4 factors to help businesses conquer international markets

Ms. Tieu Yen Trinh - CEO of Talentnet - advises domestic enterprises to focus on product quality, marketing strategy, capital flow... before going "out to sea".

According to UOB research, on average, 9 out of 10 Vietnamese companies are looking to expand their business globally in the next three years. They expect to both increase revenue and strengthen their brand as an international business.

A report from the Foreign Investment Agency, Ministry of Planning and Investment, recorded that in the first 9 months of the year, Vietnam's total international investment capital (new and adjusted capital) reached 416.8 million USD, up 4.6% over the same period.

According to Ms. Tieu Yen Trinh - CEO of Talentnet human resource consulting company: "Many domestic enterprises invest in innovation and creativity. This effort not only helps them maintain operations in the digital age, but is also a stepping stone to expand the ecosystem and reach out to the ocean". Previously, she supported many partners to conquer the international market.

Expanding and conquering international markets is a long-term goal of many companies. Photo: Shutterstock - Talentnet

Ms. Yen Trinh pointed out four necessary and sufficient factors for domestic enterprises to firmly approach new markets. First is a unique, different product that meets user needs. Next is a marketing and sales strategy, identifying target customers, approaches and potential distribution partners.

Third is a stable capital flow, helping the company maintain operations for 2-3 years, even in the worst case scenario. Finally, people - positions and skills needed to foster corporate culture, establishing unique value that only the unit provides in the new market.

"Most businesses focus on products and marketing strategies because they can easily impress new markets," Ms. Tieu Yen Trinh revealed. However, leaders should not underestimate people because this factor determines the company's sustainability. Wanting to integrate without careful preparation can easily lead to unexpected problems.

Ms. Yen Trinh gave an example, before going "out to sea", the enterprise should have a standard structure and human resource model between departments, each level and position. It not only helps the unit quickly establish a new organization, but also has a reasonable resource strategy - taking advantage of internal employees or borrowing talents from other places.

Each country will have certain differences in terms of laws, taxes, labor regulations... Therefore, companies need to equip themselves with an accurate payroll system to ensure compliance with local requirements.

"In the case of foreign and local recruitment and human resource management units, the payroll system must be strong enough to collect and track employee data synchronously, and can even integrate multiple systems... to ensure consistency between salaries and other financial items, thereby effectively managing capital flows," she explained.

Careful preparation in many stages, especially paying employees fully and legally, is a necessary factor for a business to succeed when going "out into the big sea". Photo: Shutterstock - Talentnet

According to the female CEO, many businesses believe that payroll is a special process that needs to be confidential and cannot be outsourced. However, with the highest security system and standardized processes to ensure accuracy, outside units can help businesses share some of the burden, focus on core activities, and increase profits.

"With Talentnet's payroll service, businesses can customize according to their needs. Human resource and salary management are integrated into a complete system, supporting the creation of summary reports, providing businesses with the fastest overview of personnel costs," added Ms. Tieu Yen Trinh.

Van Phat

Source link: https://vnexpress.net/4-yeu-to-giup-doanh-nghiep-chinh-phuc-thi-truong-quoc-te-4681013.html