Every business needs a plan, it cannot exist in a vacuum. Whether you own a company which is web-based without any local ties, a small business rooted in a neighborhood or a real estate company in the heart of a buzzing city, everyone requires a community throughout their journey.
Why? For starters, to increase your business’ visibility among potential customers, to promote social good and enhance the community you’re a part of. Providing employment and improving the local quality of life can have a ripple effect and be a valuable part of your business mission as your company evolves.
With investment opportunities in almost every sector around the cities of the world, there has never been a more exciting time to expand a business. But setting up a business requires a lot of planning and resources, let alone the opportunities for growing it. Investing abroad raises a lot of concerns. More often than not it can turn out to be a mammoth task if a company has no idea about how to navigate in a new market space. Especially given the times during Covid, when a lot of businesses have experienced setbacks.
So, how does one go about it? Let’s simplify the situation using an analogy.
Let’s suppose, you are planning a trip to a country you have never been to before but you want to experience it in its most authentic form. What do you do? You will probably opt for an online service like a Tripadvisor and so your research about how to reach, where to stay, where to go, where to eat and everything else under the sun. The Tripadvisors of the world are probably your go to option because they are run by an online community of fellow travellers - one that shares your interest and you can relate to the most.
What does it do?
It builds your trust.
You now know that a set of travelers have previously gone to the city and have tried and tested the various experiences that it has to offer and have provided genuine feedback and testimonials about their trip.
It builds your awareness.
You now know what to do and how to go about planning your trip based on these primary responses from travellers. You are better prepared to plan your trip without less apprehensions.
Creates way for a dialogue.
You can now easily get your doubts cleared by the previous travelers about traveling to a particular country on a firsthand basis. You do not have to rely on other websites on the internet to gather that information when you can get it directly from the horse’s mouth.
Builds a stronger connection.
Once you have gone on your trip and come back, you will now give back to this community that has helped you by providing your perspective on the country and by providing tips and tricks to the future travelers on the platform.
Sounds relatable? Now let’s apply the same logic to setting up a business.
Expanding a business is a job that requires research and trust and for that reason, certain online networks have taken up the task of extending their trusted set of communities to the internet for the sake of doing business with ease. These networks are often partnered with thousands of clients which help new foreign businesses to not only establish but also ramp up their operations in a new market environment.
Every business requires a foundation made up of irreplaceable services like accountants, lawyers, advertisers, market research, recruiters, etc. If one had to do it the old school way, it would end up hogging a lot of time, money and energy for a company to be able to do the minimum for their business. Besides, it is often a very expensive affair to hire resources from one’s own country when labour is available for a cheaper cost in the local markets.
To make these easily accessible to companies looking to invest in a smart developing city, they sometimes compile a list of reputable service providers and organisations who can support your business across various categories like accounting, legal, banking, recruiting, immigration, public relations, bilateral connections and a lot more.
These networks essentially function as investment attraction agencies whose end goal is to foster long-term economic prosperity and development by enabling business opportunities and job creation. While it is not a secret that the market is filled with services for every kind of business, it is always a gamble when it comes to looking for something which is also reputable in the said market. Apart from providing these reputable services, the agencies are also adept in providing advice to help you establish and expand your business. In choosing a service from this established network, you at least have the peace of mind that you are making the right decision in choosing organisations who have the experience and capabilities required to help international companies find success in their home ground.
IDA Ireland in partnership with GetProven
They are an autonomous Statutory Agency set up under the Industrial DEvelopment Acts 1986-2019. The agency’s main objective is to encourage investment into Ireland by foreign-owned companies. They measure their success by the impact that their work has on the Irish economy of FDI and IDA supported companies. As Ireland’s FDI agency, they have partnered with over 1200 clients to help businesses investing in Ireland grow and expand. They have also extended their support and additional guidance to predominantly companies in the IDA portfolio that do not have large international Business Continuity teams in play, especially during the pandemic. They also provide funding and grants to those considering Foreign Direct Investment in Ireland., to both new and existing clients.
Invest Victoria in partnership with GetProven
They are the State Government of Victoria’s investment attraction agency, which supports global companies to expand their operations and grow their business in Australia and the broader Asia Pacific. They claim to have a holistic approach towards helping clients achieve their investment objectives, working proactively to bridge the gap between the investors and the APAC market.
They offer a range of professional services and support including
-Business case proposal development
-Research and development capabilities
-Labour market skills and talent
-Introduction to potential clients and partners, industry contact and local suppliers.
-Fulfilling property requirements including facilitation of planning and regulatory approvals.
-Assistance at all levels of government, including financial assistance.
-Ongoing provision of investor support, locally and globally, through Invest Victoria's extensive network of overseas officers.
Some other agencies include Invest in Melbourne, Invest Puerto Rico, etc. which provide assistance and support in similar fields for the greater economic development of their respective countries.
Another argument in favour of these network agencies is the fact that sometimes when a company decides to invest in a new marketspace in a new country, they usually have to work in alliance with the local government. These local government bodies in turn provide the companies with their list of trusted local partners on ground. However, this system usually comes with a caveat wherein the government has the obligation to be fair to all the suppliers, which results in a long list of the prospects, in turn making the job confusing and inefficient for the investors.
This is where GetProven comes in. To make the process as seamless as possible for the investors, we work with the government and simplify the given list and make it available on our platform in conjunction with the respective suppliers and the government’s suggestions. Hence, modernising the traditional ways of working with new investors and creating more efficient job opportunities for the shareholders involved.
For a world that is constantly putting itself in the centre of a fast globalization process, it is only logical for such agencies to put themselves and their network of communities forward for the greater economic development of the society. In the process, these organisations are digitising and becoming digital first in an effort towards creating and harbouring relationships in the digital realm.
It will be safe to conclude that this is the future of investment for smart thinking cities in a bid to become a part of a truly global marketplace through a digital first POV.
In spite of these challenges, and regardless of what the 2024 economic temperature and marketplace volatility have in store for the business world, your firm can take proactive steps to address them and greatly improve the overall efficiency, compliance, and cost-effectiveness of the vendor relationships your firm and portfolio companies deal with.
There are many ways your private equity firm can improve vendor relationships. From setting clear KPIs to implementing vendor management software, the right strategies can help you make informed decisions and rise above the competition in a changing market.