BackExplore essential steps for global project launches, including leadership, financial governance, government relations, and the value of local partnerships.
Video transcription
Ian Pearce
When expanding overseas, it’s crucial to have a thorough understanding of the environment you’re entering. One key consideration is time zones. For example, a Canadian company operating in Australia faces a significant time zone gap, creating challenges in maintaining control and oversight. In such situations, it’s essential to have strong leadership talent in place.
One of the most critical roles is the person in charge of finances. When operating offshore, having a reliable individual who fully understands the financial side is key. They ensure good controls, oversight, and governance over money matters.
Additionally, it’s important to mitigate risks associated with operating in a foreign country. Developing relationships with key government influencers can provide valuable political insights and help navigate challenges.
Lastly, consider forming local partnerships. While owning 100% of the operation might seem appealing, it also means assuming full responsibility. Local partners can offer valuable knowledge about the local context and help address challenges effectively.
Ian Pearce
Exactly. Local partnerships can make all the difference in managing local content and navigating pushback when necessary.
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