9 Considerations for Going Global with Your Business - dummies

9 Considerations for Going Global with Your Business

By Richard Pettinger

Part of Competitive Strategy For Dummies Cheat Sheet (UK Edition)

For many business leaders, going global is both a driving ambition and a recognition of their excellence at what they do – and the rewards of successfully doing so can be enormous. However, you must be realistic and understand that to be truly global, you need resources, expertise, technology, suppliers and distribution channels that you can command as you need them.

The following pointers give you some initial considerations to ponder if you want to grow your organisation into a global success story.

  • Ask yourself if you’re really global – or do you just have a website?

  • Know why you’re going into particular locations and areas – and make sure that it’s not just for fun or excitement!

  • If you do go into new locations, make sure that you know and understand everything about them so that they’re as familiar to you as your own backyard.

  • Acquire the finance to support everything that you want to do, as well as to underwrite things that can and do go wrong.

  • Ensure that your technology, communication lines, transport and infrastructure networks can support your expansion.

  • Avoid simply chasing riches. A global venture must contribute to the overall development and wellbeing of the new location.

  • Understand that changes in energy, transport and infrastructure costs can make something that once looked attractive, subsequently very expensive.

  • Present a clear view of how you’re going to treat customers, clients and your staff in the new locality.

  • Know and understand what kind of reputation you want in the new locality – and do everything you can to ensure that it comes about.