Why and how to expand your business abroad

Why should I take the step?

You are at the helm of a company to which you feel a strong connection. Put simply, this means you feel responsible for its growth. Therefore, it is only natural that any international opportunity makes you sit back and reflect. Here are some reasons why expanding internationally and doing business abroad could benefit your company.

More

You can expect more turnover and profit, growth opportunities in a new market, and competitive advantages in an environment where your company is the new kid on the block. There are clear economic and financial benefits to growing abroad, including stronger export growth and improved market positioning.

However, there is more to it than that: taking the step beyond Belgium’s borders will give your company a wake-up call. Greater visibility in new markets requires fresh ideas and a different mindset. You may even need to adjust your entire business model or fine-tune your company culture. This additional creativity is a stepping stone that you might otherwise never have noticed. And experiencing this with your staff will boost morale more effectively than any team-building day.

Less

However, it's not just about 'more'; 'less' can also be very interesting at the right time and in the right way. For example, growing abroad can lead to cost savings and a more resilient market entry strategy.

Being less dependent on a single market is likely to be appealing, too. Not only does it take less effort to find an additional supplier, but a broader horizon also means you see more possibilities. There is also a good chance that this supplier will produce at more competitive prices or point you towards cheaper resources. Ultimately, this means lower costs and less stress when you do business abroad.

What should I think about? And what if I miss something?

At the very least, tapping into a foreign source requires preparation and planning. As an entrepreneur, you could truly benefit from assistance and experience, given the long list of points requiring attention. This will ensure that you don't miss anything. That brings us directly to your first step:

1. Turn to the right partner. In this case, your bank. BNP Paribas Fortis Trade Development is part of the bank that has supported you and your company on your path to success for many years. This phase of your journey towards international business expansion is no different. We know your story. We have followed you closely. We understand your ambitions and are ready to answer the questions you are facing. We offer you not only expertise, but also guidance in areas such as international trade finance, risk management and local support, providing a safe way to take this step.
   
   
2. Big or small, it does not matter – as long as you are prepared. There are many important choices to be made, and they are not always straightforward. For example, should you export/import or produce/sell locally? Should I set up a branch office or a subsidiary? These are essential components of your market entry strategy when you decide to expand internationally.
   
   
3. Timing is everything – not only on stage. We will work with you to assess whether the time is right for your company to take the next step and do business abroad. This concerns not only the growth of your business, but also the readiness of the target market. The market must be prepared for your new initiative. It also concerns the pace at which you would like everything to happen. Once again, our success lies in helping you manage all this information.
   
   
4. Finally, we acknowledge that taking a step abroad is not risk-free. However, we work with you to effectively manage all risks. We can help you to assess local competition and the foreign market. We screen potential partners and leverage a local network that transforms cultural differences into strengths. We assess marketing, finance and market access, making an inherently uncertain situation more manageable and robust for your international business expansion.

You can rely on BNP Paribas Fortis

At BNP Paribas Fortis, we understand that entrepreneurs have many questions when considering foreign trade and doing business abroad. Do you have import or export plans? Would you like to expand your current international business or explore new opportunities abroad? If so, contact your relationship manager. They will gladly put you in touch with a specialist in international trade finance and trade development.