Like any business decision, going global comes with many risks! However, standing still in one place comes with just as many risks. Before you make the decision to export, think about the resources and knowledge your business already has and the changes you may need to make in order to go global successfully. Here are some organizational factors to consider when exporting with the best possible chances of success.
- Commitment – First, it is vital to have the commitment of the management team to fund an international sales program and put in place the necessary staff to deliver increased production capacity.
- Go-to-Market Strategy – It is also needed to decide upon a global sales structure and go-to-market strategy. Options include working via an agent, getting a distributor via a license agreement, establishing a partnership, setting up an overseas office, or through an acquisition.
- Structure – When looking to grow your business internationally, consider if the existing ownership structure is adequate or whether new external expertise is needed on board. Companies should also consider bringing in external expertise as key players to strengthen their organizational capabilities.
- Scale – Evaluate whether your business’s economies of scale can be achieved, like reducing production costs as volume increases.
- Costs – Consider the marketing cost of acquiring new customers and servicing customers in other markets. Your current business should get stronger and benefit from the expansion.
- Investment – Companies should also consider whether they are prepared to bring in additional investors to strengthen the company financially. This decision could have implications for the ownership structure of your business, so it is important to consider organizational fit.
Leveraging our partners in the Worldcom network, we offer companies the option to outsource their international marketing communications strategy and execution to our team of Advisors. To learn more about how we help companies go global and reach their goals, feel free to contact our team of trusted advisors.