5 Key Steps Companies Overlook When Going Global

Entering a foreign market can be daunting, even for the biggest of businesses. While a company may have success back home, being prosperous in an unfamiliar landscape has entirely new challenges that need to be prepared for accordingly; because of this, we have put together a list of 5 key steps companies often overlook when going global.

1. Get the timing right: Going global can be an exciting time for you and your company, but it’s important not to be overeager when looking to expand. For the best chance of success, a business should know when (and when not) to enter a new market.
2. Respect the local political climate: Success in a foreign market can depend greatly on cooperation with local authorities. It should be every company’s number one priority to respect regional laws and regulations when it comes to doing business. Before entering any new market, take the time to review any legal obligations that may be different to your home country, and do your best to establish a mutual respect between your business and local lawmakers.
3. Understand cultural differences: Applying different cultural standards to your business and product can be difficult. Too often, big businesses apply the ‘one size fits all’ mentality when going global. Although cultural differences can seem ambiguous and inconsequential, the truth is, understanding the subtlety of different cultural standards can make or break the success of your business and product.
4. Know the local competition inside and out: No matter how prepared your company may be, when you enter a new market, you’re walking onto someone else’s home turf. Local competition has connections and insight that give them the advantage over any foreign business looking to set up shop. Take the time to analyze what makes your local competitor successful, and even more importantly, what makes them unsuccessful.
5. Remain flexible: During expansion, it is important to remain true to what makes your business successful, but also to remain open and flexible to changing your approach. When things get rocky, it is easy to rely on ‘tried and tested’ approaches to doing business. However, ‘tried and tested’ has never invented anything new, and when you face unconventional obstacles, the best way to face these challenges is with unconventional solutions.

Going global has never been an easy feat — even some of the most experienced companies have failed in some instances. However, with the aid of proven globalization experts, global expansion can be done effectively and successfully.

Written by Patrick Keefe Technical Writer at CSOFT