Successfully going global with your business is not easy. Just look at billion-dollar companies such as Starbucks, Walmart, and Tesco. They all faced uphill battles in trying to take their business worldwide. You may think that taking on the world is the natural next step in the ladder after conquering your domestic market. However, you must remember that it’s a giant leap of faith. Many enterprises lose billions in trying to and failing at going global.
If it is so difficult to achieve success on a worldwide scale, why would you, as CEO, risk everything to do it? The simplest reason is growth. You’re the undisputed number one in your domestic market you must, at least, consider globalization. It is the most obvious way to keep growing the business. It also presents an opportunity to pit your wits against multinational firms and seize upon overseas markets. This will also help you have a diversified income stream when domestically there is a seasonal downturn.
Even if you make a valiant attempt at going global without truly succeeding, you will have accumulated business lessons that you can apply to the domestic market. This will help you further cement your lofty reputation there.
Why do companies who perform so successfully at national level fall short on a global scale? The most common reason for failing globally is an inability to adapt your business to foreign markets, or assuming that what worked domestically would be sure to work worldwide. Sometimes, businesses dive too quickly into globalization without properly considering the pros and cons and typically get caught out. Others may have a short-term approach and lack patience to persist with succeeding at a global level.
The going global infographic.
To help you in your mission of going global, our friends at All Finance Tax have designed this infographic for you. It offers useful advice for businesses who are considering making the leap to international markets. It’s a big step, but remember that the likes of Tesco are still incredibly powerful domestically despite coming up short in their attempts to go global. Dare to dream!