Get your business ready for expanding internationally

Best strategies that will help you to prepare your business for global expansion

Transcript

1. Get your business ready for expanding internationally It’s time to consider expanding internationally
2. Strategies that will help you to prepare for global expansion  Local and international business environment of a firm  Ensure that you have a market for your product in other countries  Adapt your product to local marketplaces  Make sure your existing business model translates into new markets  Get the right team together
3. Local and international business environment of a firm  Make sure you know the new markets as well as the local population and the home market.  Convince people that what you have to offer is a better value than what they’re already purchasing.  Be ready to deal with different tax structures, licensing requirements, and regulations.  Prepare yourself to be confronted with cultural differences in the way that people conduct business with one another. For example, the process of negotiation can look very different from one country to the next.
4. Ensure that you have a market for your product in other countries  Global expansion only works if you have something to offer that people in those markets want.  Before expanding internationally, consider your company’s history and established values.  Think about the reputation and viability of your company in other markets.
5. Adapt your product to local marketplaces  A key to the success is a willingness to adjust the product offerings to new markets  Unfortunately, not all companies are quite successful. Some failed to take into consideration the shopping preferences of new consumers.
6. Make sure your existing business model translates into new markets You need to put the knowledge into action and the best is to rely on the professionals. They can help you with the following important tasks. Localising your mobile apps Translating web content Setting up multilingual landing pages and other content Localising and translating advertisements and commercials
7. Make sure your existing business model translates into new markets  The importance of website localisation especially should not be ignored. Canada based ITIC Software recently required help with this. According to the owner, they knew that quality localisation would be key in expanding to a global level. The Word Point gave them the help they needed. As a result, their international market has expanded significantly.
8. Get the right team together Your globalization team will consist of several people. First, there will be the internal staff members who have the most knowledge of your products and operations. You’ll also need to work with staff and contractors in your new market to help ensure that your expansion goes as smoothly as possible. They will be able to help you to understand your new market, and assist you in connecting with business partners that are in the best position to help with your expansion. Finally, don’t dismiss the importance of creating ‘buzz’ among local populations about your brand and your products.
9. Conclusion If you plan to expand your business internationally, be aware that this is a time and resource- intensive process. Failure can be devastating. But following the strategies above will help you to determine whether or not global expansion is right for your brand, and how to get ready for your next steps.