What Steps Do You Need To Take?
Each organization that chooses to wind up distinctly global makes taking after strides in its fare advancement.
- Identification of a need is the step when a company realizes why it must go international (e.g. due to the competition or limits of a local market).
- International market screening is the step when a company identifies preferable countries (foreign markets) for its products or services and designs a roadmap for foreign markets entry.
- Assessing readiness is the step when a company identifies whether it has internal resources to go global.
- Preparing International Business Plan (Export Business Plan) in 2 phases:
- Analytical phase
- Planning phase
- Implementation of the Plan that is entering foreign markets.
Are You Ready To Do Business Globally?
There are several key factors that enable a local company to become a global one gradually. Those factors must be considered before attempting any further steps towards global expansion:
- Motivation and Commitment
Whatever the purpose of going global is, the motivation must be strong enough through the time. You and all employees have to stick to this road.
- Competitive Advantage
Your product or service must deliver unique value compared not only to local but also global competitors.
- Customers Base
Your product or service must have a potentially extensive customer base around the world, in terms of volume and money, depending on its nature.
- Production Capacity and Adaptability
You must be capable to meet a growing demand from abroad. You also must be able to adapt your product to technical requirements of countries of destination.
- Cultural Awareness and Sensitivity
You must identify the impact of a local culture to your product or service and be able to translate it to your benefit by adapting your product or service to local cultural requirements.