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Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
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Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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Africa
24 member firms supporting your business.
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Americas
31 member firms, covering 44 markets and over 20,000 people.
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Asia-Pacific
19 member firms with nearly 25,000 people to support you.
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Europe
53 member firms supporting your business.
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Middle East
8 member firms supporting your business.
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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
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Mid-market businesses Myth-busting private equityNervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.
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Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Technology Responding to slowing growth: why the tech industry faces a more challenging outlook in 2022We spoke to tech experts about industry trends that could affect companies over the next 12 months and what their short-term strategic priorities should be.
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Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
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Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
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Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
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International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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Mid-market businesses less optimistic, despite record numbers expecting increased profitability
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Women in tech: A pathway to gender balance in top tech roles
Grant Thornton’s 2024 Women in Business data suggests we are far from achieving parity within the mid-market technology sector.
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Women in leadership: a pathway to better performance
What makes the benefits of gender parity compelling is the impact it can have on commercial performance.
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
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Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
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Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
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Ten considerations for preparing TCFD climate-related financial disclosures
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
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Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
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International business: Mid-market growth and expansion
The mid-market looks to international business opportunities for growth.
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Top five constraints to international business in the mid-market
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
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Brand and international marketing – breaking global barriers
Brand has been identified as a key driver of mid-market success when looking to grow and develop international business.
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The key to international business: Investing in people
How can recruitment and retention help grow international business?
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Building resilience in international business
Evolving supply chains and trade patterns amid ongoing global uncertainty.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
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IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
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IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
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IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
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Pillar 2
Key updates and support for the global implementation of Pillar 2.
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Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Expanding your company overseas is never easy, but the benefits can be great. Our nine-point checklist gives you the tools to create a robust international strategy.
Growing businesses need to consider a wide range of factors when selecting and entering new markets, particularly at a time when global trading conditions are less predictable. From macro-economic forecasts through to business-specific considerations, your planning must be broad, detailed and dynamic.
In addition to identifying these critical issues, our checklist also includes learnings from those who have successfully enabled businesses to grow internationally, as well as some key questions to consider for your business.
1. Bring clarity to your global strategy
The global opportunities for ambitious businesses are vast. Yet leaders often face an array of possibilities and a wall of data and information that can be overwhelming. The challenge is getting to grips with your priorities and building the right strategy.
Francesca Lagerberg, Global leader, network capabilities, Grant Thornton International Ltd, says: “Businesses need to appropriately quantify and qualify what and where the market opportunity is, gather the intelligence, and break it down into something tangible.
You need to identify what’s core to the business, where the right investment will grow the business and not damage the brand in an unexplored market and select areas that are not core, so they can be outsourced to focus resources on what is critical to growth.”
In creating a vision, it’s important to understand the values, existing strengths of your business and your competitive advantage. This will help you identify the international opportunities that are the best fit for you and increase your probability of success.
Key questions for your business:
- Why are you seeking to expand internationally – is it for access international customers or to develop relationships with international suppliers?
- What’s your company’s risk appetite?
- How long can you afford to wait before competitors move into potential markets?
- Do you have clear criteria for investment decisions?
- Can your business afford further international expansion right now?
- Can it afford not to expand internationally?
- How do you preserve and expand your culture as you grow?
How can you grow your business through global trade?
2. Learn from previous international expansion
Businesses that have already expanded into new markets have a wealth of experience to reflect on. Leaders should consider their current international footprint and make sure both existing operations and future ones are consistent with the strategy and align with business strengths and objectives.
Andrew Howie, Partner and international lead at Grant Thornton UK says: “When we asked 300 leaders who are already successfully trading internationally about what they’d learnt from the experience, the top three common factors were: developing plans that go further into the future; building strategies that plan for appropriate contingencies; and making sure domestic strategies are appropriately resourced.”
Keeping previous experiences in mind, assess how well prepared your business is to expand further at this stage and identify what the best structure for expansion would be. For example, the structure that was used in a previous overseas expansion may not be appropriate the next time round.
