Most Businesses Proceeding With International Expansion Plans, Undeterred by COVID-19, Reveals New CFO Survey
More than 80% of Businesses Now Considering Remote Global Workforce Model
New research released by Globalization Partners and CFO Research indicates that most businesses are undeterred by the impact of COVID-19 and are still moving forward with plans for new or expanded international operations. More than half of the respondents expressed interest in expanding or adding operations in the Asia-Pacific region. The findings also show that 83% of respondents said they are looking into a remote, global workforce model as a solution to the changes brought about by COVID-19.
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Despite the pandemic-induced economic crisis, 45% of respondents are either currently expanding globally or only slightly delaying their expansion and will do it within one year. Another 9% maintain intent to expand internationally but remain in a year-long holding pattern.
After North America at 71%, the Asia-Pacific region (excluding China), targeted by 65%, was the most popular region for new or expanded operations. Capturing market share was the top-cited reason for expansion into these specific regions. Also, highly cited was the desire to expand sales, diversify investments and acquire top talent.
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“This research offers grounds for optimism that the economic crisis caused by COVID-19 has not derailed international expansion plans for most businesses who were already on this path,” explained Nicole Sahin, CEO and Founder of Globalization Partners. “However, the operational challenges, particularly around local legal rules, recruitment and compliance can take months to navigate. Our solution removes these barriers to success and makes it easy to establish new international teams and revenue generation in a matter of days and in some cases in as little as 12 hours.”
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