In a world of interconnected markets and a global economy, expanding internationally is more vital than ever to a business’ long term health. While 80% of business decision-makers recognize the necessity of international expansion, far fewer are willing to face the plunge into the unknown. In our latest infographic, we outline the basic steps to give your next international expansion the best chance for success.
Establish priorities and build a strategy before expanding internationally
Your first step should always be to assess the market landscape. Measure the value of the market, look for niches to exploit, and have a thorough understanding of existing competitors and their strengths and weaknesses. The more you understand about your new competitive landscape, the more prepared you will be.
Understand the barriers
From region to region, every part of business is different. Visits and local experts will help you navigate the cultural and language barriers between you and your new customers. Just as important will be understanding the trade and legal frameworks to ensure your business conforms to local practices.
Plan and execute your entry
International expansion will necessitate establishing roles, logistics, and responsibilities. Having a clear road map will help you stay within your goals. Set defined goals and metrics of success, have a budget, and know exactly who is responsible for what tasks. Be prepared, and don’t let major details fall through the cracks.
Find the right advices and partners
The right strategic partners can make a risky venture far less so. Qualified partners can provide capital and reduce risk and liability. More importantly, having local experts on your side will help you understand your new customers and best sell to them.
Check the infographic to learn about more steps.