How startups can go global remotely?

Despite the possibility of a recession, businesses can gain a lot by expanding to new markets. Even startups can expand to new markets by adopting these few simple tips.

FacebookTwitterLinkedIn
How startups can go global remotely?

Key takeaways

  • Gaining the trust of clients and your own team is crucial when scaling your startup remotely
  • SMB owners should not compromise on cybersecurity basics – in fact, they should look at ramping up protection solutions
  • Communication and collaboration tools, along with project management and CRM platforms, can streamline operations for a startup as it expands 

How startups can go global remotely?

29 August 2022 | SMB, Digitalisation | 5 min read

It can be daunting for startups to even think about global expansion even during normal times. But despite the economic uncertainties, scaling to new markets can still be possible and even rewarding, especially for startups.

This is reflected in a continued increase in global expansion among Singapore businesses. The overseas presence of Singaporean SMBs had risen to 80% in 2020 from 71% in 2018, according to a survey by the Singapore Business Federation. And despite the disruptions due to COVID-19, 53% of companies in Singapore were still intending to expand into new regions, according to an Equinix study in 2021.

Scaling to new markets will not be an easy process, especially with most startups maintaining a remote or hybrid working arrangement. KeyReply is one such startup, specialising in conversational AI chatbot technology, which managed to grow during the pandemic and even expanded into new markets. After launching a new office in Dubai this year, the company’s CEO Peiru Teo spoke to us about how she overcame some of the challenges in the expansion process.

Gain the trust of clients and recruits in new markets

Much like in the early stages of growth, startups expanding into new markets will have to prioritise finding clients and building relationships with them. In a remote setting, this is not easy but it can still be done through regular conversations.

“Being able to reach out to overseas clients directly and to get them to trust us was a challenge when we couldn’t fly,” said Peiru. “A lot of conversations happened before people were willing to trust and try us out”.

Recruiting talent in new markets and retaining them is another priority but can be challenging in a remote setting. “Hiring is always challenging,” Peiru Teo shared. “The battle for talent has massively intensified over the past few years. Remote working has opened us to a lot more talents globally”. But Peiru also describes how it is important to understand the blurring of lines between work and home. “When remote working started, people began to weave their work and life closer together. People are still trying to figure out how to draw the line between work and home,” she said.

Don’t compromise on cybersecurity as you expand

Despite the increase in awareness about cybersecurity in recent years, there are still cases of businesses failing to follow basic security best practices. For small businesses, it is important to educate and train employees.

“Some of these basic cybersecurity practices are not common enough”, remarked Peiru. “In fact, we have seen some other firms, including some large ones, with very questionable protection for their applications. I would attribute this to a lack of knowledge.”

In the case of KeyReply, there is additional pressure to protect their customer data due to HIPAA compliance requirements. Employees are required to watch videos and attend trainings on a regular basis, while penetration test and vulnerability scans are also done on a yearly basis, if not more frequently, to ensure that their business applications are secure.

Peiru also recommends other affordable solutions for SMBs such as seeking the services of specialised firms which conduct mock phishing email attacks that can simulate real world scenarios. “These solutions are not expensive. For just a couple of hundred dollars a month, businesses can avoid losses that total to a lot more,” she advised.

To help small businesses, Singtel offers a variety of cybersecurity solutions to identify and defend against sophisticated cyberattacks in real time. These are available different packages based on their level of comprehensiveness and include essential cybersecurity solutions in endpoint security, data protection, network security and more. 

Adopt digital tools that drive efficiency across all offices

In managing growing teams remotely, there is also a need to adopt digital tools for some key tasks such as communication and collaboration, project management and customer relationship management.

“Our heartbeat is Microsoft Teams,” says Peiru. “We use it day in and day out. In fact, my direction to my team is to use Teams to communicate instead of emails. This will ensure that messages surface up to my attention and also reduce junk emails. So these collaboration tools are absolutely essential.” KeyReply in fact relies on Microsoft 365 due to the security and compliance requirements that are involved in handling customer data, especially those of their healthcare clients.

In addition to communication and collaboration, there are also other project management tools that startups can explore to keep their remote teams in sync and for onboarding new talent quickly. For example, KeyReply uses ClickUp, a project management tool that includes features for scheduling tasks, sharing documents, taking notes, tracking time spent on individual tasks and more. Monday.com is another similar tool that can track workflows for sales, marketing, design and other projects. 

As you grow your customer base in new markets, you will also find a customer relationship management (CRM) tool to be beneficial. KeyReply also uses HubSpot, an industry-leading CRM platform to track and manage customers, acquire and nurture leads in new markets. They also integrate HubSpot to other customer acquisition channels like Google Ads and social media to monitor if there is significant demand in other markets. 

Other articles you may like

How the Productivity Solutions Grant helps SMBs stay competitiveShare
Nov 2024 | Business Connect
SMB, digitalisation
How the PSG helps SMBs stay competitive
Innovation and technology need not be out-of-reach and expensive. For SMBs willing to take the jump, the Productivity Solutions Grant (PSG) helps to support companies keen on adopting IT solutions.
5 basic SMB cybersecurity tips that still work todayShare
Nov 2024 | Business Connect
SMB, cyber security, cloud, digitalisation
5 basic SMB cybersecurity tips that still work today
Owing to their smaller sizes and lack of resources compared to larger enterprises, SMBs can become easier targets for cyber criminals. By following these tried-and-tested cybersecurity best practices, they can reduce the odds of cyber incidents today.
5 things to consider when choosing your business broadbandShare
Nov 2024 | Business Connect
SMB, digitalisation, connectivity
5 things to consider when choosing your business broadband
Whether you are a new business setting up broadband for your office, or you're looking to switch to another plan, keep in mind these five questions before you make the decision.

Ready to get more out of digitalising your business?