How to lead expansion into new markets
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Mihir Kittur, Co-founder and Chief Commercial Officer for Ugam, is responsible for business development and delivering customer success. He has over 20 years of experience, and has worked closely with clients across the globe, to understand their needs and help create solutions for their success.
Earlier this year, we opened our first office in Melbourne, our eleventh office globally. As a global company, we are no stranger to driving expansion into new markets.
However, assuming a formula will succeed every time is probably the first mistake one can make. Expansion is fun and exciting, but it also requires a lot of groundwork before seeing results. Here are some considerations business leaders will find useful when planning to expand.
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Define the business case
If the business has a steady income flow and a stable, talented workforce, but the current market is saturated or has ceased growing, then moving into a new market could be a good idea.
There are many reasons that the business might look to expand. Establishing the business case for expansion is an important initial step. Once a strong business case is established, look within to confirm the availability of resources to support it.
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Allocate resources
Not knowing the business’ limitations, could result in committing to unrealistic objectives, maybe even failure. Get a clear…
