Taking your company to the global market can be a very exciting time for you and your business. However, going global isn’t always as easy as it may seem. To help you navigate this path, we’ve put together a list of three key things to avoid when taking your company to the next level.
1. Biting off more than you can chew: While enthusiasm is integral for success in all endeavors, it’s still important to remain grounded and not let your eagerness affect your judgment. Too often businesses overstretch their resources and fail before they can even begin. As the saying goes, ‘slow and steady wins the race’, so remember to keep your goals tangible and don’t be worried about starting small.
2. Going it alone: You’ve come this far on your own, why should you need any help? It can be very tempting to rely solely on your own expertise when entering a new market — however foreign markets will likely hold unforeseen obstacles that you may not be familiar with. The risks and costs of expanding are very high and you only have once chance to make a first impression, so it’s vital that expansion is done right the first time. Having an experienced, local team who understand the native culture and business climate can make life much easier when navigating the subtle complexities of taking your business somewhere new.
3. Adopting a ‘one size fits all’ mentality: Just because your company has been successful in your own country, doesn’t mean that it will be successful in others in the same way. International markets are incredibly diverse, and breaking into them requires a huge amount of flexibility. From designing a business plan, to adjusting your product’s features, it is important to take your time and effectively localize your strategy to fit the nuances of the exact market you are approaching.
Maneuvering through the complexities of a global world can be an intimidating task. However, with the proper tools and assistance, your business can effectively prepare, and ultimately succeed when going global.
Written by Patrick Keefe Technical Writer at CSOFT