You came up with an idea, nurtured it into an enterprise, planted your feet firmly in the domestic market, and now envision tapping the foreign markets. What are the next steps you must take?
Naturally, you require capital to make capital. Once you have secured the necessary amount of funding, where do you invest the sum, how, and how much at a time?
These are some of the questions among a million other concerns that play out in the head of all entrepreneurs seeking to wade into international commercial waters. The decision, after all, is daring, the prospect is daunting, but this does not mean that the execution needs to be nerve-wracking.
For any vision to be realized to perfection, the efforts must be driven on the back of a robust strategic framework. The following, then, are some of the key points that growth-minded leaders need to keep in mind when planning to go global:
For, it is only after you have registered significant growth domestically and mustered enough commercial momentum that you are encouraged to expand internationally.
The prospect presents itself so naturally that the decision might look like a small, albeit significant, step to you but when you delve into the pragmatics involved, you realize how giant a leap it is for the organization.
Therefore, in order to ensure a secure and reliable passage into this brave new world, you must first be confident that your operations are effectively resolving the pertinent pain points in your local market.
2. Have a concise and well-thought-through plan of action
In order to make it big in the global market, you must first aspire to become the industry leader on your home turf. For this, you need to inculcate agile thinking and learn to strike the right balance between prudence and recklessness.
Therefore, work on a plan with clearly identified goals for the next 30 days, the next 3 months, and the next 3 years. Gone are the days when long-term would imply vague aspirations for 10 years down the line. On a long enough timeline, everyone would be dead, so it’s important to have a shorter turnaround time for measurable goals.
3. Technology is your best friend
New-age leaders need to learn to prioritize technology from the get-go without fixating on the perfect product. You also need to stay abreast of technological advancements that are occurring at the speed of light.
Figuring out which innovation can be plugged into your business infrastructure can help you maximize the quality, efficiency, and effectiveness of your offering. This, along with incorporating the necessary changes based on user feedback, is the only proven way forward. Keep pivoting and experimenting, but never lose focus on the MVP.
4. Evolve with your customer base
No amount of marketing histrionics will yield the right results unless you listen to your customers. Learn to integrate customer feedback at every stage to make your product resolve a real-world problem, instead of the other way around – the sooner the better.
Building a product first and trying to create an audience for it later is the quickest way to the business graveyard. Solving real-life problems, and doing it effectively, will get you all the traction you need to stay on the winning side of the court. It will also get you further in the game on the back of enthusiastic word-of-mouth referrals.
5. Don’t obsess over competitors, but don’t ignore them either
Keep your rivals within your radar just enough for you to learn from their mistakes. However, do not look to them in the hope of chancing upon a way forward.
Your goal should be to build a better company by creating original differentiation, not ape the ones already existing in the market.
6. Execution is key
An idea is only as strong as its execution. Examine ventures outside your immediate industry niche that have a similar user behaviour, business model, etc. for out-of-the-box inspiration.
Supplementing your strategies with innovative work models will enable you to arrive at unique solutions to existing problems. Above all, never be afraid to fail. Fail fast, fail better. Learn from your mistakes, and get back to the drawing board every single time.
7. Sustainability trumps everything
Treat external funding not as an end goal, but as a means to an end. Ultimately, everything will boil down to whether you are able to create value for everyone involved – be it your clients, your employees, and other stakeholders, or yourself.
While no amount of preparation can eliminate 100 per cent of the problems that you may face, a strategy-backed execution will help tide over the challenges with relative ease. After all, never has a sailor conquered a sea without setting sail.
Source: e27
