Breaking into the global market is appealing. After all, an extended reach should equate a to boost in sales and better growth potential.
This is probably why as many as 58 per cent of small businesses already boast international customers.
So, how do you make the transition from being a local business to a global one? Here are three steps to get you started.
1. Plan. Plan. Plan.
You know the age-old adage, "fail to plan and plan to fail" — well, this is especially true of any business wanting to crack the global market.
You need to create a business plan to facilitate your expansion. This should set your goals, as well as a time frame for achieving them. Doing this provides a better idea of your readiness for the venture before diving straight in.
The last thing you want is to set unrealistic expectations for you and your team — there's nothing more discouraging. And you'll run the risk of abandoning the project before making any significant headway.
Part of your business plan needs to include foreign market research. This is imperative for identifying international markets and trends that you can take advantage of. This involves working out the average market rate for the products you're selling, as well as ironing out the legalities of exporting and selling your goods.
Tip: If you're unsure where to start with market research, check out the U.S. Department of Commerce. This is an excellent resource for helping entrepreneurs analyse international markets.
You'll also need to figure out the distribution of your products. This means digging around to find the most practical and cost-effective solution for your business. There are tons of options available to you, including:
- Foreign logistics services and distributors
- Couriers
- Dropshipping
Do your due diligence to get a feel for which model best suits the needs of your company.
2. Make It a Team Effort
Don't make the mistake of building a new team entirely from scratch. Harness the expertise of those who know your company and products inside out and back to front. This helps keep the momentum going as you start the transition from being local to going global. Not to mention, forming a brand-new team is time-consuming and risky. As you can imagine, this increases the time it takes to launch your business internationally.
In the beginning, have a few experienced team members heading up operations, then gradually hire any additional staff you need to help run things smoothly.
3. Switch to a Cloud-Based Contact Centre Solution
If you haven't already, consider switching your contact centre software over to a cloud-based system.
Why? Cloud-based communications offer unrivalled reliability when it comes to global connectivity. As such, your agents can provide your customers with top-notch support from anywhere around the world. As APIs are based inside of the cloud, you can connect to this solution near-on instantly overseas.
Plus, you don't have the hassle of negotiating contracts with foreign carriers or exporting the hardware required for an on-premise communications solution.
Ready to Take the Leap?
If you're thinking of the making the leap from local to global business operations, then heed the above advice.
Just to recap, here are the key takeaways from this article:
- Create a business plan for your international launch
- Assemble a decent team
- Switch to a cloud-based contact centre solution
Best of luck with the transition.
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