As important as it is to make sure your business has a foot-hold in the country where you are based… International business strategy and its benefits should not be underestimated. Spreading your wings and offering your products/services in a foreign country may seem intimidating and complicated. However, it really doesn’t have to be. There is plenty of guidance and information available out there to businesses to help you form a sturdy and efficient plan of action.
Let’s have a look at some of the main benefits your business will receive if you take the plunge and form an international business strategy.
It almost goes without saying that when you open yourself up to offering your products internationally, your market size will increase. Whether you start off small and only trade in European countries initially, or dive in at the deep end and go global… Your sales opportunities will grow. So, if you have hit a point with your business where your market is limited and you see no means of growth, developing an international business strategy is a great idea. It doesn’t matter your position in your current market, entering into a new international market can give you a fresh start. So whether your current market is oversaturated and your revenues are decreasing, or your sales are better than ever before, opening yourself up to an international venture is still a good idea.
International working relationships
Building relationships with companies in your own country is important, yes. However, if you can form positive working relationships on an international scale, even better. If you make a good impression with clients, your brand name could be established globally before you know it. People never forget a friendly face!
Intrawelt offer a range of global translations services to help you with building strong and trusting relationships on an international level. They can even interpret simultaneous or consecutive speakers, for example, if you needed to hold a conference call and speak to your clients on a more personal level. Making an effort to converse with people overseas effectively will not go unnoticed. With services like this at your feet, there really is nothing holding you back from expanding internationally.
If you decide that you want to get stuck into planning a new international business strategy, another benefit would be reduced dependence. This means that rather than having your revenue depend on the ebbs and flows of your current market… You can spread the risk by having international markets to fall back on.
Changes in markets can be a result of current trend changes, environmental changes or more unexpected economic changes. Either way, it might take some of this worry away if you incorporate more than one market into your strategy.
Beat the competition
You may be in a situation where your product is innovative with bags of potential, but is not unique enough to sell or compete with pre-existing brands in your domestic market… Doing some extensive market research and building an international business strategy may be your answer.
If you can find a country with similar interests and a culture that would benefit from your product, go for it. Entering an unsaturated market is far more likely to bring you success than trying to promote a product but drowning among all the other fish in the pond.
To sum up, there are clearly a lot of potential benefits to keep in mind when considering incorporating an international business strategy.
Of course though, with every significant business decision, there are risks too. You would need to make sure you have enough money for the initial investments and that you know the international market you are entering like the back of your hand. You definitely don’t want any nasty surprises.
Overall though, if you feel like your current market has gone stagnant and you need to give your revenues a boost, opening yourself up to international trade is probably a great move to make.