Australian businesses quite often find themselves competing in a smaller market due to our geographically challenging location. As such, we wind up as big fish in a small pond. There’s endless opportunity for your business to succeed, however are you considering the other companies vying for that same opportunity?
Are you giving your business the greatest chance of profitability and success? Now may be the time to consider changing your tactics.
Most businesses are afraid of the idea of expanding and going global – there are risks, however to execute your expansion plan successfully you need to plan ahead.
1. Researching the market is key to succeeding.
It might seem obvious but believe it or not, researching your target market will ensure you receive traction instantly. You want to be able to see what your product’s potential demand is, as well as the cost of business.
2. Know who your competitors are.
While you are researching your target market, it’s also a good idea to research who the other players are. Knowing your competitors brand, product and their market presence is essential, if you want to go head to head with them.
3. Ensure your IT systems can handle your business going global.
If your business is ready to go global it usually means you are in a position where your business is growing rapidly. Technology plays a big part in preparing your business for globalisation. You need to ensure your systems can keep up with rapid business growth, without putting pressure on admin staff. You will want a system that gives you visibility over all aspects of business, from finance, to sales to inventory management – you need to see how your business is performing no matter the subsidiary.
4. Hiring the right employees.
Finding the right people to look after your business in another country can often make or break your expansion plan. You will need to consider hiring people that understand the language, business processes for that country etc… to ensure customers receive the best service. Hiring the right people will allow you to understand if there are any cultural differences that might impact the way your brand is perceived, or what the countries buying behaviours are.
As a business leader, you should think big. Consider all of your options before making the decision and ensure you are prepared. Researching is key and make sure you have the IT infrastructure to cater for change. Scalable systems will allow your company to grow rapidly, without business risk. Now, all you have to do is go global and reap the rewards that overseas markets can provide.