The world has changed a lot over recent years; it has become a lot smaller, a lot more globalized and a lot more accessible. Once upon a time, the chance for an entrepreneur to say the words, “we’re going global” was reserved for those at the helm of huge corporations and multinational institutes; but this eliteness has fallen away. In theory, anyone with a viable product or service can now yell those words; but theory and reality are two very different things.
Taking a business global is one of the most complex things you can do in business. Period. The intricacies, the new dynamics and the risks to your current business; it all comes into the fold. So, here are the top questions you need ask yourself.
Is It Really Worth It?
The first thing you need to do, when the thought of going global first niggles away, is to understand whether you are going to have an impact. Let’s say you operate in the US and the UK and you want to move into Russia’s emerging market, you need to know if your product will sell there and that requires a thorough gap analysis to understand local demand. You also need to consider the competition, pricing versus purchase and the size of the market.
Have You Got A Strategy In Place?
The thing that makes a business successful is knowing the nuances of a market. These change between states and towns, so the difference will be huge on a global scale, especially if we stick to the US, UK and Russia example. That’s why you need to make any and every strategy localized while staying within your bigger corporate picture. So, have goals in place, have timeframes set up and have metrics in which you can measure your success.
Are You Ready As An Organisation?
Most people concern themselves with the culture, politics, language, rules and regulations, but your main concern should be understanding the processes and procedures. Your business may have met the business and tax laws in the US and UK, but these change, which is you will need help understanding the types of business you can form in Russia. For example, there are rules about how you name your company, having a registered commercial address in the state, and a list of all your business activities must be supplied. So make sure your business is organized for expansion and employ all the expert help you need early on because delays can be costly.
Is Your Product Ready?
This is another area worth concerning yourself with, and one that could depend on a beachhead team going in first to ensure you have everything setup to achieve a high-impact launch. What we mean by product readiness are considerations. Like we mentioned, the product you have successfully launched in the US and the UK will be almost entirely different to the one you launch in Russia. There will be different governmental regulations to meet, different certifications, there will be localized tweaks that range from the branding to the name, new patents may be required and quality assurances that meet this new market’s standards.