Growing your business to a global scale is a huge undertaking. Taking this step allows you to gain new customers and experience new business cultures. However, the move is no small feat and can have complications along the way.
To help you, we asked a panel of Forbes Business Development Council members to share some vital steps business leaders should take before they expand their business globally. Follow their tips to set yourself up for international success.
Forbes Business Development Council members recommend the top actions you should take before expanding your business globally.
Photos courtesy of the individual members.1. Start Where You're Familiar
Although taking your business to a global market can be highly lucrative, it also comes with risks and the potential for culture clash. That's why I recommend starting slowly by entering markets in countries and regions where you have experience or familiarity. Then, move into lesser-known territories after conducting the adequate amount of research. - Bryce Welker, Crush The CPA Exam
2. Eliminate Interdepartmental Communication Barriers
The more your company expands, the more important internal communication tools will become. Identify the anticipated obstacles to communication, like time zones or language barriers, and use an electronic tool that breaks down those walls. Work with your team to form a communication plan and understand how departments will speak to one another before making global expansions. - Christian Valiulis, Automatic Payroll System
3. Travel To Your Potential New Markets
Before expanding your business on a global scale, visit the places you would like to expand and network. Make connections and find out how business operates there. Research restrictions, rules, regulations and country policies. After returning from Shanghai, China this year, it really opened my eyes to all the possible business opportunities there. You learn a lot from visiting! - Karolina Hobson
4. Build A Strong Company Culture And Foundation First
Before expanding internationally, you have to build a strong culture and foundation (systems and processes) in your home market. I have seen and heard horror stories of companies expanding internationally to grow quickly, but they do not have the infrastructure to support it and it creates a lot of thrashing in the organization. It also requires constant communication with headquarters for alignment. - Gregory Kim, Slickdeals
5. Understand The Cultural Differences
One big difference between doing business domestically and internationally is culture. The cultural difference can determine whether the business is successful or not. It is vital to have an intimate understanding about who lives in the community and what they value before conducting business. You must be willing to invest significant time and energy in order to expand globally. - Sarah Knapp, Spruce Technology
6. Ensure Your Repeatable Processes Can Be Transposed
The repeatable revenue-generating processes should be largely transposable to another market that you are considering opening internationally. Without, it creates a lot of uncertainty with revenue and customer acquisition and customer success. These uncertainties can be very difficult to overcome once embedded operationally. - Manoj Tandon, Dark Rhino Security
7. Conduct Market Research
Don't make the mistake of using the same market plan worldwide. Start by conducting market research and planning for all territories. Follow this up by prioritizing markets and developing tailored go-to-market strategies. Once you've completed your robust market plan, you can proceed with your global expansion with confidence. - Gabriel Rojas, Alivi
8. Choose The Right People To Help
Scaling a business to reach global potential is no small undertaking, so leaders must first set a clear direction with reasonable timelines. Then look around the organization and make an assessment as to who is willing to march that long road with them or what roles they can serve. It's no easy task, but some team members may not have that same desire, and that hard road ahead becomes even harder. - Peder von Harten, Nicholas Air
9. Consider Your Own Business Culture Biases
Doing business internationally is not just about growth. You have to understand the cultures, legal structures and methods by which business is done in different areas. If you are coming from a particular business culture, you will have biases you don't even know about that will hurt your expansion. Do your research and, better yet, plan to hire senior locals who can lead the way. - Kit Merker, Meshmark
10. Understand Your Business Domestically
It's all too common to expand internationally prematurely. It's critical to understand everything you can about your business domestically first. If you don't know the levers to pull locally, how can you figure them out across an ocean? The levers won't be identical, but understanding how to move your business in its primary market will provide a much-needed benchmark to begin a larger rollout. - Jonah Staw, logitech.com
11. Have The Right Systems Set Up
Make sure that their local market and current products or offers are nailed down first and everything is working and systems are set up to scale. If you have systems set up, happy clients and increased profits, then you have a recipe for going global. The most important step in my mind is to make sure the systems are set up so the new markets can repeat your methods in their market. - Clinton Senkow, Influencive
12. Invest In Strong, Local Leadership
We recently acquired a company outside of the United States and it quickly became evident that having the right leaders in boots on the ground each and every day is critical. Effectively integrating a company abroad can be difficult, especially if you have never done it before, and having strong, local leadership in place to drive the right culture is essential. - Brandon Rigoni, Lincoln Industries
13. Study The Unique Market Dynamics
The first step is understanding market dynamics that accelerate or diminish demand for your solutions. Selling new bottled water in Croatia is a challenge as Croatia has plenty of natural mineral water. Understanding market dynamics include legal and cultural rules, which also include the conduct of meetings, negotiations, verbal and nonverbal communication. Mistakes in these areas have lasting effects. - Mladen Kresic, K&R Negotiation Associates LLC
14. Don't View The World Through Your Lens
When seeking to expand business globally, you have to understand the culture of the country you're seeking to do business. You can't go into another country and assume they work with your worldview. Therefore, entrepreneurs have to take a look at the business and cultural environment of the target country. Once you have that understanding, you have to proceed accordingly. - Wayne Elsey, Elsey Enterprises
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December 11, 2019 at 01:15AM
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Want To Take Your Business Global? Take These 14 Steps First - Forbes
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