Despite the pandemic, it's still possible to expand your US business internationally and engage overseas talent, writes Randy Worzala.
International business expansion for US companies has been greatly affected by Covid-19, but alongside the abrupt stoppages, we've seen many opportunities for growth. The time is ripe for companies to turn their focus from business continuity planning to strategic decision making.
Have you started to think about what the future looks like, and is your company ready to pivot to the new normal for globalization?
For businesses looking proactively beyond the end of the crisis, expansion is still a fundamental route to building new customer bases and accessing new talent and expertise.
A shift in thinking is required when it comes to US growth overseas, but companies that don't look to expand and grow risk being left behind. Identifying the right markets for acquisitions or expansion and understanding how to use overseas talent are the keys to strategizing and planning for 2021.
Remote teams are the way forward
Ongoing travel bans and temporary US immigration restrictions understandably worry businesses that rely on hiring overseas talent. The tried and tested approach of hiring workers somewhere else in the world and bringing them to your US headquarters is now much harder to execute.
How can a business respond to these changes and still tap into this type of workforce from afar? There are solutions.
Now that working from home is the new normal for so many, you can decentralize your business with remote teams. Your company can create an overseas base or consider building a technology hub or IT function in the new jurisdiction.
Keep compliance top of mind
As businesses grow internationally, considerations such as global compliance programs are becoming even more important. Covid-19 has exposed weaknesses in supply chains and gaps in business continuity plans. Compliance may have fallen by the wayside, but now is the time for you to review rules and regulatory changes in every jurisdiction in which you operate – or intend to. International compliance, ranging from accounting processes to tax substance regulations, new payroll specifications and health and safety issues need to be reconsidered.
Globalization is not dead; the approach may be changing, but it is not slowing down.
Companies are in a race to adjust to the new business normal and expand their operations. Those that don't respond to the changing circumstances risk failing. A shift in focus is essential to shore up your business and secure its future.
Find out about US growth opportunities overseas
Register for our live webinar on 6 October at 2:00pm ET.
Hear from TMF Group's Randy Worzala, Director of Business Development and Steve Wilson, Partner and Head of the New York office for Osborne Clarke. The webinar will be followed by a Q&A session.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
