Four Critical Mistakes to Avoid when Expanding Globally
Your business is catching a great deal of momentum domestically, and it might feel like there’s no time to lose in capitalizing and launching a multinational expansion. There can, however, be several pitfalls that could set progress on a backward path without an informed pathway to overcome global complexities (A 2021 NGA survey indicated 57% of companies underestimated these global HR and Payroll complexities).
HSP Group works with companies from across the globe as a trusted partner providing crucial expertise as they continue on their global expansion journey. When you can pull from a greater pool of knowledge, the odds of running into the following four critical mistakes will decrease greatly.
Below are the Four Critical Mistakes to Avoid when Expanding Globally:
Misunderstanding Local Tax and Labor Requirements
Failing to Adjust Pay and Benefits According to Different Territories
Lack of Financial Consistency