Introduction
India continues to dominate as the fastest-growing major economy in the world, according to the Domestic Product Data released by the Statistics Ministry in November 2023. Economic liberation and unprecedented policy support by the government have enabled overseas as well as domestic companies to access the vast and diverse market in India.
Other factors that have acted as a major pull for businesses include a young workforce, digitalization programs, transparency, huge consumer base and a thriving banking and financial system in place.
To take the maximum advantage of the stable, conducive and friendly business environment in India, organisations need to ace one thing, which is, navigating the cultural landscape. An in-depth understanding of the culture can help companies in developing strategies to achieve expansion and growth goals without hiccups.
Narayan Bhargava Group is one of the leading PAN-India companies providing business lifecycle management solutions and helping companies to grow and expand. In this blog, find out more about the cultural landscape of India and key considerations for expanding business in the country.
Key Factors to Consider for Business Expansion in India
- Market Research
Giant corporations like Google, Amazon and Apple have set their eyes on India as a preferred business destination. But businesses looking to expand in India should do market research considering the diverse culture consisting of multiple languages, multiple geographies, myriad customs and business principles that co-exist in the country.
A thorough understanding of the complexities in the market structure, demographics, industry insights and future prospects augurs well for businesses looking to succeed in India. Another decision companies should make is to choose a reliable, trusted and experienced business solutions company for successful expansion. To know why, read on.
- Choosing a Business Consultant
Collaboration with a business consultant can help companies navigate through the Indian cultural landscape efficiently. Experts with local knowledge and a deeper understanding of local laws and regulations, strong network and years of experience can simplify the expansion process plus save hundreds of hours.
The local experts can help better understand the target audience, potential market, and competitor standings and provide other valuable business insights. In addition, businesses can increase people and process productivity and find infrastructure, compliance, and auditing assistance from business consultants who offer end-to-end business lifecycle management solutions.
- Market Entry Strategy
There are several ways in which companies can make an entry into India and establish their presence, which include joint ventures, mergers and acquisitions, turnkey projects, Greenfield set-ups and more. Once a company opts for one of the methods, companies should build strategies around product/services, pricing, distribution, positioning and the likes.
- Regulatory & Legal Compliance
The regulatory and legal compliance landscape in India is quite complex and companies would always require expert help to navigate through it. Narayan Bhargava Group with years of experience and expertise offers comprehensive regulatory compliance services.
Legal experts should also be included in the team by the companies to understand the legal compliance requirements and to handle court cases in case of disputes.
- Location and Local Preferences
Location is another important consideration for companies looking to do business in India. State laws and regulations must be studied to make sure that the location is conducive to your business type. Also study the population - their thought process towards corporations plus labour laws, connectivity and convenience to set up offices.
Another thing to look for is the address, where the company will receive all forms of communication. License agreements are not feasible without a registered business address.
- Office Space
Also, decide what kind of office space solutions your business would require. For example, multinational corporations can opt for shared office spaces, lite office spaces or managed office spaces to run operations. MyBranch is one of the brands under the Narayan Bhargava Group that offers comprehensive office space solutions in PAN-India locations.
- People
Besides the fact that India has one of the largest youth workforce, there are highly capable professionals available for all industry types. However, finding the most suitable talent can be difficult for a new business. Staffing solutions can be of great help in this regard. Calibehr with 15+ years of experience in the staffing and recruitment industry can help your business find the best people in PAN-India locations.
Global companies see value in investing in India due to the stable economy, continuous business reform initiatives, digital innovations and the high calibre workforce. If your business is planning to expand in India, consider the discussed points and make decisions.
Narayan Bhargava Group is a modern conglomerate with diversified brands helping businesses to grow exponentially for the last four decades across India. The group offers end-to-end solutions that cover office spaces, contact centres, auditing, staffing, background verification, technology, retail and distribution and more. These services have helped countless businesses increase productivity, save time and money, simplify processes and expand fast. Contact our experts today to know how we can help your business grow and expand in India.
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