
As part of the UHY International network we have offices in 96 countries and 276 cities around the globe. We work alongside our international colleagues to provide our clients you with advice and guidance on structuring their business to best suit their circumstances. You can find detailed guides on ‘Doing Business….’ in many of these countries on our international website.