How to grow your business without blowing your budget

As an entrepreneur, the main focus of your business should be to maximize its growth potential without having to sacrifice all the hard work you’ve put into it. You should look forward to minimizing your costs while maximizing your operational capacity, which should put you worlds ahead of your competitors when done correctly.

But, what happens when you’re on your way to expanding your business to other shores outside of your own? How can you handle an expansive strategy in foreign countries without having to uproot your headquarters? How do you build a team that will put your business and your ideals first? Where do you start to look for members to build your team? We’re here to steer you in the right direction.

How businesses grow

Businesses usually grow in a relatively standard way. Once the idea is formed, products or services enter the testing phase, whether for the product/service themselves in terms of functionality, or their longevity in the market. People are hired, teams are formed, and a presence is established. After that, the goal is to maximize profit while keeping costs minimal or stable, and projecting growth within borders or outside of them.

Whatever the ideas of expansion you may have, a strong team needs to be working behind the scenes for there to be any sort of development. A knowledgeable group of driven individuals certainly boosts productivity in business operations, and a strong sense of groupthink between these individuals could help improve employee morale, further improving business performance. With a well-made team that plays to everyone’s strengths, your company is sure to reach its growth goals.

The modern company

Globalization has made it increasingly easy to link businesses and customers around the world. The prevalence of global business has allowed companies to gain customers from different countries without needing to uproot their entire operations. Companies that have gone the traditional team-building and global expansion route such as Apple, have dominated their respective industries by going slow and steady, instead of jumping in head-first to ventures in neighboring shores. They have taken their time to establish themselves before finding trustworthy individuals to continue doing business outside of the company’s borders.

Other companies, though, have made it part of their business strategy to hire people all around the world from the get-go, adopting a global-view way of conducting their operations right from the start. One company that has done this, and has built quite a client roster because of this, is  Buffer. They have taken a very modern approach to do business and team-building by establishing distributed teams— a group of employees who are physically apart (usually in different countries) but work together to bring a quality product or service to their customers. Buffer has made it seem easy. They now boast a client roster of over 73,000 customers, all of whom they help manage their social media.

By introducing distributed teams to a traditional business strategy, you could capture the market in other countries by casting a wider net of influence without having to invest too much capital.

Nearshoring and substituting Offshoring

When companies are ready to take their business to an international scale, many CEOs consider offshoring as their most cost-effective path. However, the existence and further commonality of nearshoring in business have made offshoring a second-place alternative when considering expansion. Taking business operations into countries that are geographically closer can save you time and money, as well as allow for easier adaptability since language and cultural barriers aren’t as difficult.

As for your workers, nearshoring can benefit those in the company’s parent company at the same level as those in the host countries. They are able to work remotely, which allows for less time spent on the commute and less money spent on transportation, office-appropriate clothes, and the rest of the expenses that come with being an employee. These factors add up to a happier, more motivated workforce, who will be sharp-minded and determined to help the company reach its goals.

Teamwork and team building are also made easier by nearshoring and, even more so, by distributed teams. The ease of being a remote worker doesn’t only apply to the individual, but also to groups. Distributed teams allow for employees to work together according to their own personal schedules, which makes it a lot easier for them to link together and work as a group.

Nearshoring, at the corporate level, is sure to bring cost-effective benefits to the company. At the employee level, it allows for happier, more productive workers that will be thankful for not having to leave the comfort of their homes to produce income.

TechAID brings it all together

TechAID is committed to providing our customers with a streamlined QA and software test process through a diversified group of individuals. If you’re looking to expand your company’s views on international and global business while keeping costs low, we’re happy to help! Our distributed teams offer years of experience with a global vision toward business, ready to help customers reach their full potential.

We work on your time to ensure a successful, diversified experience!

Get in touch with us!

This article was written by Maria Tejeda
Business Developer at  TechAID
LinkedIn: Maria Tejeda

Bibliography:

• https://babel.es/es/blog/blog/septiembre2018/nearshoring-a-smart-alternative-to-offshoring
• https://www.remoteteamsolutions.com/wp-content/uploads/2019/11/Why-entrepreneurs-and-businesses-are-looking-into-nearshore-remote-teams-and-why-you-should-be-looking-too.pdf
• https://kitrum.com/blog/three-reasons-why-you-need-nearshoring-in-2019/
• https://highfive.com/blog/remote-workforce-benefits
• https://www.creativelive.com/blog/financial-benefits-of-working-remotely/
• https://www.kayako.com/blog/remote-work-benefits/