Surprisingly, internationalisation is off the SME agenda. This is despite the documented benefits experienced by the so called “Born Global” companies. These companies not only gain profitability as a result of internationalisation, they experience higher rates of growth and improved innovation.
Internationalisation offers your business larger product markets, improved productivity and an ability to diversify your organisation’s value chain potentially reducing risk to economic downturns.
It need not be a daunting exercise if you follow five simple steps that have been tried and tested by the author over 25 years in international development.
- Set your quest and goals
- Identify your value chain and offer suitable for internationalisation
- Understand global production costs and your innovation inventory
- Develop your strategic capability and operational plan that will allow you identify and target local champions and advocates to support your cause
- Implement your plan ruthlessly through your local champion / manager and visit the targeted market frequently to monitor progress, build trust and develop team motivation and loyalty through social as well as business events.
One of the most important elements of internationalisation [more at Welcome to doing business abroad ]