Growing your business means moving into new territories. Once you have the domestic market in hand, you may want to find another country to do business in. The right international expansion strategy can help you get there, and it can also help you grow at home! Here are some ways to move forward and expand your reach globally.
Watch the Property
Property is a great investment because it offers a hedge against downturn and assets for the future, through selling, if you need them. However, too big an investment in property will tie up money and may cause you to lose business worldwide. Never underestimate the importance of a local presence.
Step to the Edge
If you develop a leading edge technology, your company will be invited into other countries. Take advantage of the opportunity to find partners and create relationships for later.
Any money you earn overseas can be reinvested in your company elsewhere. Use your profits to improve your position in the places where you have the best opportunities to improve your bottom line.
Get a Partner
Having a team you can trust in the country you are expanding to is important. Whether partnering with a local company or hiring local people, they can help you navigate the culture and avoid making a faux pas. The right partner can also help you navigate the appropriate laws.
Take the Initiative
Any good international expansion strategy starts with taking the initiative and being proactive in your processes. Companies that go abroad need to do their market research first to make sure the move is feasible. This is a good time to look for contacts and think about the long-term. It may also take some time to convince everyone on the current team that the move is a good one. Some people will be concerned about job duties and outsourcing. Others will just want to stay in their comfort zone. Everyone needs to head in the same direction if a company wants to grow.