Are You Ready to Go Global? 7 Things You Must Know
While the prospect of expanding your business into the international arena can be exciting, there is no doubt that it is a lot of work, and some companies are better than others at entering international markets successfully.
According to the researchers behind SevenTudes.com, a business development consulting firm, overseas success relies on strengths in 7 different internal areas, or ‘Tudes.
Though some of the areas may seem obvious – international initiatives should be regularly discussed, measured and revaluated during internal meetings – there are some good tips here that you may not have considered.
Overall, having an open mind, knowing the potential risks, and having realistic expectations of the impact on the overall business are critical in ensuring a positive experience with international expansion.
According to an article on the Harvard Business Review, the 7 areas that are critical to a successful international expansion are:
- Attitude: the firm prioritizes global expansion by reviewing international initiatives at major internal meetings and cross-pollinating HQ and international leadership
- Aptitude: the firm possesses knowledge and skills through training, and hiring required external skill sets
- Magnitude: the firm is able to align opportunities with capabilities by ensuring internal awareness of objectives and pilots, and adjusting the geographic footprint of the initiative to avoid overwhelming the organization
- Latitude: the firm is able to adapt its marketing policies and practices by training stakeholders on cultural differences, and educating HQ on prevailing target-market standards
- Rectitude: the firm’s legal and ethical practices meet corporate compliance while still being flexible enough to encourage open discussion of potential knowable issues
- Exactitude: the firm has some tolerance for uncertainty and recognizes that market success may only have modest impact on overall business, and missing forecasts may be expected when navigating unfamiliar territory
- Fortitude: the firm is committed to the global initiatives, and clearly communicates commitment to the strategy and publicly reinforcing stated goals
Talkin’ Cloud Wants to Know: Are you considering an international expansion? Do you have any tips to share if you have done an international expansion successfully? Let us know in the comments.