How to Transition to Doing Business Globally?

You have been successful in capturing the local market and now want to go global. It requires lots of planning and preparations. You have to take into account financial, legal and many other aspects of doing business in another country before you start operating there.

Taking your business overseas can be highly rewarding provided you are prepared for what awaits you there.

Global business expansion planning

Due Diligence Audit

First carry out a market research to see if your product has a demand in the market of your target country. This audit will reveal the advantages your likely competitors enjoy there. You will learn about their shortcomings and your advantages over them. The market segmentation analysis will determine how much your product will sell.

Learn more about your competitors with the help of a SWOT analysis. Will your target consumers buy your product if it is priced higher than the local ones? Take into account the size of the market and what it will take to achieve specific target sales.

Work Hard on Developing Your Business Plan and Strategies

Your business plan must take into account the local conditions related to the market, economy, government and consumers. Devise localized strategies to achieve success. It should be done without losing your parent company’s objectives.

The plan must include short and long-term goals. Keep these goals reasonable and measurable. Set your annual budget. Set the time limits when you want to see certain goals achieved by your company.

Business planning

Hire Employees Carefully

Most companies going global are tempted to send their current executives on overseas assignments. It is risky and may not work. Those executives may be successful in their country but they may fail to handle the business in another country.

Another mistake is to try to build a local team from scratch. This team will also take time to understand the parent company’s requirements and the local market demands. Hire proven senior managers and executives who will deliver the expected results. Hire interim executives with domain expertise to lead your company.

Once your business is settled, you can experiment recruiting new employees as well as bringing executives from the parent company.

Products ready to go global

Is Your Product Ready for the New Market?

Your product may have been successful in your country but it may not achieve the same level of success in the markets of other countries. The product may require some tweaks based on various parameters. Its design, features, functions, price and other aspects must be customized to suit the local demands.

You have to comply with the local laws, certification requirements and regulations. Your product must meet all these requirements before you launch it there. Adopt workflow and compliance solution to make sure that your products are produced effectively and efficiently, while in compliance with the requirements and regulations at the same time.

Translate the instruction manual and other written contents related to your product in local languages. It will help connect with more local people quickly.

Learn about local patent and trademark rules so your innovations are not stolen by the local companies. Follow the local quality and other standards.

Initially partner with an established local distribution company rather than set up your own distribution network from scratch.

Take into account culture and customs of local population. You do not want to hurt their sensibilities with bad marketing campaigns. It can have long-term repercussions for your company.

Develop the right business plan, hire the right employees, comply with the local laws, and set up the best team to take your business forward in the markets of other countries.