Looking for global growth in 2024? Here’s what to bear in mind
Now that we’re a few weeks into the New Year, many of us have had a chance to test the waters for what 2024 has in store. From my conversations with customers, partners, and other peers across the Americas, it’s clear that many businesses are looking to make the most of the economic opportunities out there this year. Many of which include global growth by expanding footprints, growing their teams, and delivering on exciting new projects and collaborations.
In 2023 we saw new societal trends emerge, with the development of AI changing how many businesses operate. 2024 is likely to be a year of further change; with elections looming in many parts of the world and no doubt more new innovations coming to the fore.
But for businesses looking to expand, how can they make the most of potential growth and expansion opportunities?
Tips to accelerate your global growth in 2024:
- Expand your horisons
In terms of where to look, some of the foremost global growth opportunities we see at present are in South America and Africa. This is particularly true for international businesses based in North America and Europe that are looking to expand into markets that are still relatively untapped and becoming more digitalized by the day. The enormous rise in mobile banking services in Africa in the past few years is evidence of this.
But, as always, organizations must ensure they are conducting the necessary research into local trends and competitor presence to see where their best chance for successful expansion is most likely to be.
Crucially, when looking to make moves in multiple markets, or expand into a particular region or country for the first time, organizations need to be aware of the regional nuances that exist. For example, in Brazil, face-to-face interactions are vital - more so than they are in the US or parts of Europe, where many of us have become accustomed to establishing relationships and workstreams through virtual means.
- Establish an on-the-ground presence
It’s critical that organizations looking to expand into new locations have trusted partners on the ground, with the required local expertise to build strong connections.
This is true when it comes to talent too: companies should ensure they have the right team in place when moving into a specific market. This means making additional hires and even moving people into new roles may be required to ensure the necessary experience and skillsets are in place. This could help retain talent too – employees increasingly want to immerse themselves in new challenges and feel like they are growing at the same time and pace as their company too.
Wherever businesses are looking to expand to, customer experience is likely to be an area of increased focus in 2024. In more and more industries, we are seeing a shift in the expectations of customers who now demand fast, responsive and accessible platforms and services. A trend driven by the offerings of many B2C sectors in recent years.
- Use AI to drive global growth – but remember connectivity is key
The good news is: there are new tools that organizations can deploy to deliver on this. The emergence of AI applications in the past twelve months has led us all to consider where tools could be adopted to improve efficiency and overall performance. But whilst the potential benefits are significant, any wide-ranging deployments need to be done with caution to ensure the right changes are made for the long-term.
What is clear is that global growth is just not possible without investments into a company’s technology stack. And even if an organization has invested heavily in new AI tools and platforms, this will count for little if the business does not have the exceptional and secure connectivity it requires to deliver on these benefits. Our recent Enterprise Horizons research report showed this, with nearly 40% of CIOs around the world citing establishing effective and secure connectivity as a significant barrier to successful expansion.
Looking to accelerate your global growth this year?
Whatever sector you are in, and wherever you are looking to undertake new operations, we can ensure you have the required connectivity you need to deliver on potential growth opportunities and reach new customers.
Get in touch today to talk about your connectivity challenges and we’ll find the right solution for you so you can hit your short- and long-term growth goals.