6 Essential Steps in Creating a Global Strategy for your Company
by TAKEFUMI SHONAI
Stepping towards the global market opens up more opportunities for every business. With a broader market reach, you have a higher percentage of increasing your sales and acquiring new customers. That’s is why many businesses—from SMEs to known corporations—have always had their sights in expanding abroad.
With internet and technology continuously pushing through progressively, it is true that doing business internationally has become much easier.
But as the opportunity knocks your door, challenges arise as well such as cultural indifference, language barrier, governing laws, and restrictive regulations which you must overcome to succeed in the international market.
To have a better edge in handling your business globally, here are some of the things you should know before dipping your toes in the foreign market:
1. Do your research - Gather information regarding matters like social values and etiquette, to important things like business principles, laws, concepts, and negotiation process. Learn whatever you can about the country in which you plan to operate, this will help you foster a better and effective communication towards your international partners and your target market. If you have any agents on the ground, seek their advice as they can guide and help you along the way.
2. Set clear goals and strategies – Create a systematic strategy around your research. This can help you identify problems in the early stage of your business which you may have had to face in the future.
3. Immerse yourself in the culture – Learn the local culture, their beliefs, and traditions. This will help you further understand the market and consumer behaviors of the country that you are interested in pursuing.
4. Provide professionally translated information – When meeting with potential business partners, have your business cards, proposals, marketing materials and brochures, and other related documents in both English and local language to avoid confusion and misunderstandings.
5. Never talk about religion and politics - Avoid tackling topics that have religious and political undertones as these things are a sensitive matter for some countries.
6. Be prepared – There will be bigger challenges along the way, but don’t get frustrated as there will be much bigger returns that await you and your business.