If a business is growing, and becoming successful, then there are several key points in its life when decisions have to be made that will stretch the company in the short term in order to reap the benefits of long term gains.
The decision to go global is one of those things. Perhaps things have been going really well locally, great reviews on sites like reviewsbird.co.uk,and nationally, the company has made great inroads.
Now may be the time to look towards the international market. Thing is, this is a big step and will require significant investment and financial planning.
Looking at your business as a whole, there is actually never a bad time to go global. Global reach allows you to break free of local social and economic constraints, and tap into a deeper market that is more diversified.
This allows you to spread your risk.
Moving into international markets will mean significant outlay.
Companies typically will need to set up legal entities in the country that they want to trade in, and this can cost a lot of money.
Not only that, the time taken can seriously impact your strategy as well.
Setting up a legal entity in the UK is significantly cheaper and quicker for example, than setting up in a South American country.
For these reasons, many companies will put off their global expansion, but as many will point out, now is the best time if your company is ready.
Slow And Steady
For many, the policy of slow and steady wins the race seems to be the best way to go.
Especially if you have a market on your doorstep.
Even following Brexit, the logical way for a UK company to expand internationally is to look into Europe initially.
This allows you to experience global growth, with limited exposure to the difficulties associated with different cultures and business etiquette.
Europe also brings you closer to those international markets when you do want to expand further.
That being said, you need to expand into the right place at the right time.
Sticking local simply because it seems easier is not necessarily the best thing for your business, and if the demand for your service isn’t there then you will surely crash.
Things To Consider
You will want to consider exactly how you go about entering global markets. Do you, for instance, want to enter in a multi local capacity?
Are you confident enough in your ability to integrate locally that you can build your business in each locality that you decide is right for you?
Alternatively, do you want to bring your name and brand concept to a wider audience?
Both strategies will mean a completely different way of looking at your potential markets and potential business partners and customers.
Of crucial importance is that you have done enough research to be sure that your service or product will suit the market you are entering. The smallest of cultural differences can mean the difference between success and failure.