Going global for any SME is a defining moment. Trading within different countries and offering services on a global level can be the height of a businesses life, but how do you go about opening your business in other countries? And are there any factors you need to keep in mind when you open yourself up to new markets?
A knowledge of local markets
A knowledge of the local markets you’ll be selling into or offering services to will help you more than you think as you move to a global landscape. But, before you do make the leap, it’s crucial understand what the full impact on your business will be.
Prepare a gap analysis against local products or services similar to yours. Is there a demand that’s not being satisfied by a local company? You could also perform an analysis against the competition. Where will your prices sit? Is there a demand for what you’re offering?
Networking
Speaking to fellow business people and entrepreneurs is a great way to ensure you’re success globally. Whether they have a need for what you offer or not, they can help to introduce you and your business to meet new clients and customers.
Develop a strategy
Each market has its own nuances due to economic, cultural, government and market conditions. It’s important to develop a localised strategy and business plan that drives local success, all while remaining integrated with the overall corporate strategy and objectives.
It’s wise to define a short, medium and long-term strategy, as well as setting reasonable goals to measure progress, cost and benefits.
Look into international couriers
If you ship products, getting a local and international courier on board is paramount to your success. No matter where in the world you’re shipping to, speak to logistics firms about their pricing and approximate timescales. Companies like Parcel2Go offer competitive rates and reliable services to their customers all around the world.
Hire international speakers
Having a local presence in the country you’re expanding to will help to bolster your success. International speaking employees can help to establish communication with clients and customers on a day-to-day basis, cementing your place in the local market. They can also help with solving complaints and problems which may occur in your first few months of trading.
Taking your business global can be a daunting but rewarding time. Making sure you’ve got all the bases covered by following these steps, can help you on the road to success.
