SaaStr is one of the world’s biggest SaaS events where top minds from the industry come together and exchange ideas. This year, SaaStr APAC took place in Singapore on the 22nd and 23rd of February, where thousands of Founders, CEOs, CTOs, and VPs came together to learn, mentor, and help each other grow! More than 25 industry leaders and over 100 mentors dedicated their time to speak at the event and indulge in group sessions and 1:1s.
Among the panel of speakers was Sagar Khatri, Co-Founder, and CEO of Multiplier. Sagar took to the stage along with Bianca Ho (Co-Founder and COO of WATI), Yamini Bhat (Co-Founder and CEO of Vymo), and Abhishek Anand (Managing Director, Sequoia SEA) and discussed how new businesses should approach global expansion.
With a background in M&A and global expansion, Sagar has first-hand experience both in previous roles and at Multiplier in navigating the complexities of global expansion, building multinational teams, and scaling headcount. During this discussion, Sagar shared how Multiplier helps its clients overcome the challenges and risks of international employment, how Multiplier has built an entity network across +150 countries in record time and the challenges and opportunities of building a fully distributed workforce.
Here are some key points Sagar touched on while sharing Multiplier’s journey across borders:
1. Focus on the big markets first
Instead of starting with local markets, identify and sell to the largest market to reach a wider potential customer base. Larger markets like the U.S. and Europe are more developed and therefore require fewer integrations and less customization.
2. Hire the right people and build global teams
Look for people who can think at a global level, work remotely, and effectively manage tasks across borders. Hiring employees in the market, you aim to penetrate provides access to the best minds across different verticals.
3. Shift focus to onboarding and compliance
Onboarding is the first time a new hire interacts with an organization; this should be a flawless experience. Every country has a different onboarding culture, and with multiple labor laws and regulations, it becomes challenging to create a consistent onboarding experience. Create a simple onboarding process that can be followed in every country.
4. Bring in local leaders
Embrace local talent that understands the nuances and approaches to various verticals. Local leaders, especially those in roles like sales, are important in building closer relationships with customers and employees in different countries.
5. Build and maintain a strong culture
Establish a unique culture that sets a positive working environment for your employees and fills them with energy. A strong culture is essential for a successful business and is known to have better efficiency and lower attrition rates.
6. Practice trustful delegation
Trusting employees and delegating important tasks and decisions is crucial to building a self-sufficient team. Driving results becomes much easier when leaders trust their teams, and the team trusts their leaders.
7. Customize the product
Once the core of the product is taken care of, businesses can start customizing for different clients. This can be done through client outreach, surveys, and extensive market research. Adding the right customizations will help the company retain customers, and it will also help identify the USP for the product.
8. Build a solid USP and move into smaller markets
After the products have reached a good level of customization, organizations can start moving into smaller, more demanding markets. The ability to customize and a rock-solid USP will help reach out to clients with very specific needs. Moreover, at this point, founders can also start tailoring their products according to different geographies to boost sales.
Building and moving a business across borders takes work, but it can certainly be done with the right mindset and steps.
Multiplier can be your trusted partner in your global expansion journey by helping you hire in any country you wish. We handle the contracts, laws, payroll, social contributions, and taxes, allowing you to focus on working with the employees you hand-pick in the country of your preference. Our Employer of Record (EOR) service eliminates the need to set up a local entity and saves you significant amounts of money.
Sounds interesting? Book a demo and go global today!
