Many business owners dream of taking a company overseas. You're capable of making such a potentially lucrative move—with the right global business strategy in place.
Tamara Nall, CEO of data consulting firm The Leading Niche originally incorporated in the U.S. But she decided to go global as a result of a relationship map that plotted the strength of her most influential relationships against the need for her company's services.
"Glaringly, the map pointed to international markets and West Africa specifically," says Nall.
Kelly Gibbons, co-founder of personal branding firm Main and Rose has a slightly different story. Her company, which helps socially-driven entrepreneurs and brands with communication services, received several inquiries from international clients every week.
"When the time came to expand, we decided to base our new office in a location that many consider the center of the world: the UAE," Gibbons says.
Consider Your Proposed Strategy From Top to Bottom
A global business strategy should include:
- an overview of expansion plans,
- a description of the market, including size and competition,
- a description of planned overseas operations (including how products will be produced, distributed and marketed) and
- a description of how the international business will be led, managed, staffed and positioned for growth.
It sounds deceptively easy. But, according to Nall, developing an effective global business strategy requires careful consideration of a variety of factors.
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