Nowadays, any local business has the potential to develop and grow globally; it’s only a matter of time and leadership. Once the business has fully achieved its local potential, it’s time to consider global development by targeting the markets that are easier to penetrate.
However, global expansion comes with its own risks and challenges and an entrepreneur must make sure to consider all the factors that are necessary for the development. Thus, among the most important ones are the development team and business partners. Without these two factors, the development can’t happen and the expansion is stopped even before it started.
Regardless of the market you want to penetrate, you must create powerful business relationships. This means that you will have to study the market first and identify the most profitable possible partnerships before approaching them with an offer.
Even more important, you also have to make sure you study the business culture and traditions in the area so you won’t make any stupid mistakes that could cost you valuable partners. For instance, if you try to build a presence on an Arabic market, you will have to know that Arabs don’t like having things repeated to them. It’s actually an offense to go through the terms of a contract again, for reassurance, once you discussed and agreed on the terms.
The development team
No business manager was ever capable of building a successful business by their own. There’s always an entire team behind, who supports the company and the manager’s action. When it comes to building a presence at a global level, the development team is even more important.
For instance, if we continue the example with Arabic countries, you should make sure to include in your team Arabic native speakers who also understand and speak your language. This way, mistakes in communication can be avoided completed and your will have a liaison with the locals that will earn you their trust. Even more, a possible business partner will be more open to discuss an offer when he/she can address you in their native language.
This is another important aspect when you want to start selling on a foreign market. You will not be capable to establish a powerful global presence if you fail developing in a certain area. If this happens, your current and future partners may see you as weak or inexperienced and this may affect future contracts in other areas of the world. This is why it’s very important to do a thorough analysis and make sure you have the necessary customers to support your development.
In every business, if you want to be successful, you must calculate your budget and check if the investment covers the costs. This includes the time invested by each member of your team, the traveling costs, protocol, and any other costs that may appear in order to secure a contract with one of the partners.
In the end, if you want to be successful globally, you must attract the right connections and the right people in your team. The subject is very sensitive as most of global business relationships are based on trust and prior experience so just a small slip is enough to ruin a hard-worked contract.