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Developing a Global Strategy

By: Matt Gossett

 

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Once you’ve decided which foreign country you’d like to enter, it’s time to develop a strategy for how to successfully penetrate the market and create an immediate impact on sales for your business. Here are a few steps that I suggest taking to ensure you’re ready to take your business international.

 
Secure Financing
 
However way you slice it, there is a significant cost associated with moving your business operations to another country. Be sure to make a list of all the costs that your business will face so that you can set aside a portion of your budget and secure the rest of the amount in financing. When it comes to money, it’s always better to have too much than too little, as you don’t want to abandon a project completely when an issue arises.
 
Hire a Logistics Manager
 
Among the most important hires you will need to make when first expanding into a foreign market is a logistics manager or an individual who’s responsible for ensuring the timeliness and orderliness of operations. For this position, you’ll want to find someone who is bilingual if a language barrier exists and who has the proven ability to track the progress of a project and to keep things moving along in a timely manner.
 
Find a Partner
 
Establishing a partnership with a foreign company can be extremely valuable asset to a business when entering a market where they have no existing relationships. In addition to providing a certain capacity for work, your partner must be someone you trust. A partner should also openly communicate with you and your logistics manager about what’s going on in the market and how you can establish your business’ presence.
 
Acquire Resources
 
Once you’ve identified everything that your business will require to set up its foreign operations, you’ll want to determine the most cost effective strategy for acquiring those resources. As there are likely several channels to pursue, your trade partner will be instrumental towards pointing you in the right direction assuming they have a vested interest in your success.
 
Hiring
 
Think about the work force that your business will need to initiate operations in a foreign country. A B2C company will likely need to hire a team of employees to directly interact with customers while a B2B company could potentially operate with one or a few employees who meet with business representatives. Always seek to hire employees who are bilingual in your language and the language of the foreign country.
 
Adopt the Language
 
When selling your product or service internationally, you must take a realistic approach to dealing with the language barrier. Every customer interaction, written or spoken, should be communicated in their native language. There are several translation service companies that can put you in touch with a translator who is used to working on temporary projects. One that I recommend is VerbalizeIt.
 
Conclusion
 
There are many ways to go about formulating a global strategy. Here I’ve highlighted several steps that you simply cannot ignore if you’re going to efficiently and effectively attain access a foreign market. I would encourage you to develop and discuss a detailed plan with your fellow team members prior to executing any of these steps. 
 
What else do you think should be factored in to developing a global strategy?
Published: September 9, 2013
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Matt Gossett

Matt Gossett is a writer and editor for Tarkenton Companies. A graduate of Washington and Lee, Matt is currently studying International Business at the HEC School of Management in Paris. He specializes in leadership issues, combining insight from business, athletics, and education. Connect with him on

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