The structure you choose needs to follow commerciality, so decide what you are really trying to achieve, what you need to do that and then look at the appropriate structure to get that result.
These alternative structures might include direct investment, joint ventures, franchising, exporting via wholesaler or selling directly to customers online. You also need to fully appreciate what impact international expansion will have on existing business operations.
Key questions for your business:
- What would you do differently from last time?
- Can your existing business withstand the operational impact of further expansion across borders?
- Were previous markets chosen strategically or based on an opportunity that presented itself?
- How will issues such as local regulations, tax implications, potential economic and political changes affect your plans?
Explore the opportunities to trade beyond domestic markets
3. Narrow down your potential new markets
Establish your decision-making criteria and prepare a structured shortlist of potential markets that meet those specifications.
This will be the most complex and critical part of your planning and could involve looking at GDP, size and growth of potential of markets, consumer preferences, intensity of competition, availability of suitable talent, political risk, cultural and language barriers, and understanding the compliance and tax environment.
It also requires leaders to weigh up short-term opportunities of one market and potential long-term benefits of others.
Timothy Braun, partner at Grant Thornton Singapore, highlights just some of the benefiting factors of Singapore as a city driving trade, “the country has a very fair tax regime and it is relatively easy to trade across borders as there are double-taxation treaties with more than 70 countries.
It also incentivises growth and enables businesses to attract and retain the right talent. It has a very skilled workforce with a highly attractive blend of both local and foreign talent.”
Beyond the immediate market opportunity, other factors that may help you narrow down your shortlist further are elements such as innovation culture or a business-friendly environment. A market with a dynamic research and development landscape with generous incentives and high levels of technological readiness, for example, could be beneficial to adapting your product in the new market.
If you require key staff from your existing business to relocate to support expansion, the quality of life in the new territory should also be on your list of considerations.
On regulatory and tax affairs, speaking to trade commissioner offices in target countries, can be especially useful in gathering intelligence and learning about current trade and legal regulations.
Key questions for your business:
- What are the underlying market dynamics in selected countries, is there consumer demand and is the political situation in the market stable?
- What is the nature of the competitive landscape in potential markets?
- Who would be the target market for your product or service?
- Would any localisation of your product or service be required?
- Are trade regulations favourable in the new market?
- How secure is the supply chain to and within the proposed market?
- Will the new territory be a foothold and gateway to other markets offering future expansion in the region over the long-term?
What are the cities driving trade?
4. Analyse your market entry options
Every international expansion strategy has its attractions and pitfalls. Whether it’s exporting products or services, developing a partnership, making an acquisition or setting up operations, you need to think through all aspects of the approach. Determine the best route and whether it aligns with the business’s overall strategy and the capacity of the organisation.
Take exporting, for example. João Rafael, Grant Thornton Brazil transaction services, says: “Marketing and visibility are one of the major challenges for leaders who choose to expand abroad. They need to understand what marketing and distribution channels are available to them and determine what method will work best.”
You can find the right structure for the right market. The conditions in that market will inform your options, whether that relates to an active local labour market or government-backed incentives for foreign direct investment (FDI). Setting up a local office for example can lower legal risks and enhance the business’ ability to adapt products and services to local markets, traditionally this approach is also considered an expensive and time-consuming option. However, some jurisdictions may offer incentives to specific industries to set up locally; in Asia, tech businesses often receive government-backed incentives to businesses that employ local people.
Key questions for your business:
- What’s the right balance between central control and freedom on the ground?
- How can you adapt your operations to the cultural norms of each new market?
- How does your approach affect litigation, reputation, intellectual property (IP), cyber, political and regulatory risks?
- What kind of risk mitigation strategies do you need to employ?
- Have your employees received the right training?
- Are you able to meet an increase in demand, or will you need to expand facilities and buy additional equipment?
Help with preparing and executing your transactions
5. Balance the risks with opportunities
In expanding internationally, there are many new risk exposures to consider including local compliance issues, intellectual property (IP) protection or infringement, fraud, bribery and tax.
