The Global Expansion Strategy – Do’s and Don’ts
- blog6 Sep 2022
Growing your business worldwide is complicated; however, it’s the most effective way to cater to new markets, utilize foreign resources, acquire global talent and set yourself up for long-term success. The enthusiasm to tread international waters is enticing but a company void of a sound global strategy will be at the receiving end of wasted time, money, resources and efforts.
Our company E-Movers started in the UAE but eventually extended its operations to Qatar and India. The success of our international expansion was entirely built on structured planning and careful execution that was only possible with the help of a sound global strategy. Having acquired some expertise in the interest of international expansion, I have written down a couple of pointers to remember when contemplating a global expansion strategy.
Put forth a realistic goal
Setting clear and precise short-term or long-term goals provides the team with purpose and direction. When everyone is aligned, it invariably drives the plan forward. In addition, these objectives determine how the expansion will increase revenues and the steps to be taken, thereby providing a clear timeframe to attain goals.
Research, research & more research
Research is the pillar of your global expansion strategy and shouldn’t be underestimated. Informed research allows you to make informed decisions by enabling a deeper understanding of customer preferences and help you devise strategies that resonate with the new market. In addition, this step allows you to identify obstacles before you start spending budgets to execute your expansion plans.
Recruit an in-country team
Hiring local talent to assist you with global operations is advantageous. Local talent offers cultural and linguistic benefits for taking operations ahead. Moreover, recruiting a team present in the country you’re expanding to is more straightforward and cost-effective if the target market differs from your existing market.
Ignore cultural differences
It is imperative to comprehend and respect the cultural distinctions that exist between the markets. You must research the country’s culture, language, and history to avoid offending sentiments, that can adversely affect your brand. Make sure your products/services cater to their values and traditions and are adaptable on the go.
Assume what worked domestically will work internationally
Every market has measures, standards, expectations, practices, and competitiveness. Therefore, what worked for you domestically won’t equate to international success. Research plays a huge role in determining whether your plans will bear fruit in another market.
Whether life or business, a plan or strategy is a must. A well-defined global expansion strategy will facilitate the process of moving across borders. Simultaneously, knowing what not to do will help avoid mistakes that can result in heavy losses in revenue, effort, and time.
Going global is challenging, but it doesn’t need to be, primarily when CorporateConnections(CC) exists. Enrollment in CC offers entrepreneurs and leaders a unique opportunity for global networking, covering all countries you ever wanted to do business with. The potential here for tapping global opportunities is endless.