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7 Tips for being prepared to go global
With Cop 30 taking place in Brazil and Going Global Expo in London,
Where are you on your global growth journey?
1. EXPLORER MINDSET
Try to let go of your fears and adopt a curious, adventurous, explorer mindset. Having high CQ (Cultural Intelligence) and adapting to different geographies, cultures and business customs is particularly important.
Make sure you love every step of the way.
2. PRE-MARKET ENTRY SCOPING
Know which countries and regions are most likely to buy your products or services and do some test selling and test marketing beforehand with local partners. Shortlist 2-3 and then choose one to focus on.
3. REVIEW COMPETITION
You can do desk research, however, also lean on local partners for “on the Pulse” real indepth perspective. Make a market visit or visit expos to feel the vibe.
Click into Test Sell mode from Get Go.
4. IP and BRAND ASSETS
Make sure your Intellectual Property is in place for shortlisted target countries. If expanding overseas with partners or distributors, make sure that your contract specifies that you own the IP and brand assets and that it is their responsibility to safeguard them on your behalf.
5. PARTNERSHIPS
Increasingly, global business growth is achieved through long term trusted partnerships. Conduct rigorous PDD (Partner Due Diligence) before travelling to meet them. It is best to work with highly experienced local consultants to assist you initially
6. BUDGET AND C-LEVEL COMMITMENT
Make sure you have full C Level Board and CFO Support and get them involved from the start.
Pre-agree investment and revenue projections and also involve the business leadership in meeting local partners. This will engender trust and confidence on both sides.
7. FAST FOLLOW THROUGH
Be ready to move at pace. Procrastination creates seeds of doubt.
Some countries in the Far East move quicker than Western countries so be prepared.