’Don’t Overthink It’: Zoltan Csiba’s Key Pieces of Advice for International Expansion

This interview is part of .out of spacetime‘s collection, Conquering the Globe: Secrets to International Business Success. The goal is to discover what has worked for (mainly tech and online) businesses during their expansion and international breakthroughs.

.out of spacetime: Tell us a little bit about yourself. What is your story?

Zoltan: With over fifteen years of experience in fintech, IT, and investments, I had the privilege of navigating various sectors, from small brokerage firms to corporate giants and innovative fintech ventures. 

My journey has taken me through diverse roles as a trader/dealer, technical BA, project manager, strategic advisor & consultant, business development director, and executive manager, each offering unique insights and challenges. I’ve mainly been involved in international and intercontinental projects, serving as an on-site delivery manager, applying a nearshore delivery model, or managing offshore resources, while creating and executing long-term expansion and operational strategies in the CEE region, Switzerland, and the USA. 

The main areas of my expertise could be accentuated in the fields of project management, business development, international expansion, strategy, and technical innovation. In one of my latest initiatives, I was lucky enough to become part of CEE´s first robo-advisors enthusiastic & investment professionals team, where I led among other duties the international expansion of its operations. 

Recently there’s a tfink that makes my business soul sparkle each day – tfink.eu – a company of which I’m the founder, specializing in providing tailored technical solutions and expert advice to strategize, expand, and sustain growth. @tfink, we are passionate about supporting financial institutions and enterprises to thrive and succeed in a rapidly evolving environment.

.out of spacetime: You have a lot of experience. However, this comes in a package with challenges and failures, too. What do you consider the biggest challenge companies face when going international? 

Zoltan:

First, a disclaimer: Never expect any international expansion to be easygoing. 🙂 There is no gain with no pain & obstacles are an integral part of any business or expansion effort. There’s nothing wrong with that, let’s rather focus on what we can take from challenging situations and use them to our advantage. 

Now let´s see the III main pillars I would like to emphasize & pull together based on the lessons I had the chance to absorb during several projects. 

I- Research & due-diligence
In the field of finance and fintech, not just the fundamental functioning of any entity, but especially the expansion itself is determined by heavy regulatory frameworks. In such a regulated environment proper due diligence is extremely important, even when the expansion “MENU” (the list of countries which are considerable to expand to) is in the research phase and the examined parameters, either macro-environment related or country specifics, are only in an Excel sheet or on a paper. Don´t underestimate the preparation, informed decision requires valid insights & legal checks, which anyone can do, even from behind their desks. 

II- Office-desk as barrier
But let´s not just stay in the safety or comfort zone of our well-known offices. We´re talking about international expansion, so let´s get out there. Personal perceptions are key to understanding what your clients need, so once shortlisted & due-diligenced, visit the desired country you would like to expand to, and absorb the atmosphere, not only the economic indicators. Talk to locals, both, professionally, and casually, too. My favorite time killer while visiting a new or even a little-known country on our expansion list is coming to see the local open-air markets & talking to the vendors or other customers, picking up the best watermelon. 

III- Validate, adopt, repeat, or let go
Let us remember, that in the context of the interview, we are talking about small, at most medium-sized companies with a validated business model on the domestic market. Considering their appetite for growth in combination with the fact how crucial it is for them to bring results at limited costs, we should not omit the proper prioritization & setting clear goals for international expansion. 

First of all, we should determine a vision of what would satisfy us on which market, what is our critical mass, the number of clients or MRR, and what we want to achieve at the given stage of the expansion. In case we have all this clarified, it is appropriate to choose a gradual expansion model into individual countries, ideally invading them one by one. 

Why? Upmost for the validation of our business model or approach abroad. As well as for the collection and evaluation of the lessons learned, so we could efficiently fine-tune or modify our approach before repeating another iteration. 

What happens if we don´t reach the expansion goals, the desired critical mass, the targeted number of clients, or pivotal MRR levels? Time to remind us of the disclaimer. Just simply put it on hold (hide in the bottom drawer), even if something doesn’t work, let it go, before it becomes a true hurdle to your business. BUT – before doing so, be resilient and give it several qualified tries. 

.out of spacetime: If you stand in a room full of tech founders aspiring to achieve international success in the 21st century and you only could give them one piece of advice, what would you tell them?

Zoltan: Jump into expansion the moment you are sure you have strong foundations at home. Unsolved issues (or homework) in your domestic (home) market can bring unexpected challenges abroad, multiplying complexity across multiple countries. 

Imagine that suddenly you don’t have to address the challenges only at home, but also in xyz countries. Might be still the same problem, however, multiplied by the complexity of the environment or the number of countries you´ve already expanded to. Wait a sec., don´t overthink. 

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