culled from:www.inc.com
Small businesses serving a town or region are quaint and certainly necessary, but other businesses look to larger goals across the world. toyota globalizationBuilding a global company takes a savvy professional at the helm, such as Sukanto Tanoto, and a strong vision. Although assets certainly
play a part in global expansion, it’s also necessary to understand your product and how it impacts other cultures. From cultivating material purchases in foreign lands to just getting your name into consumer’s minds, creating a business across the globe takes intricate steps.
Start with One International Market
Four or five different cities may be calling your company’s name, but don’t expand too quickly from a domestic market. When you initially start a global presence, concentrate on one city or office. From this one satellite office, you’ll slowly learn about the region’s economics, available materials and employee prospects. Starting with numerous overseas offices only makes integration that much harder. Get to know one area and develop contacts there. Look for quality contacts and communication time instead of trying to take over an entire area with multiple offices. Starting slow gives you a chance to change strategies if necessary.
Brush up on Culture
Every country and region has its own values, beliefs and culture. Integrating a new product or service into an area is challenging enough, but it could be even more difficult if it offends a culture. Before even opening an office in an area, research the people and culture thoroughly. A product that works in one part of the world could be inappropriate in another. Even talking to locals before an investment is a smart idea to truly get a sense of the country as a whole.
Using Local Resources
Importing every material and tool is an expensive job, making your business investment that much more costly. Consider using local resources as an alternative. Purchase tools and materials from local vendors, for example. Your company will have a warm welcome when you contribute immediately to the economy. Simply moving in and setting up shop could bother some natives. When you show appreciation for the local resources, you have instant fans.
Stay Involved
Appointing a manager and sending them to the new region is a common task for business owners, but they should follow up with a visit themselves. Owners who show their appreciation for their employees and the locals by being physically present have greater respect over time compared to owners situated halfway across the globe. Stay for an extended time to truly see the business functioning. You’ll be able to curb any issues onsite while creating a greater understanding of the region as a whole.
Hire Locals
Your entire workforce cannot be transplants from domestic facilities. Make it a point to hire local workers. They’ll have a better understanding of customers, dialects and culture compared to any performed research. Locals also legitimize a business, allowing others to feel comfortable about using the new company as a resource.
Working from a global scale is a daunting experience, but benefits more than just your company. You can be instrumental in forging a new outlook for a struggling economy with the right business practices. Take small steps and educate yourself about all international prospects before heading out and investing in a foreign land.
