Conducting business with customers based in the European Union might confront your company with more…
Going global is no longer an option available to big name brands only. Today, thanks to worldwide connectivity, even small service-based businesses, new start-ups, and niche product manufacturers can expand internationally.
Here we take a look at how your business could benefit from expanding beyond its national boundaries and what you need to consider before making the leap.
What Does Going Global Actually Mean?
Owning an international company certainly sounds impressive, but the meaning itself is rather vague. Going global means sourcing labor or materials from overseas and / or selling to customers abroad. By sourcing just one small component part from abroad, your business has reached international status.
What The World Offers
By being prepared to transact with people and companies around the world you open your business up to many more suppliers and customers than you could find in your own country. You may find cheaper parts, niche products not available at home and reach new audiences of potential customers. This expansion also helps mitigate the risk of economic downturn in your base country.
What To Consider
When expanding your business globally there are a few new factors you’ll need to consider.
1. Feet On The Ground
Many hours of desk-based research will be good preparation, but major business decisions will also require someone from your organization to set foot on the ground. If you’re simply buying a component part, just seeing the product as it arrives may be all the first-hand experience you need. On the other hand, if you’re planning on establishing a manufacturing of service operation overseas, or reaching out to a new market, nothing beats visiting the area and getting to know your stakeholders.
2. Establish A Translation Partnership
If you will be requiring regular translation services you can save yourself a lot of time and hassle by establishing a long-term relationship with an experienced, reputable translation agency. Rather than using ad-hoc services, this partnership enables the translation agency to develop an understanding of your business, preferred writing style and common vocabulary used. At Teck Translations, we localize translated texts to reflect the culture and linguistic style of the target audience.
3. Localization vs Global Brand
The decision on whether to localize your brand and product is a difficult one. By tailoring your offering to the local market, you can greatly improve your market penetration. However, this approach is more costly than adopting a blanket international approach and can impact on your global brand identity.
Improved global communications have greatly reduced the barriers to reaching international markets, making it a realistic prospect for even small businesses. Although careful research and consideration are necessary, many small steps, such as sourcing supplies from abroad or establishing an overseas distribution network are possible without making substantial investment. With the right technological solutions and translations services in place, transacting with other countries can be just as simple as doing business with your next door neighbor.