With the prospect of Brexit still hanging over many Brit’s heads, a lot of SME owners believe that the idea of expanding their business abroad is a risky venture fraught with potential hazards.
While Brexit has sparked uncertainty in many different marketplaces, SMEs may be missing out on the chance to grow and expand their services if they ignore that there are opportunities for them on a global scale.
Given the fact that consumers in the UK are becoming more frugal, perhaps now is the time for SMEs to spread their wings and start considering expanding their company globally. If you run an SME, read on for some top tips that will ensure you get the start that you need.
Due diligence
Much in the same way that you would if you were starting a business from scratch, assessing risks before you expand globally is imperative if your new venture is going to be successful. Analysis is key, so be sure to undergo SWOT analysis, gap analysis, and market segmentation analysis.
Develop a strategy and business plan
It’s impossible to move forward if you don’t have a clear idea of the direction that you want your business to go in, so before you start pitching your business to international clients, ensure that you have an idea about long-term growth and the way that you see things progressing in the future. This will help you stay on task and will ensure that you don’t lose sight of what’s important for your business when introducing it to new, global marketplaces.
Research and analysis
As you’re probably aware, markets vary from country to country, so doing your research beforehand is going to be really important to your success. Through the use of customer analysis you will be able to determine whether or not your product is going to be viable overseas.
Seek the right advice and support
Don’t just go it alone, there are a number of organisations, that you can help you to get the best out of your endeavors, so be sure to find out about these types of businesses by doing your research online.
Consider your finances
One of the most important aspects of transforming your business into a mutli-country organisation is securing the appropriate funding. We have a number of finance options available for businesses looking to facilitate growth, find out more about them here.