Business Leaders Share Key Mistakes To Avoid When Going Global

047_KPMG-Drogheda

Irish CEOs are taking a new approach and looking at ways to help each other grow their businesses internationally. The latest event in the ‘How to’ of Going Global series organised by KPMG and supported by Business Achievers, Ulster Bank and Enterprise Ireland was held in Drogheda on 30th April 2019. Business leaders shared their tips for avoiding key mistakes when going global with your business:


Join our Business Achievers community and get access to downloads to help your business, free online training courses and network with members to help grow your business. 


1. Not having the right people in place

You need the right staff with the right skillsets. You need someone in the new market that knows your business, knows the culture, knows the processes, ideally someone senior. Then hire locally to get the market expertise. 

2. Not having an advisor

When you are going to a new market and you need funding and investment for the market entry, take on an advisor particularly if corporate finance is involved. They will be worth their weight in gold. 

3. Not structuring for success

Going to new markets is the start of scaling your business. Have you structured for success? Do you have the right people to execute the plan and vision?

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

4. Being disconnected from your customers

What does customer satisfaction look like? Meet your customer often. Don't make the mistake of continuing to serve the customer you founded your business for. When you go to new markets, you need to meet your new customers.

5. Not understanding the new market

There will be a different business culture. There will be different ways of doing business, different terms and conditions, different legal requirements. There might be slower decision cycles that you need to take into account. 

Even the UK is a different market. Your product or service that solves a problem in Ireland may not do the same in a new market, you have to understand that and drill deep into the new market behaviours. 

6. Not failing fast and cheaply

Don't overinvest before you test the market. If you're going to fail you want to fail cheaply.

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 Sligo and Shannon. Contact This email address is being protected from spambots. You need JavaScript enabled to view it. for more details.

Related Posts

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Monday, 21 October 2019
If you'd like to register, please fill in the username, password and name fields.

Member Login

Business Insights & Tips

Leaderboard

1
Jill Holtz
2244 Points
2
Tena Glaser
1394 Points
3
Michael Lane
802 Points
4
Ron Immink
732 Points
5
Fionan Murray
721 Points
View Leaderboard