Living in the age of globalization, digitalization and increased market competition, most businesses are thinking about expanding their business operations overseas. As Ian Goldin recently noted in Financial Times Covid-19 will not kill globalization. Rather, it will accelerate underlying trends, compressing into 2020 a transformation inflows across national borders that would have taken years to emerge. Its natural for any business entrepreneur to think about expanding internationally once the business in the domestic market is well established and thriving. While going global may have multiple benefits such as new growth opportunities, more sales, enhanced brand image, higher competitiveness, there are still risks and challenges that need to be considered before making this step. Some of those challenges include financial resources, taxes, legal and compliance legislation, fluctuating exchange rates, international workforce, etc. These requirements differ across countries, which make them even more challenging as each must be studied cautiously. Any business wishing to export their products and services should have a peek here, but needs firstly to consider the following:
To be successful in your exporting endeavor, a business entrepreneur must first decide if the company has the potential to sell its products and services internationally and whether the product and services are qualitative enough to be demanded in the international market.
Every business owner is aware that running a business is quite daunting and requires lots of effort in running it effectively and efficiently. The decision to grow internationally will require even more commitment, energy and preparation. Therefore, its important to primarily assess whether the company has the capacity, management and resources, both financial and human, to uptake such a decision. Also, in terms of products and service capacities – one needs to think about whether they meet the international standards and do they have the capacity to meet the demand.
The Kosovo Business Registration Agency, facilitated by ACCESS project, has established the ‘Biznesi Im’ platform, which contains an ‘Export Readiness Assessment’ tool, that intends to support the businesses that look forward to expanding their business. The tool contains sets of questions that measure the level of export readiness and ultimately provides a list of which areas where the user should improve.
Export Business Plan
Planning, as for any other business activity, is crucial for export as well. Before starting to strategize and market the products in the international market, the company should draft an export business plan which will in detail highlight the direction of the company, its strengths, and also its added values for a certain market. Without a proper plan, the company would risk failure to export successfully.
Sales and Marketing
Proper marketing allows you to successfully advertise the products and services to the target audience and potentially generate sales. Marketing enables the customers in the target market to be aware of your products and services and what you are offering. Advanced customer service systems like at instantinfosystems.com/solutions/ucaas/ can help. Also, a marketing strategy done right can set you apart from the competition and give you a competitive advantage.
Overall, the path toward growing the business and increase sales in other markets is filled with opportunities and challenges that require time and careful planning. We at ECIKS, have helped companies of different sizes, make it to the international markets by preparing them in terms of strengthening and improving their internal processes as well as finding target markets.
Photo from Unsplash