Identify your objectives and the specific tasks and resources required to achieve them. Decide who will manage your offshore operations. Define timescales and key deliverables.
Assess potential offshore models and analyse operational, financial and legal requirements.
Consider personnel recruitment, training and retention.
Establish IT and infrastructure requirements and set KPIs to measure performance and operational success.
Get buy-in from your existing team. Clearly define what’s in it for everyone, what the precise benefits are and why change is required to positively impact the business in the future.
Choose the right location. Base your decision on the availability of the specific skills you need, the cost of labour, the travelling costs and accessibility, the time zone and the cultural compatibility.
Assess the financial impact. It is not only the benefit of reducing costs that should be considered, but the revenue-generating benefit of increasing your efficiency and productivity.
Ask your accountants and tax advisers about the tax implications of setting your business up overseas.
Think long-term. Whilst upfront expenditure on familiarisation, infrastructure implementation and associated set-up costs may be relatively high, this investment may ultimately determine the success of the venture and the return on your investment over time.
Don’t underestimate your costs. Factor in some headroom and allow for the costs of communication, training and travelling to meet vendors or potential team members.
Make the most of technology and telephony to keep costs low. Call employees across the world using least-cost routing; use Skype to talk; host video conferences and integrate databases into one accessible network.
During a pilot or transitional period hire only your core team members. Then hire the rest of the team once the transfer of knowledge to that team has been completed.
Monitor your financial position rigorously and constantly keep your risks under review.
Build one team. Factor in the cost of bringing your core overseas team to your head office to absorb the culture, get to know your local team and feel included.
19 entrepreneurcountry
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