97% of execs say globalization is essential now. Learn why.

In today's new, more flexible era of global business, small companies have greater access to global growth opportunities than ever before. In fact, small and midsize businesses (SMBs) can stay ahead of the competition by tapping into emerging markets, diverse resources, and new revenue streams that global expansion offers – all while pursuing long-term success and sustainable growth.  

Many SMBs are already adopting a new global approach to stay competitive and succeed, whether by expanding to new markets, building global teams, or developing strategic partnerships. According to G-P’s 2024 Global Growth report, 97% of executives agree establishing a market presence in multiple countries is essential for remaining competitive in today’s business landscape.

Of course, expanding into global markets requires careful planning, strategic decision-making, and an in-depth understanding of the challenges and opportunities along the way. So, let’s look at the basics of global expansion for small businesses, identify common roadblocks, and explore actionable strategies for establishing a global presence.

As businesses face a growing talent crunch, traditional hiring methods are proving insufficient. This shortage, projected to lead to trillions in unrealized global revenues by 2030, prompts companies to rethink their workforce strategies. The convergence of AI advancements and hybrid work models allows organizations to access previously out-of-reach global talent pools. By embracing globalization and technology, businesses are addressing skills gaps and positioning themselves for sustainable growth in a complex labor market.

In an era where demand for specialized skills, especially in tech, far exceeds supply, many businesses are seeking international talent. Traditionally, companies focused their recruitment on local markets, but today’s interconnected world enables hiring from around the globe. This shift opens access to a broader range of skills, cultures, and perspectives essential for driving innovation.

Around 25% of full-time United States employees are also full-time remote workers. That means these employees may have the ability to work on a flexible schedule from wherever they live in the world. There are currently around 9 million Americas living in more than 160 countries around the globe, according to the Association of Americans Resident Overseas. Companies that provide fully remote opportunities can hire from this group of ex-pats. They can also find talented candidates who are nationals of foreign countries. Remote work opens up the talent pool and provides flexible options for companies. There are also special considerations for managing remote workers who live abroad. To successfully manage remote workers in a global workforce, you need the right technology, ex-pat employee policy guidelines, and other remote work best practices. The following tips help both employers who are managing overseas employees and their workers to achieve success in an evolving global workforce.

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