If we look at how it was some years back, clearly a lot of it is different now. There are advancements in technology every day, communication has become a lot easier and so has our access to information. Digital privacy and protection have improved drastically, leading to digital contracts being signed between companies sitting at far corners of the world.
This is the era where the size of the business doesn’t stop you from going international. Traditionally, small businesses were run locally reasons being many. Only big companies were seen internationally. Even after the globalization, it was just large scale companies seen outside the home country.
There are many small businesses who have made fortune by going beyond the boundaries. Of course, it all comes with a well-calculated risk which a businessman has to take. A lot of research, study, planning is required before taking your steps.
With clarity on what you want and how you want, it becomes easier to move in the right direction.
Apart from Govt. policies and other regulations, it is important to consider even the smallest of factors because when it comes to practical, all this becomes vital.
– Time Zone
– Language Barrier
– Uncertainty in foreign currency
– Culture
These factors would definitely come in the picture when the ship is sailing.
Going global has its own merits. The availability of resources, the cost of hiring talent, demand, etc. helps in the decision-making process.
It is not always setting up a big office to have your presence abroad. Strategic partnerships, Hiring sales teams, etc. can be a good option based on your plans.
Here are a few excellent reasons why you might consider going global:
– Diversifying the market and acquire new customer bases.
– Product and services would have an extended sales life. Your core product/service which you’ve established locally can be brought up in the market.
– The risk of being dependent on the local market would be eliminated as you’ll have access to the foreign market
as well.
– The step in the open-world would teach many new ways and styles of business.
– The exposure to foreign regions would broaden your mind to think of more possibilities and opportunities.
– Rising above the others. Even if your business is small, you have a good opportunity to expand and grow
internationally. Not all your competitors have a global presence so it’s an advantage over them.
– Maximization in profit. Once you have a name in doing business internationally, there’s a brand name that is created. Such a name creates demand and earns a reputation in the market.