What are the key things to think about when a company expands in to new markets? ”About 80 percent is all about preparation when you expand your company”, says Morten Thorsen, team leader International business at Eurocard.
The pandemic has accelerated digital development significantly for business owners. Meetings are held digitally, contracts are signed with BankID, and travel costs have significantly reduced. This had made it easier to broaden market reach abroad.
In these unusual circumstances, many business owners are taking the opportunity investigate the possibility of expanding their company, says Morten Thorsen.
”It’s a good opportunity to do it now, so that you’re prepared, and have the basics ready when the pandemic is over. It could be more suitable to come up with a new company policy and new solutions for the business now, in order to secure its future.”
But for an expansion of the company to be successful, you need to be prepared.
”In total, 80 percent of the work is about preparation”, Morten explains. “In the Nordics, we’re very far ahead with technology, but this is not the case in other places in Europe. That’s why it’s important to find out in good time what the situation is in the specific countries the company is expanding to.”
Here are his top 3 pieces of advice for companies that are expanding into other markets:
Map which systems are available
Software, suppliers, contracts and credit management are very different across Europe. In addition, the legislation in each country will affect the company in the different ways.
Reduce all manual work
The more administration that can be digitized, the more time and money the company saves. Make sure to collect all expenses and receipts smoothly and digitally!
Limit the number of suppliers
There are often favourable agreements with local banks or travel agencies in each country. Try to avoid different types of suppliers, as they often involve middlemen and hassle, which subsequently costs money. The best thing to do is to gather all the payment solutions and contracts into one agreement. Then you’ll get a completely different overview of the company.
Advantages of collecting business matters at Eurocard:
- All payment solutions and contracts are gathered into one agreement
- You have a single contact person, who you can turn to with all types of questions.
- You get a future-proof European payment solution
- You save time on reduced administration and can focus on your company's core business.