Avoid the pitfalls of international expansion and gain valuable market share.
Do you have a terrific product or service that you feel would sell well in an overseas market? You may well be right. But conducting business in a foreign country can be a complex affair. If you are not aware of the crucial dos and don’ts, your otherwise promising international expansion venture could be doomed to failure.
Selling across international borders is an appetising prospect for many companies in today’s rapidly changing global business environment. But if you want your business to be numbered among those that succeed in gaining market share, there are several critical components that you need to take into account.
Why consult TCii about your international expansion plans?
TCii has a wealth of international experience to draw on, and this has enabled us to guide many clients to a profitable foreign venture. Below is a brief outline of some of our principal recommendations.
- Think globally, act locally. The biggest international expansion mistakes are the result of missing either of these points. Develop big growth strategies, and then tailor them to a local approach.
- Find and use a cultural informant. Be sure to pick the right person – one who lives locally and has significant contacts in the country you’re entering.
- Be innovative and flexible in terms of structure, timing and investment. Focus on how you conduct business, since the way you structure your business in your home country may not work in other cultures.
- Familiarise yourself with local business customs and laws. If you understand how these apply to your product, you will be able to minimise future obstacles.
- Recruit skilled nationals. You will be more successful and competitive if you find local workers, rather than exporting employees to your new country of operations.
- Give your foreign key executives training in your home country. Enabling your foreign senior executives to experience your company headquarters first-hand makes it more likely that you will achieve similar results in other locations around the world.
- Remain selective and strategic with all methods of market entry. Research and critically evaluate your potential markets before taking any action.
Next steps to success in international markets
TCii can help you safely navigate the minefield of international trade. So please call us on 020 7099 2621 or email us for help and advice before putting your overseas expansion plans into action.