As I reflect on my last business trip to New York, I realise just how fast things have been moving here at the Seventy Ninth Group, and our ambitions for international expansion are well and truly being realised. As the Investment Director, I am always keen to navigate new territories as we press ahead with our expansion. Just this year, between myself and the other directors, we have visited all of the regions we have a local, physical presence in: the Republic of Guinea, Japan, the United States and the United Arab Emirates. We have recently opened two of our newest offices: New York and Tokyo, which has not only expanded our business’ horizons but also my own as I learn more about the opportunities in new markets.
In today’s interconnected world, businesses have greater opportunities than ever before to broaden their operations beyond their domestic boundaries. It is no surprise that so many businesses are expanding globally, with 70%[i] of UK-based SMEs planning to expand into global markets in 2023. Global expansion offers numerous advantages and growth prospects depending on the industry you operate in. As an asset management firm with aspirational goals, not to mention our ability to diversify in response to global economic uncertainties, we believe it’s so important to build new business relationships and gain hands-on knowledge across regions.
A go-to-market strategy built for us
Every company needs to look at their international expansion differently. Timing and expenditure are so important. We are incredibly ambitious and our instinct is to get everything done now, at speed, and never miss an opportunity. But we have to balance our impulses with measured goals. We establish relationships first so that we can leverage their insights and help us avoid easy pitfalls. We spend longer on the relationship building[ii] so that when we enter the market, we can move and grow fast. We’re also not afraid to pivot quickly and instinctively based on what the global economy is telling us; being an alternative asset management company, we are always looking for the next trends to be the next opportunity, so if it means moving resources to a previously unexplored market, we tackle it head on and make it work.
Building long-term, trusted relationships
One of the key benefits of expanding your business globally is the opportunity to build valuable relationships with clients, partners, and stakeholders from diverse cultural backgrounds. By having an in-person presence with office space, it’s possible to more easily foster collaboration and understanding, all of which are crucial in today’s interconnected business landscape. By establishing a global presence, we’ve been able to enhance our reputation, expand our network, and create a strong foundation for future growth. Having representatives on the ground allows us to capture the nuances of each market – adapting the business model accordingly and avoiding a one-size-fits-all approach that could undermine the entry route into a new market.
The appeal of the United States
The US is world-renowned for its powerful entrepreneurial ecosystem and has a lot to offer for companies looking to invest there. With a population of over 331 million[iii] and a favourable business environment characterised by low tax rates and strict, clear but simple regulatory hurdles, it is an obvious choice to open an office. For us at the Seventy Ninth Group, it is a natural place to have a location as America is highly conducive to business and, in particular, works well as a base for a company like ours. New York, the “city that never sleeps” is our chosen city, where we just opened an office in Manhattan in 2023.
Japan: A hub of innovation and technological advancement
Japan is renowned for its technological advancements and innovation-driven economy. With a highly skilled workforce, strong intellectual property protection, and a culture that values quality and precision, establishing an office in Japan can provide businesses with access to cutting-edge technologies, research collaborations, and strategic partnerships. Japan has a strong and fast-growing consumer market, which presents a vast opportunity for businesses looking to tap into new customer bases. And from the B2B side, which we also operate in, it is home to a massive B2B market that exceeds 370 trillion yen. The new UK-Japan Comprehensive Economic Partnership Agreement (CEPA), the UK’s first Free Trade Agreement (FTA) that extends beyond its existing EU accord, was signed in October 2020. According to the Department of International Commerce, the agreement may result in a rise in national commerce of £15.7 billion, a boost to the economy of £1.5 billion, and an increase in pay for employees of £800 million[iv].
At the Seventy Ninth Group we’re excited to tap into the opportunities in Japan – whether it’s seeking new clients, or opening up relationships across the rest of Asia-Pacific. We know that having our physical office in Japan will help to build trust in this new market.
Expanding the Seventy Ninth Group globally is undoubtedly key to our growth and long-term success. Building relationships, gaining hands-on knowledge through real-time experiences, and establishing offices in strategic locations such as Japan and the USA will help provide the company with a competitive edge and open up a world of opportunities. We are building local offices that encompass our values and commitment to our clients. The staff here at the Seventy Ninth Group have become an extension of my family, with our values, such as reliability and loyalty, at the forefront of what we do. This unique culture will be embedded in all of our locations globally.
I understand the importance of global expansion, and as a business, I know we’re ready to support our clients in achieving their objectives – around the world. We’re ready to embrace the global stage, unlock new horizons, and witness our company from the North West of England thrive in the international arena.
[i]70% of UK SMEs plan to scale internationally in 2023, but digital adoption will be crucial to success, Airwallex https://www.airwallex.com/uk/blog/global-expansion-survey-uk
[ii]Importance of building relationships in international expansion, Bridgehead Agency, https://bridgeheadagency.com/importance-of-building-relationships-in-international-expansion/
[iii] BUSINESSBest countries for your international expansion in 2023, Global Banking & finance Review https://www.globalbankingandfinance.com/best-countries-for-your-international-expansion-in-2023/
[iv] North West businesses continue growth with Japan, The Growth Company https://international.growthco.uk/news/posts/2020/november/north-west-businesses-continue-growth-with-japan/