Regardless of how small your business is you should always have growth in mind if you want real success. Naturally you will be starting off within a local environment but having a view to take your business national or global is not as scary as it may seem. The modern age in which we live has brought the World far closer together and global businesses and brands are growing rapidly.
Whilst it is important that your business does not run before it can walk, there is nothing wrong with making global plans to take your company to the next level of growth and success. We recently spoke with the highly knowledgeable Ram Chary who helps several large companies go global and here are some areas where you should be looking at when planning on entering the global market.
It may seem tempting to take advantage of every opportunity that the market presents you with but when going global you need to bear in mind your company’s vulnerability as a new kid on the block. In keeping with this you should be laser targeting the areas of the market which you can exploit the best, this may mean turning down areas of growth or shying away from opportunities to see your business grow but in the long-term this strategy will more than pay off.
Heading into new territory alone is not recommended, there will be large knowledge gaps in your plans regardless of how much research you have done and in order to truly maximize the global opportunity, it is important to build partnerships across the World. You don’t have to get into bed with other companies in order to gain their help, simply reach out and offer them an opportunity in return for their support. This could look like anything from outsourcing to a mutual marketing campaign. If you want to succeed in the global market then friends are always helpful.
Break Language Barriers
Language barriers are the biggest obstacle to global growth and it is vital that you work a way around them within your company. World business is far more than Fortune 500 companies these days and if you try want to achieve global success in all corners of the World then you have a responsibility to ensure that your company speak the language of the people.
Use Global Data Points
Naturally when you enter in to different countries and economies, you will need to ensure that your business is geared up to meet legal and economic requirements. Thankfully there are lots of online data points that have been set up on sites like Google Wufoo which allow small business owners the chance to view all kinds of business regulations in different companies as well as being able to swiftly understand the culture and demographics of a nation through online tools. Each country differs in not only its business approach but its market and it is important that you firmly understand what role your business will play in each country.