Global companies have experienced severe financial stagnation or even loss of profit in business growth, forcing all overseas expansion plans to suspend for the past two years. To cope with the economic and business demand changes, companies are:
1. Revisiting their budget plans and revenue streams.
2. Look beyond the existing customer base to reach new markets.
3. Relook into the existing products or services to match and adapt to the new demand.
4. Evaluate the best types of business models for business survival.
5. Consider remote hiring to avoid venturing to a new target country.
6. Downsizing or streamlining business operations.
7. Looking for a more flexible collaboration approach, such as hiring project-based employees to cope with fluctuating workloads.
8. Streamlining HR processes, reducing costs, and aiming to focus on core business operations.
Is there any good solution to tackle most issues businesses are looking into from the above?
Yes, this is where an EOR solution provider can benefit your business and global expansion plans by indirectly adding value to your business model canvas.
What are companies doing to adjust their overseas expansion plan according to the economic and business demand changes?
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