Are you looking to grow your business from local to global?
You may be a business owner or a business manager and you are reading this Blog post, because you have an idea in mind to grow your business from local to global.
However, you are also aware that your idea needs to be carefully assessed.
Following this further, you will need to come up with a sound global business strategy. First and foremost, and even before you begin developing a sound global business strategy, you will need to develop an opportunity analysis plan. This plan differs from a business plan, in that it is shorter and does not contain any formal financial statement information.
What you Should Include in your Opportunity Analysis Plan?
When developing your opportunity analysis plan. It is essential to assess your readiness and commitment to growing your business from local to global. With this in mind, a typical opportunity analysis plan should consist of the following information:
- A description of your idea and opportunity;
- An assessment of the domestic and international markets for your idea and opportunity;
- An overview of both you and your team members; and
- A determination of the steps needed to make your idea the basis for growing your business from local to global.
What is a Global Business Strategy?
Global Business Strategy can be defined as being the business strategies engaged by your business to:
- Enable your business to “operate in a global business environment”: and
- Enable your business to “serve customers throughout the world”.
To put it another way, it is your business’s strategic guide to pursuing various geographic markets.
What Should You Address in your Global Business Strategy?
When addressing your global business strategy, you can start by asking yourself a number of questions. For example:
- What will be the extent of your business’ market presence in the world’s major markets?
- How can your business build its necessary global presence?
- What are the optimal locations around the world for your business’s activities? and
- How can your business turn a global presence into a global competitive advantage?
Formulating a Global Business Strategy
Unfortunately, there is no specific global business strategy that will fit all situations (i.e. all businesses, all markets, or all industries) because no two situations are the same. When you are ready to go global, here is a list of steps you can adopt:
- The first step to take is to prepare a global business plan. Your plan should include your business’s specific goals and needs.
- Conduct a foreign market research, to determine, which global market and opportunity best suit your business’s products or services. This step also includes developing a suitable marketing and sales plan.
- Evaluate and select methods of distributing your business’s products or services in other countries.
- Learn how to set prices, and negotiate deals.
- Learn how to overcome the potential economic, legal, and political hurdles your business may face in a foreign market.
- Formulate detailed sales and expense forecasts, and cash flow projections.
Seek Expert Advice
When seeking expert global business advice about how best to exploit the opportunities available to you through globalisation and to avoid any pitfalls that may confront you. It pays to seek outside business advice from an expert.
Interestingly, many businesses owners and business managers make the mistake of not seeking global business advice help early.
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DISCLAIMER: This blog post is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.