Nearly 70% of businesses fail when they attempt to scale and expand internationally.
For many business leaders expanding globally is a necessary step to access new clients. However, to be successful, significant preparation and planning, backed by detailed evaluation and analysis, is vital to minimise the risks. What’s also required to succeed is the ability to make intelligent, realistic, and often difficult strategic choices.
While no two businesses are the same, what became evident to Trena Blair in her research in writing Decoding Global Growth, and her interviews with CEOs alongside insights from her own experience is that companies that successfully expand internationally have 5 common attributes;
Building a network of international contacts
Most successful businesses have a strong network of trusted advisors – sometimes known as key opinion leaders or ambassadors – who have helped them expand internationally. Finding the right partner to smooth your expansion into a market is highly beneficial.
These partners can offer unique, highly localised qualitative insights, and product and competitive intelligence that cannot be gained from reading reports and statistics alone.
The ability to tell a great story about the problem they are solving
Storytelling in business is increasingly recognised as one of the most powerful tools for leaders to strengthen their brands and communicate their purpose, strategic vision and company values. Successful businesses have mastered the art of storytelling, utilising this as a compelling tool to attract investors, clients and other stakeholders, utilising the necessary skills to effectively communicate a vision, value proposition and growth potential.
Scalability and repeatability of critical processes within the business
Successful global businesses have identified the top five business processes, assigning ownership, documenting them, measuring performance and communicating outcomes, ensured financials and culture are usually being effectively managed and their critical processes are well-defined, and repeatable with predictable results. This is what it takes to be scalable.
Laser-sharp research on the country targeted for global expansion
Every business which has successfully expanded globally have conducted extensive research into the market they intend to expand to. They have a comprehensive understanding of the historical, cultural and business contexts that shape success in these regions, and have analysed how each and every aspect relates to their business and product/service.
International leadership experience
Whether it’s a leader within their team, or an international advisor the business has engaged, every successful scaleup has an element of experience in international leadership. This person provides crucial perspectives that can only come from real world experience in a foreign market.
To help more companies join the 30% that do succeed, Trena Blair – Global Business Expansion Expert and Founder of FD Global Connections – has written her debut book Decoding Global Growth: How successful companies scale internationally.
The book brings together wisdom from business leaders in multiple markets to highlight the nexus between risk management and governance as enablers of global growth, and provides genuine guidance and insight for business leaders and entrepreneurs considering global growth.
Decoding Global Growth: How successful companies scale internationally is available for purchase on Amazon AU.
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