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Since my company recently celebrated his record of consecutive wins at home, my new international business quickly became cold.
It seems like my American success was not working with my foreign partners who tell me to think differently in order to compete on their lawns maintained. If only I had known then what I know now, I countless hours, endless headaches and can save you a bundle of money. I think I did a little 'more homework.
BeforePlan to extend your business and consider the whole idea of these 8 important points:
1. If you are a national home? The demand for your business in a foreign land is closely correlated with the size and success of your business at home. In this age of easy access to information, consumers and business people in most countries are aware of what is here is very popular in the U.S. and what is not. If you are a hot business here, chances do you draw the demand forYour brand "over there".
2. What business model should you use? Franchising, licensing, joint ventures and business models of properties have their advantages and disadvantages. Some require more work or more of initial investment. Which model to choose in order to drive your rate of earnings growth for the coming years.
3. Get the right partner. Securing the right business partner in each country is the number one rule for success. Make sure your potential partnerto bring financial status, influence and prestige to the local economy, access to resources and experiences in your country to mark its territory. In small countries, you should also check its influence politics and history, politics and business are often intertwined
4. Your task is to land. In the countries are some of your success rates are doing or can inhibit arrangements could. Be aware that the differences between countriessignificant. Not into the trap of referring to the growth in general (eg, "Asia") caught, because neighboring countries may vary greatly within a geographic region. The bottom line: learning and recall as possible knowledge of any foreign country before entering in your list of expansion.
5. Do you have a support infrastructure to do is supply chain management to support international expansion at home or need for alternative sources? You set the finance departmentfor conversion of foreign currency transactions and to manage? And if someone decides the world in the middle of the night you call someone available to answer the call? Your IT department ready to manage the foreign information service systems?
6. Do you have a business model replicable? When expanding internationally, offshore, it is important to recognize that the cost structure is likely to differ greatly. supply costs, labor costs, property prices,Seasonality can do considerable obstacles to your success. Ensure an operational model that easily with the major components that are clearly identified and compared in order to develop the existing model.
7. Do not rush! Plan your growth through diversification, with a portfolio balanced approach to land. Make this diversification similar risks of investing in the stock market. Otherwise, your growth generated opportunistically rather than strategically wrong in a row and mixedCommunication, lack of support on the ground, exploded, causing overhead, and even the dilution of the mark. The attempt to bring an action, which is 4,000 miles away in a foreign legal system is not only cost effective but also the chance to sleep in a serious financial risk.
Eight do not expect an unexpected overnight. Growing internationally is a continuous learning environment. Your company will experience new challenges, questions and uncertainties. There will be obstacles. Most companieseven the most successful here at home to suffer the losses in the early years of the international growth strategy. Talk to your international development, with a five-year business plan for success.
International is expanding and set up a lucrative business attractive. If carefully and strategically planned and executed, a unit of international business to add value to your company as a whole. In addition, if your business is based in the United States then your international businessUnit, a falling dollar United States, with favorable exchange rates fell on the pillow bottom line.
Visit : Proposition 8
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