A common challenge for agencies that are looking to expand overseas or that have multiple entities in multiple geographical locations is ensuring that all of your locations grow together, rather than separately.
Having access to real time insight into the day to day running of your agency can be a challenge if you are in different time zones, using different systems, or having to manually use spreadsheets to workout currency conversions and consolidation of business wide data
The impact of all of this is that it can restrict your future growth by costing serious time and money because you can’t make strategic decisions in a quick and cost-effective way.
To avoid this situation, you need to ask – are we, as a group, set up in way that allows us to be efficient and therefore profitable?
What are the challenges?
Country specific statutory reporting requirements, local legislation and local currency are all challenges that make it more difficult to ensure that your agency is growing together efficiently. In order to manage the complexities of operating in multiple geographies, you’ll need to use a business management system that will give you the insight you need to manage your business successfully. You may begin with a local business management system for speed at start-up, or because your ‘man on the ground’ heard that it’s what the locals use, however this is a classic ‘short term gain, long term pain’ scenario leading to the less desirable ‘growing-apart’ scenario.
What is the solution?
There is a way to grow together, seamlessly and fully integrated with real time business insight. By using a system purpose built for your industry and that allows you to manage multi-company; multi-currency and consolidation across geographies you will be able to focus more of your attention trying to grow your agency further, rather than continuously fire-fighting the issues involved in managing a disjointed business.
To help you to align your business, Deltek have created this slideshare which shows you the key things you need to consider when growing globally.