Image credit – Mauve Group – Ann-Ellis
Whether you’re a new entrepreneur or a seasoned business owner, constantly elevating your organisational skillset is critical to the evolution and success of your business.
Mauve Group’s 28 years of experience supporting businesses through global expansion reveals several avenues available to entrepreneurs wishing to expand globally. We asked CEO Ann Ellis about being a globally focused executive and the key skills entrepreneurs should nurture to be successful.
Engage in development programmes and industry events
To succeed globally, it is crucial to leverage all available local knowledge, creating connections in your home market before moving abroad. Participating in industry-specific workshops and seminars will broaden your organisation’s knowledge pool and provide great networking opportunities.
GlobalWelsh provides a global knowledge-sharing community, fostering connections to promote investment and business opportunities.
Ann explains: ‘Entrepreneurs should develop their skillset by signing up for courses and development programmes. Make sure to lean in and leverage the vast amount of expertise across Wales.’
Learn from experts: make the most of professional services
Sourcing guidance from those experienced in your field helps you continue learning and growing within your sector, as well as identify and pre-empt pitfalls.
‘Seek advice from experts to boost your own skillset – whether that is the Welsh government’s export team or global mobility experts who have done it before themselves,’ Ann suggests. ‘A localised viewpoint is valuable and can help you avoid mistakes made through inexperience.’
She also recommends engaging with international expansion experts to guide your business through market entry strategies, financial planning, regulatory compliance and entity set-up abroad. Once established, lessons learned from the initial expansion will allow you to replicate your global expansion model in other regions.
If you’re uncertain about committing to establishing in-country, test the waters by using an Employer of Record to employ in the region.
Upskill: tap into the specialist skills of a global workforce
Upskilling through educational resources and diversifying your pool of specialised talent will encourage knowledge sharing and creativity, as well as plugging skills gaps. It can also be financially beneficial.
Ann notes: ‘Upskilling is an economically sound investment because it means nurturing your existing team rather than spending on recruitment. This promotes retention and raises company morale.’
Being adaptable and calculating risk
Adaptability and flexibility are vital to your success when managing employees and projects across multiple markets. Absorbing feedback, evolving your market entry strategy and monitoring developing trends and best practices will prepare you for taking calculated risks.
‘Having a healthy attitude towards calculated risk and always being adaptable goes a long way – while you don’t want to throw yourself into a project, or expand in a new market without some consideration, remaining rigid and steadfast in your original plan will end up restricting you,’ Ann explains. ‘My attitude has always been that calculated risk-taking and being able to evolve plans quickly are very important skills to develop as an entrepreneur.’
Image credit – Mauve Cymru
Find out more about Mauve Group’s work at mauvegroup.com