Data privacy and cybercrime is particularly in focus as regulation around international data transfer and storage change and tightens, meanwhile businesses that enter new markets increase their exposure to threats.
Being able to make informed decisions is critical to managing those risks. You need to make sure that you have the right data, intelligence and advice to balance that risk with your ambition.
In Grant Thornton’s latest International Business Report (IBR), 23% of business leaders, globally, perceived regulatory restrictions and complexity as the biggest constraint on international expansion.
Warren Stippich, Global co-head business risk services, Grant Thornton US, says: “Businesses that go global should remember when approached correctly, regulation needn’t be a problem.
It can create a competitive advantage. Building strong relationships on the ground, for example, can lead to better trust from regulators while being proactive in complying to regulation enhances transparency and reputation for your customers too.”
Many international businesses are taking an integrated digital risk approach where data privacy and cyber security fall under a broader digital risk function to more effectively mitigate risks. Where IP is concerned, make sure all appropriate trademarks, licenses and copyrights are protected. You also need to ensure that your IP will not infringe on the IP of any company in your new market.
With regards to seeking international growth through M&A, cross-border deals can be an effective strategy in establishing a footing in a new market very quickly.
However, worldwide enforcement of the Foreign Corrupt Practices Act continues to grow, so a company must have transparency in all transactions, including with acquisition and joint venture partner.
Carlos Ferreira, Global co-head transaction advisory services, Grant Thornton US says: “Be mindful of environmental, social and government (ESG) issues and the growing responsibility to measure and monitor ESG metrics in a diverse array of items like corruption and bribery practices, diversity, energy and transportation emissions, ethical procurement standards, child labour, carbon emissions, sustainability, employee welfare and development.”
Key considerations for your business:
- Have you developed a policy for fraud, bribery and corruption risk mitigation?
- When it comes to cybercrime, are you investing in training and critical skills on top of protective software?
- What operational changes do you need to make to ensure you can respond to compliance?
- How do you keep track of countless regulations across multiple markets and different areas of business?
- Are there some places where these risks pose significant reputational issues to your business that cannot be mitigated?
- Are there sanctions that could impact on your business, even existing or pending trade wars?
How can you better manage digital risk?
6. Carry out local competitor intelligence and consumer demand analysis
The latest IBR survey showed that 19% of business leaders cited perceived competition as the most significant barrier to international expansion. To position the business in the best way possible in new markets, leaders need authoritative commercial intelligence to fully understand who is already operating there and attain insight into how their customers behave.
Andrew Howie, Partner and International Lead at Grant Thornton UK, says: “You can’t have enough information to help you plan your overseas strategy, so it makes sense to seek as much support as possible. This could be from speaking with other exporters, from government trade departments, or from professional advisers who can be a good source for information and contacts in international markets.”
Speak with businesses from different sectors that are already operating in the market to get a better insight into local customer behaviour.
Key questions for your business:
- What is driving customer spending habits and how is this likely to change in the future?
- How responsive are your potential competitors to changing market dynamics?
- What are your competitor’s strategies in growing their market share, and how would that restrict your growth?
Explore the opportunities to trade beyond domestic markets
7. Understand finance options and choose appropriately
Businesses need to assess how financially fit the business is to expand to new territories and determine if the existing business can weather new financial pressures. Thoroughly analyse the costs of your international expansion project and how you will finance it.
Those that lack financial firepower may find their growth constrained, in the latest IBR survey, 19% of global business leaders cited a shortage of finance as the most significant external barrier to expanding internationally.
Before looking for finance you will need some sense of when your new market venture will become profitable and how to manage stakeholders through that uncertainty.
There are various financing options available for international projects through export loans, private equity and subsidies, depending on where you are growing from or how you intend to grow.
When bank support may not be guaranteed, alternative finance is increasingly stepping into the breach. These options range from peer-to-peer lending platforms or a full blown Private Equity solution, depending on the maturity and needs of the business raising funding.
