Five Challenges Of International Growth
Canadian companies share top challenges of expanding to new markets
As governments everywhere look to improve export performance of their economies, there are significant hurdles Canadian companies face when expanding to international markets. Regus, the global workplace provider, surveyed Canadian senior executives and business owners to determine top challenges when expanding to new markets.
The survey found the following top challenges faced by Canadian companies when expanding to new markets.
The Top 5 Challenges for International Growth:
- Hiring top quality staff (74%)
- Lack of local knowledge and connections (57%)
- Access to flexible office space (50%)
- Lack of market information (44%)
- Setting up logistics and distribution networks (40%)
Regardless of whether businesses are expanding in new markets in their own country, or abroad they rely on a series of key factors. They need to access reliable and up-to-date market information, to network and have easy access to options when considering the best location to set up in. Businesses need to be able to rapidly expand, but also to retract speedily should growth possibilities open up elsewhere.
Despite hurdles, 17 per cent of global businesses are currently expanding internationally. Thomas Schneider, CEO of Schneider Amalco Inc, one of North America's newest oil and gas companies understands the challenges faced by companies when it comes to setting up in new markets. His company operates in Canada (Toronto and Calgary), U.S. (New York, Dallas, Las Vegas) and Singapore and. Prior to Amalco, Thomas used Regus for over 10 years for his previous company, Toronto-based Schneider Power Inc., which he took from startup to a public Company with the help of the global Regus network.
“There are certain challenges every business faces when it comes to international growth, but that shouldn’t stop Canadian companies from expanding,” said Thomas Schneider, CEO, Schneider Amalco Inc. "Controlling your overhead costs is very important while setting up an international office network. Flexible workspace solutions, like Regus, takes away many of the headaches and help mitigate risks so you can quickly setup shop and start growing your business in a new market almost immediately.”
Flexible work solutions allow companies to rapidly react to the markets and keep their capital free for investment in further growth.
Regus is the global workplace provider.
Its network of more than 2,000 business centres in 103 countries provides convenient, high-quality, fully serviced spaces for people to work, whether for a few minutes or a few years. Companies like Google, Toshiba and GlaxoSmithKline choose Regus so that they can work flexibly and make their businesses more successful.
The key to flexible working is convenience and so Regus is opening wherever its 1.5million members want support – city centres, suburban districts, shopping centres and retail outlets, railway stations, motorway service stations and even community centres.
Founded in Brussels, Belgium, in 1989, Regus is based in Luxembourg and listed on the London Stock Exchange. For more information, please visit www.regus.com