Taking your business global can be the final frontier in terms of expansion. Having made your mark on your local and national markets, it’s time to finally take your venture to other countries in order to grow your brand and maximise the potential success. Going Global is the event dedicated to aiding your business expand overseas, with tailored seminars and focus areas allowing for you to find the perfect market for your expansion.
If your rightfully busy schedule means you cannot make time to attend events like Going Global to begin your international expansion plans, then there is still a lot you can do to prepare. Moving to become an international enterprise requires a lot of forethought and there are a number of key things you really need to consider in your planning.
Find You Prime Location
Location truly can make or break your business. It can put you face to face with your perfect target market, saving money on excessive marketing and advertising whilst also putting you in the best spot to make as much money as possible. There is a lot to consider when finding your location, and it is important to not only choose the right country, but to even go so far as to finding the perfect city for you to set up base.
When finding your next business location, considering the supply of talent and ease of access to your markets should be some of the first things you look at. If you can’t fill your new headquarters will quality, homegrown talent then you need to look elsewhere, because without that there is no chance for business growth. The same goes for access to markets.
Most countries will have foreign investment bodies to aid businesses going global, so look to make contact with these in order to get expert advice in not only the best way to expand, but also within the topics of local government rules and regulations. Playing by the rules and being an exemplary business can be one of the best things for the trust customers give brands, so be the paragon of business and learn the rulebook!
Plan Your Entrance
With that access to the local talent pool, you’re going to need bridge employees to help settle your business into the local culture. Having people who understand local business practises will be a huge help in sticking your landing and making a good entrance into the business community. Something that could help would be to visit your chosen location before you set up, regularly making sure to become more familiar with the local community and wider national business practises. It goes without saying, but tailoring your business plan to your location will be essential, as will ensure it is as watertight as can be!
Get A Global Team
This refers to not just the bridge employees that will help you settle into the community, but also to your wider business operations. Working a business across global channels brings with it a whole new set of communication challenges. Meeting these challenges head-on with competent staff who excel at communicating will become an essential asset to the smooth running of your inner business workings. Spend the time, and invest in your people.
Expect Slow Progress
Business will always be a game of inches, and it’s important to remember this when starting your international venture. Setting yourself metrics to measure your success will give you the stability of knowing where you are, and will allow you to assess what works and what doesn’t with much clearer foresight. Using your new network to understand how other successful businesses measure success will offer you some good ideas, but you know your business best, so look at what can be measured and put in place the systems to do so.
These are just a few of the steps businesses can take in order to achieve a smooth transition to international success, and the best way to fully prepare for this expansion is through attending Going Global for free. The event takes place on the 27th and 28th November and the ExCeL in London, and will have focus areas on some of the biggest markets currently booming with industry. Not only will you be able to learn directly from the experts who have successfully taken their businesses international, but also from contemporaries who are struggling with the same issues as you. Growing together can be an incredibly powerful tool, and Going Global will allow you to start your international network early.