Business might be going well and you’re turning a healthy profit each month, but don’t get complacent. To achieve continued success, your company need to be pushing forward, looking for ways to improve, grow and expand. One natural step when your business reaches a certain stage is to look into going global; entering foreign markets allows you to massively increase your customer base and the sky’s the limit when it comes to earning. But how do you go about it, and is your business really ready for such a big step?
Is your workforce up to scratch?
To consider expanding operations by going global, your business needs to first be functioning well on a smaller scale. Your staff members should be working well individually as well as a team, communication should be good and everything should be running properly. Expanding your business will mean the creation of new departments, so hire staff carefully and ensure everyone has the correct training. You might roll your eyes at the idea of team building activities but these have been shown to be extremely useful and lots of third party companies up and down the country offer this.
Do you have the right software?
The right computers and tech are essential for any modern business, but when you’re planning on taking on a massive task such as going global it’s absolutely crucial. From stock control to shipping and tracking, to master data management software, you need to automate as many areas as possible and ensure staff can run the rest as efficiently as possible. The right software will make everything quicker and easier and ensure your operation runs as quickly as possible. Do your research here and make sure you’re using the best programs for you, you could always consider having software custom created for you if your budget is bigger. This would allow every element of your business to work seamlessly together.
Can you produce enough for demand?
Whether you source products from a wholesaler or manufacture yourself, going global will mean selling far more units which means you need to be able to meet demand. You might need to upgrade your factory or switch suppliers. You might need to outsource your shipping, or even consider investing in your own fleet. The last thing you want is for your business to be a hit overseas but not be able to produce enough products to meet the demands of the customers.
Have you considered marketing?
Due to different cultures, customs and lifestyles, marketing techniques that work in one country might not necessarily work in another. In some cases, promotional material or adverts could be downright offensive to other countries and you could put off the people you’re trying to attract. You need a marketing team that knows the country you’re going to be selling in to produce correct materials for promotion.
Going global is no mean feat, it’s one of the biggest upgrades that most companies can make. But by expanding your customer base, you can sell so much more so if you know your business is working on a smaller scale then it’s something to consider.