Rolph Balgobin – Aura Energy executive chairman – was one of the world’s youngest business school deans as head of the Arthur Lok Jack Graduate School of Business at the University of the West Indies. This article will provide an overview of the steps necessary for success when expanding a business across international borders.
In a rapidly changing world of rising geopolitical tension, business leaders must develop agile and resilient internationalisation strategies to future proof their organisations. One of the ways to hedge against the shifting tectonic plates triggered by geopolitical changes is building a presence in other markets. For companies seeking to scale successfully in competitive global markets, reassessing and reinforcing relationships with key customers and suppliers is vital.
A significant challenge for business leaders seeking to expand their operations overseas is creating and executing a global growth strategy that responds to critical differences in their strengths and weaknesses across different geographies. CEOs must contemplate whether their existing global footprint of manufacturing bases, service operations and supply chain partners is sufficiently robust and flexible enough to enable the business to respond to both opportunities and threats created by changing international trade patterns.
According to a survey by the World Economic Forum, over 90% of business leaders are currently prioritising regionalisation. This study, along with others, highlights the need for businesses to find ways of moving closer to their customers, implementing a strategic approach that best suits their overarching objectives. The trend towards ‘nearshoring’ is currently being played out all over the world, delivering significant benefits for investment-friendly territories with good infrastructure and a wide pool of skilled labour, with a strong, universal demand for IT skills in particular. In Europe, Poland has earned a solid reputation for software development and IT outsourcing, positioning it as the go-to nearshoring option for European companies relocating operations or sourcing suppliers, according to Statista.
At the World Economic Forum’s annual meeting in Davos in January 2025, the president of the Inter-American Development Bank reflected on the significant opportunities in services and critical minerals for Latin American nations. He also highlighted the region’s stable supply chains in critical markets like healthcare and semiconductors. Meanwhile, companies in the United States are increasingly investing in building manufacturing capacity at home, paving the way for a steady flow of multinational companies following this path and relocating production to serve the US market.
Experts suggest that the next wave of internationalisation will not just centre around the expansion of industry titans. Mid-market companies are also exploring their options. To succeed, companies need complete clarity about what they hope to achieve by establishing an international presence. They also need to gain a thorough understanding of their target countries and audiences, assessing how their organisation will fit into the wider business culture as well as weighing up political and economic factors. Although some level of uncertainty is unavoidable in the internationalisation equation, carrying out thorough risk assessments can go a long way towards recognising and mitigating risk.
For many business owners, global growth is high on their list of priorities. Nevertheless, managing a company across borders can be incredibly challenging. In addition to identifying their target market and how best to meet the needs of prospective customers, companies also need to establish local connections and gain a thorough grasp of local laws.
To appeal to an international market, businesses must adopt a global perspective, placing the traditions and values of their target country front and centre in their internationalisation strategy. Market research is integral to identifying how the business can best localise resources to deliver personalised user experiences. Forward-looking companies seeking to establish themselves overseas recognise that there is no substitute for building relationships in person, investing the time in visiting their target location to connect with local partners and cement relationships by demonstrating genuine commitment.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
