8 Top Tips for Taking Your Business Global

080_KPMG-Waterford

At a recent How to of Going Global event in Waterford sponsored by KPMG Private Enterprise, supported by Enterprise Ireland, Ulsterbank and Business Achievers, business leaders shared their experiences of scaling and going global. Here are 8 top tips for taking your business global:


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1. Do your research

Make sure you have done your research into your new markets before you attempt to enter them. Understand the culture, understand the differences in the way consumers or businesses buy things, and don't spread your self too thinly to start with. Think how can we become #1 in this new market.

2. Use thought leadership to reduce the barriers to buying

Use thought leadership and really good content that adds value to your target buyer but at the same time reduces the barriers to buying. If you are disrupting an industry this is especially worth doing. Showing the market how the new way of doing something will benefit them, the "what's in it for you" by changing to the new thing.


Recommended reading: 7 Things You Must Consider When Taking Your Business Global


3. Leverage key partners

Look at who the main influencers are in the industry and contextualise your offering for them - what we can do for you. Those key partners, whether they be industry associations or large synergistic companies, can help introduce you to the new market, short cut the process, and add credibility.

4. USA or not-USA?

This will depend on where your buyers are but be aware that you may need to move the C-team to the States to oversee the operation and provide the face of the business to US buyers, suppliers, investors.

Don't rule out UK first then going the Commonwealth country route once you have established British customers.

5. Raise money for your market entry

You will need money to fund your market entry. For example, if going to the USA you may need €1M to realistically fund this entry. If you are raising money, make sure you have a really good advisor who understands the revenue and profit model for the new market opportunity.
And remember working capital. You can enter a market, but can you finish there.

6. Are you prepared for chain busting?

If you want to break existing relationships that buyers have with suppliers and be the new supplier, you're going to need to bust that chain. So be able to articulate what you can offer that is worth them breaking those existing relationships.


Recommended reading: 10 Tips Shared by Companies Who Have Gone Global


7. Engage with research institutes in Ireland

Research institutes can help you with research, develop products, access grants, become a reference customer.
But it's all about understanding the nature and culture of how they operate, what the nature of IP and proposed contracts are and how you can build relationships within those parameters.

8. Prepare your international selling skills

Do you know and understand the culture? Will you or have you localised your collateral, your product. Have you got boots on the ground or partners or distributors to help you with those selling skills?

Grab your place at our next series of events now. The 'How to of Going Global' events series is sponsored by KPMG Private Enterprise, the next events will take place in Drogheda and Sligo. Contact This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.

 

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