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Episode 155: The Benefits and Steps to Going Global with Mauve Group's Teresa Lewis
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This week on AIBF Business Talk ๐๏ธ, Elaine Carroll, CEO of AIBF, speaks with Teresa Lewis from Mauve Group, a trusted partner for businesses looking to expand internationally ๐. AIBF, in partnership with University of Limerick (UL), is conducting research on the internationalisation of Irish SMEs, with support from Mauve Group.
On this episode, Elaine and Teresa discuss the benefits of global expansion, including increased credibility, cost reduction, market diversification, access to new regions, and broader talent pools ๐. Expanding internationally allows businesses to grow their market presence, reduce operational costs, and access specialised skills from different parts of the world ๐.
Teresa also stresses the importance of researching local markets, understanding cultural differences, and carefully planning financials, including contingency funds for unexpected costs ๐ฐ. She shares a successful case study of a tech company in Cork that expanded into India and Egypt using Mauveโs Employer of Record service, showcasing the benefits of this strategic approach. ๐ Over time, they realised the benefits of hiring remotely, avoiding costly relocations while accessing top talent in these regions. This allowed them to grow efficiently, establish a global presence, and reduce costs ๐ผ.
Key steps to prepare for global expansion include conducting a SWOT and PESTLE analysis, understanding the market landscape, and ensuring legal compliance โ๏ธ. Businesses should also consider whether to set up a local entity or use an Employer of Record to manage foreign employees.
Teresa emphasises the importance of having strong financial and operational structures in place, as well as researching cultural and legal differences to ensure smooth market entry ๐ก. Planning for increased demand, setting contingency funds, and understanding local labour laws are all crucial elements of a successful global strategy.
Tune in now for more insights and strategies on the Benefits and Steps to Going Global๐
This is the second in a series of podcasts in conjunction with the Mauve Group exploring the area of Internationalising SMEs โ Current Practices, Barriers, and Opportunities.
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