For many business leaders, expanding into Asia can feel overwhelming. The diversity of cultures, languages, and regulatory environments across countries presents a unique challenge. Business leaders are eager to tap into Asia’s growth potential but often struggle to balance local nuances with their broader global strategies. This complexity can lead to frustration, wasted resources, and costly mistakes.
Our interview with Aseem Goyal, a business leader with extensive experience across Asia, Forbes Business Council member, and Global Leadership Coach for CEOs and founders, reveals his essential strategic insights. Aseem Goyal’s firsthand experience offers valuable lessons for businesses looking to expand sustainably in this vibrant region.
Highlights
The Importance of Localized Strategy in Asian Expansion
Q: In your experience, what are the most critical strategic considerations for businesses aiming to achieve sustainable long-term growth in Asia, especially given the region’s economic volatility and diversity?
A: Having lived and worked in 7 markets across Asia over the last 25+ years, and traveled to almost every other in my various types of roles with international banks, one of the first things I remind my clients is that Asia is extremely diverse ways of doing business. As such, every business needs to adopt a localized strategy rather than a one-size-fits-all approach. The regulatory environment in places like Hong Kong and Singapore might look more familiar to an investor from the West but when you go to Thailand or Vietnam, there are complexities, grey areas, not to mention language challenges.
Q: How can business leaders effectively balance short-term operational demands with the need for long-term strategic planning, particularly when expanding into highly competitive Asian markets?
A: You execute a dual-track strategy where short-term operational goals are aligned with long-term vision. Let me give you an example from my banking days. I was sent to markets such as China to build the bank’s Transaction Banking business. But initially there were no products and building a business would require new products which needed time, expertise and investment. So, while the short term strategy was to acquire clients, and hence generate revenue, by using aggressive pricing as an entry strategy for simple products or through cross selling, sometimes at the expense of profitability, but it aligned with the long term strategy to convert these clients to value added products, thereby making the overall customer relationships profitable for the bank.
Q: What role does cultural intelligence play in successful market entry and expansion across Asia, and how can leaders cultivate this capability within their organizations?
This is a really important question. I remember when I was came to Asia more than 25 years ago, the bank sent us for cultural etiquette training. Travel has increased significantly since then and these days, people are generally more sensitive to the ways of doing business in different countries.
My own experience working in diverse markets such as Hong Kong and Singapore vs Thailand and Vietnam, is how you access decision makers and influencers and how decisions are made, is quite different. Whereas in an OECD market, it can all be very transparent and process oriented, in other markets you need to firstly work your way to the decision makers, and then have patience as things work within the system. So, as I said earlier, rather than comparing different countries, you need to adapt; make sure you are familiar with local customs and business etiquette, build diverse teams, giving language trainings, and become part of the community.
Q: Given the complexity of funding landscapes in Asia, what unique approaches do you recommend for companies looking to attract investors who align with both their vision and long-term goals?
A: Firstly, it is important to have a localized business model tailored to the specific Asian market, or group of markets with cultural or consumer behavior similarities, to demonstrate a deep understanding of the local customer base and regulatory environment to potential investors.
The second point brings me to what I say to startups as part of their Advisory Board. It is important to be able to craft a compelling story that resonates with local investors. This should clearly highlight the problem, why is it a problem, how you are solving it, and the long-term vision and market growth potential. The investors want to hear about your investment strategy and how that will give them their returns on investment.
Related to this is my third point about explaining your funding strategy and how it will fund the entire proposition. Have you explored the government grants, and engaged the different sources whether it is VCs, or Family offices or Angel Investors or the different funds focused on specific geographies or industry sectors.
Q: Leadership is often a differentiating factor in market success. What leadership qualities or frameworks do you believe are essential for navigating the complexities of business expansion in Asia today?
A: Firstly, successful leadership is about a leader’s character. Effective leadership is anchored in strong core values. For me, as an example, these core values are integrity, respect and excellence, which drive my behavior at all times. Leaders lead by example – they don’t shout instructions, they roll up their sleeves and join the effort. Secondly, it’s about the leader’s business acumen. They have a strong ability to communicate a clear, long-term vision while remaining flexible in the face of changing market conditions. They demonstrate resilience and patience in navigating regulatory hurdles, market entry challenges, and relationship building in the markets they plan to be in. And finally, data combined with insights is becoming more and more critical for effective decision making.
Q: How does Aseem Goyal foresee the intersection of technology, leadership, and market strategy shaping the future of business expansion in Asia over the next decade?
A: Technology increasingly touches every aspect of business and is opening up new possibilities. Future business expansion will increasingly rely on technology-driven market entry strategies, including leveraging AI for customer insights, e-commerce for rapid scaling, and block chain. Sustainability Focus is likely to only increase. Companies will need to integrate sustainability into their market strategy, adopting eco-friendly practices that align with consumer preferences and regulatory requirements. Leadership will continue to evolve. Leaders will evolve to become more data-centric, tech-savvy, and globally minded, capable of navigating the intersection of technology, culture, and market strategy.
Combining Short-Term Wins with Long-Term Goals
Growing your business in Asia requires balancing immediate wins with long-term planning. Short-term gains might require compromises, but they should always align with your broader, sustainable growth strategy. Businesses must remain flexible to seize quick opportunities but never lose sight of their long-term objectives.
Aseem Goyal’s dual-track approach, supported by strong local partnerships, will set companies up for sustainable success in Asia.
