CareerLeadership/Innovation

10 Key Steps to Expanding Your Business Globally

Why be great when you can be the best? In an article for Forbes, Dennis Day and Michael Evans write an appropriately expansive article about how to maximize your business’s potential.

The Very Best, like No One Ever Was

Here is the CliffsNotes version. Perform a “deep dive” due diligence, involving product gap analysis against local products and a SWOT analysis against competition. Develop a strategy and business plan, with short-, medium-, and long-term goals and metrics by which to measure progress. Establish a beachhead team that consists of high-level players you already have, rather than hiring exclusively a bunch of new people in a rush. Consider your product’s readiness according to the previously mentioned gap analysis. Then consider overall organizational readiness for the major differences in culture that exist between nations. Establish a go-to market strategy, which involves things like evaluating your pricing model. Make sure to factor legal concerns in all of this though. Taxes and final budget preparation go hand in hand then. Lastly, and without fail, take the steps to develop close ties with local businesses who can ease your transition into the new market.

You can view the full article and its myriad valuable advice here: http://www.forbes.com/sites/allbusiness/2015/03/04/10-key-steps-to-expanding-your-business-globally/

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