fbpx

Interview Patty

Five Steps To Expand Your Business Globally

The trick is to identify that particular, underserved niche

1. Know your company and your industry. - Before you can determine if your products and/or services are a fit for the global marketplace,

you should have a clear picture of where your company (and the industry in which it operates) is today, and where it will be (as well as where you want it to be) tomorrow. Don’t forget to consider supply constraints and other factors that might change your product or service lines later.

2. Determine how your business model translates. - There are numerous ways for companies to enter foreign markets, including exporting, importing, joint ventures, licensing and off-shore production. For firms that produce, manufacture or resell goods, exporting is usually the easiest and least risky method. If you are interested in exporting, don’t overlook indirect exporting, where an intermediary familiar with (and approved by the government to conduct) business in the target country handles the actual transfer of goods.

3. Identify and investigate target markets. - As with starting a business in the U.S., you need to find a market that is hungry for what you have to offer. However, the issue isn’t just demand. You must consider all the factors, positive and negative, that impact your ability to penetrate a market. Remember those widgets we talked about selling in Europe? You might need to make adjustments, such as changing the manufacturing materials to meet environmental requirements in certain countries. Or, local content initiatives like those mentioned earlier might require you to refine your manufacturing, distribution or sales model.

4. Develop a business plan. - The business plan you created when you opened your firm, and any subsequent plans you have made for operating and/or expanding domestically, won’t translate directly to foreign markets. You may be able to adapt it, or you may need a new plan entirely.

5. Seek advice and assistance. - I wish I could hand you a magic wand that would ensure success, but no such thing exists. Every company and market is different. Fortunately, the U.S. government, as well as many state and local governments and business-incubator groups, expends a considerable amount of time and energy helping businesses in some cases, specifically resource-strapped, small and medium-sized businesses (SMBs) penetrate foreign markets.

Source: Forbes

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

29-Business-management-consultant

Business management consultant.

Business consulting for women entrepreneurs in Houston, Advice for women entrepreneurs, Business Coach in Houston, Growth strategies for small business, Business continuation for women, Growth for women-owned businesses, Houston business coaching, Financial strategies for small business, Small business consulting in Houston, Business management consultant, Business, Consulting, Women, Entrepreneurs, Houston, Coach, Growth, Strategies, Coaching, Continuation, Owned, Owner, Financial, Consulting, Management,

Building Blocks

7941 Katy Fwy. #414
Houston, TX 77024 USA

© 2024 The Block Group Inc. All rights reserved.  Terms of Use | Privacy Policy | Disclaimer