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In the life of any entrepreneur there comes a moment where he needs to consider expanding his operations. The search for new markets and dominating new territories is so important for the growth of any company, so in this blog we will tell you 5 questions that every company should ask itself if it seeks to expand.
What is your mission?
Is conquering new markets within your mission? It is important to have this introspection, since the purpose of the company could be strict to a local panorama. This does not mean that it is an immovable mission, but that it must be restructured to align with the intention of those who participate in it.
Does your business model allow it?
Perform an analysis of all the possible variables that influence your business model. Is it necessary to tropicalize it? Is this tropicalization easy? Analyze legal frameworks, financial schemes and everything necessary to expand towards new horizons.
Is your team ready?
Not only with regard to technical capabilities, since perhaps these will be solved in many cases by new teams in the new locations, but with regard to intention. This is why the definition of the company’s mission is very important, so that it is aligned with the goals of the work teams.
Are the market conditions right?
Perhaps the most important aspect, verify that the market is in the best conditions. Assessing political climates, monetary conditions, supply and demand, among many other factors within the region to be explored, is critical to access. Otherwise, entering a market that needs to mature or that is simply too consolidated to enter can be counterproductive for your activities
If you answered yes to most of these questions, congratulations! It is time to consider expanding your operations to another country. Why not Panama? We assure you that you’ll have the perfect conditions and the ideal opportunities to take advantage of different Latin American regions.
Contact us and discover the benefits you would have with us!