There are many factors to consider when looking at a companies global readiness. So, as a business owner, how do you determine when to take the plunge and attempt to cross the border into another country?
In order to measure how prepared a company is to globalize, there are several factors that must be considered. These include, but are not limited to:
- Management Talent: Companies that are ready to expand into other markets must be headed by a team of strong leaders. Management must be prepared to adapt to the cultural differences they may experience in a new environment.
- Market Research: When trying to break into a new market, it’s vital that companies properly research that market within each country individually. To succeed, they need to be willing to put in the time and effort to do quality research, and then respond to their findings.
- Operations: An organization’s operations team must be ready to handle the workload and stress of expansion. It’s important that operations always runs efficiently and smoothly and is prepared to cope with any new difficulties that may arise.
- Research and Development: Companies that are ready to expand must invest in research and development directed towards the creation and improvement of their products and processes in original and innovative ways.
- Customer Service: In order to receive a positive response in a new market, it’s important for companies to tailor its customer service policies to that which are expected in each country. What is the norm in one country may not be the same in another.
A company that is ready to expand and grow must be prepared to make changes both internally and externally. While it’s important to measure your companies global readiness before expansion, change does not stop once you have launched into a new market. Policies and procedures need to be frequently re-examined and adjusted to ensure success in new markets. Globalization is a process, it doesn’t happen overnight, and to be successful it must be undertaken at the correct time after much consideration and planning.
Written By: Megan Robinson, Marketing Associate at CSOFT International
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