Thinking Global? 4 Strategies To Take Your Business Beyond The Borders
13 Apr 2017
Take Your Business Beyond the Borders
It is every business owner’s dream to see his or her business grow beyond their own shores, but this dream has many challenges. You not only have to deal with language barrier and time differences, you also need to adapt a different business model. In order for the business to sustain itself globally, you need to implement a policy where each member of staff fully understands your brand – this is the bottom-up approach that will enable you to implement critical developments that are constant across different cultures.
Fortunately, the Internet and digital revolution have significantly demystified going global for small businesses. With just a single button, you can make your services and products available in hundreds of countries at once – the possibilities of conducting global businesses are now almost infinite. However, achieving this task does require significant input in terms of focused energy and hard work.
Here are four strategies you should keep in mind.
1. Conquer Similar Markets
When taking your business global, start by making smaller steps. The best thing to do is research the markets in the countries you are interested in expanding to. Products or services may not have the same appeal to everyone, and that is why you should start working with markets that are similar to the one you are currently operating in.
Take the time to travel to the country you want to sell your products in. This way you will get a chance to observe, first hand, their social behaviors and business customs.
2. Expand Your Vision
Today, more and more companies are now looking to expand in the emerging markets such as Asia. These markets are among the fastest growing economies, which are offering businesses with new opportunities for global expansion. For example, Singapore is rated as the second best business hub in the world.
Some of the reasons why Singapore ranks so highly are because of its social and economic indicators like livability, demographics, ease of conducting business and technological readiness. Through these indicators, more businesses looking into global expansion are now regarding Singapore as a hotspot and the ultimate gateway to Southeast Asia. A study will help you determine whether your enterprise will find an environment where it can thrive in specific cities around the world.
3. Hire Multi-Lingual Employees
Going beyond the borders means that you might have to work with some businesses abroad. This mainly pertains to companies that will carry out your marketing and delivery services. This will require regular meetings – mostly online and can be conducted via a PC and a projection screen where both parties can see each other for products that may require demonstration.
In such a situation, a bilingual employee would come in handy to talk to your new partners in their native language. This is especially critical if you choose to focus on just a few specific countries. Your employee may hold the meetings on your behalf or they can simply translate during a meeting.
4. Make Payment Procedures Easy for Customers
Most people do not like to order products from abroad taking into consideration the payment process, which may be difficult. So if you are looking to go global, offer your prospective and current customers several alternative payment methods. This helps in making the payment process much easier, increasing chances of more foreign customers purchasing your product.
Doing this will also go a long way in bringing you some loyal customers beyond the boundaries. Plus, you have an edge over your competitors who only offer clients credit card-only payment processes.
Implementing these strategies will make taking your business to the global arena easier. You not only receive international traffic to your website, but also have well-thought out ways of handling international sales quickly and securely.