The range of capital solutions available has evolved significantly over recent years, with funding platforms migrating from exclusively suiting small-scale ventures and start-ups to more established businesses, and a proliferation of hybrid debt and equity solutions.
Andy Morgan, Partner, head of corporate finance advisory, Grant Thornton UK and Global head of M&A, says: “One possibility is the secondary market, or so-called ‘private initial public offering’. This was launched to cater to growing companies that wish to offer shares privately, rather than through a full IPO and the subsequent regulatory burdens.
The profile of private offerings has been boosted by well-known tech companies, which has attracted a growing pool of investors including mutual funds, hedge funds and sovereign wealth funds.”
The different financing options are linked to the decision about the appropriate market entry structure. Establishing a joint venture with a local partner may reduce some of the financing costs and risks but also means losing some of the potential upside.
Depending on your industry sector, it may be possible to locate your international operations in a special economic zone with a favourable tax, regulatory and legislative regime.
Key questions for your business:
- Are you open to outside investment as a means to growth?
- Can you get a foot in a new jurisdiction without any funding or could your centralised treasury function serve your new entity?
- What tax considerations, forex issues or or currency restrictions are there?
- What happens when you outgrow your local or national funding capacity?
- What investment models should you use to guide in your planning?
- How much equity are you prepared to give up to attract capital?
- How do you protect your ownership rights in the future?
How can you remove the burden of back office operations?
8. Identify future operational and reporting considerations
Once up and running, leaders need to make sure that operations can continue without disruption. Managing operations remotely can be a challenge despite the wide variety of communication tools that allow for regular and flexible reporting.
In some instances, you may need to make technology investments so that operations in your new market run as efficiently as possible, and that reporting channels and technology platforms align with your headquarters.
Back-office processes and reporting requirements can also be a distraction from driving the business forward in new markets. Leaders need to assess what internal resources they can commit to processes such as compliance, payroll administration and local country filings for multinational organisations or whether they would benefit from outsourcing them.
If you are extending your supply chain in the region, businesses need to be fully apprised of the risks and have contingencies. Rodger Flynn, APAC regional head, Network capabilities, Grant Thornton International, says: “Traditionally, in Asia Pacific where many operations have supply chains in China, any company worth its salt has a China plus one strategy in case of disruption. In the current US-China trade war, it pays to have multiple supply chains in mind as a contingency.”
Carry out rigorous checks on your supply chain to certify the labour rights of employees, and make sure the quality and provenance of raw materials meet international and domestic standards of compliance.
Key questions for your business:
- How will you manage remote operations and what operational risk management processes need to be set up?
- What reporting regimes are required?
- What sustainability credentials will you be able to deliver in your new market?
- Do you have a plan to contribute to the communities in which you have a presence and enhance your social license to operate?
How can you remove the burden of back office operations?
9. Align human capital and global business objectives
Businesses entering new markets have to quickly access the talent to be able to grow, from senior roles to the shop floor. Leaders also need to navigate the complexity of operating in a different culture and implement solutions to attract the best local talent. Understanding local legal and financial implications requires access to the right expertise.
Richard Tonge, Principal, global mobility services leader, Grant Thornton US, says: “Many countries address the ‘war for talent’ with incentives that can reduce employer or employee tax costs. However, regulatory challenges and complex tax legislation still exist that can make attracting and retaining talent in key markets difficult for growing businesses.”
Make sure you have access to HR professionals in your global organisation who can support leadership in managing talent needs globally. Whether you need to rely on professionals on the ground to provide guidance or have regional specialists managing multi-jurisdictional, they provide navigation to help the business deliver on strategy.
Key questions for your business:
- How will your business structure develop?
- What is the depth of your existing management talent to support foreign operations?
- How will you manage local hiring and global employee mobility?
- What cultural nuances are important in attracting and retaining talent?
- What balance will you strike between local talent and expatriates?
- What is your business able to offer to secure talent which is far broader than financial rewards but will also include the working environment, development potential etc?
Get the latest insights on tax changes affecting internationally mobile employees