When you start to consider taking your company global there are some common mistakes and pitfalls that you should avoid. Have you considered all of the strains that you will be putting your company under? And is your business properly equipped for the worldwide leap? Read on for our five key tips for taking your company global:
- Know the legislations, regulations and finances. Doing your research beforehand will avoid costly mistakes as there are going to be different legal pitfalls wherever you go. Local governments are worth contacting, they will give you some really valuable advice and may even have opportunities for financing export goods.
- Be fussy and pick the right market for you. Look at where your competitors are going and focus on where your product is going to sell. A steadily growing less- competitive market with a keen interest in your product is better than a saturated fast growing market. Obviously a country with a booming economy is great but only if they are going to buy your product or service.
- Become a culture vulture. Keep on top of the market trends, find out what sells and learn the language (or hire a good translator). It is narrow minded to assume that people will be willing to do business with you (or look at a website) in your language not theirs. Just because something works in the UK doesn’t necessarily mean it will work abroad. Knowing the culture will help you understand how business works in their country, correctly position your product in the market and allow you to successfully communicate with potential partners.
- Be equipped with the right tools for expansion. Ensure your business is capable of global expansion by investing in the right tools. Have you hired multilingual support staff? Is your ERP system capable of processing orders in different currency? Have you bought the .FR domain? You need to be prepared to meet the inexhaustible list of demands and pressures you will be putting your business under.
- The global step should be treated as the launch of a new business. You’re starting from scratch in the global market and you should treat it as such. Fine tune your strategy. Make an international business plan. Be prepared to invest the money and time needed to be successful.
Find out how Sage X3 can support the global step.
Is your company equiped with the right tools for expansion?