Start-Ups, who want to extent their business into the global market, have plenty considerations to make. For a successful lift-off into a different market, Start-Ups need a solid runway with strong internal leadership to handle the new responsibilities that will arise. Good timing, global competition and adaption to a new culture are also a critical element to this process. Talent acquisition, new sales processes and modified business models, can seem as daunting and scary obstacles on a path to global expansion. Don’t let these challenges scare you off from global expansion. Below is a brief summary on what elements to consider:
Start with a clear plan to highlight short-term and long-term growth goals. Companies can seize the best opportunities when their leaders fully understand the potential locations for expansion. In a new area, a new business model may also be necessary. That way, a company can be aggressive and attack the ‘ideal’ opportunities you want early, as opposed to being reactive when things arise.
This will help your team to stay focused and gives plenty of room for comparison between existing ventures in the same sphere. An internal strategy and innate knowledge of your business’s strengths and weaknesses is also crucial for an effective competitive analysis. Just as strengths and weaknesses may fluctuate over time, opportunities may also change at certain points.
Build your army.
Your team is a powerful asset, and each member has something important to offer during an expansion. Everyone needs to be onboard and working together for this exciting life event of your company. A great way to do this, is to address each person’s thoughts and concerns as it will create a dialogue and will definitely challenge the mission.
Difficult conversations or new information may surface in these dialogues, sometimes posing a challenge, but the end result will be worth any struggles that arise. Being on the same page will create a more unified team, message and better preparation for when you’re tested globally. Overcoming current and future challenges will bring your team closer and collaborative efforts to avoid future road bumps will inevitably become easier.
Learn your risks.
Members of your team may resist buying into globalization, which is a part of the process. Globalization is risky, no matter what. Failure to take the right steps early on can cause a much faster collapse in international markets than what we’d see domestically. The demands that global markets place on teams will change, so your group will need to be well-equipped for what’s around the corner.
Being prepared for every scenario will help your company confidently tackle these challenges, so it’s important to educate your team. Transparency is critical. Another key to overcoming resistance is always being honest and realistic about outcomes and situations. At the end of the day, it is your credibility that people trust and sometimes helps with the unknown
How would your business’s messaging translate in another language? With an open mind, you may need to make slight modifications to suit a different culture. This might involve a different design to capture local architecture, an integration with local language or even ncorporating local products.
The impact your company makes in a new place will depend on your execution and consistency. Physical updates or adapted language should not change your company’s core values. You’ll need to keep those values consistent across all territories, because it’s what consumers associate your brand with, hence why you need consistency and brand protection for assimilation.
This is challenging, but it’s important to remember that on a global scale, we can relate to one another with ideas and feelings that transcend customs and language. No matter what country, you want consumers to feel welcomed, comfortable and clearly understand the brand.