6 Steps To Be Successful in International Markets

If you have been thinking about expanding your business internationally, we would like to share some important thoughts and observations to ensure a successful business internationalization.

1. Approach
   It is essential to be aware that you will very likely have to adapt to a considerable number of new situations, not only from a legal and fiscal point of view, but also from a cultural one.
   Establishing business relationships with customers who live thousands of miles away and who belong to a different culture, obviously, requires education and good manners, but above all, the right communication skills and cultural awareness.
   Getting to know the habits and traditions of another country helps understand its specific needs and improves communication for either party.
   The human factor is extremely important.
   Though it is possible to rely on great online tools like emails and Skype, we strongly recommend meeting in person whenever the opportunity arises: it will strengthen mutual trust and lay the foundations for solid long-term business relationships.
   Remember that customer care plays a crucial role not only in the negotiation phase. Ensure your goods are delivered as scheduled and in perfect conditions and consider providing post-sales support.

2. Financial Resources
   Make sure you can cover all of the costs related to entering a new market. Assess all of your available resources (human, material and financial) to budget your company’s internationalization correctly. There is no point in weakening your financial structure only to succeed in selling your products overseas.
   We encourage to postpone the project at a later time if your budget turns out to be not solid enough.

3. Employees’ Contribution to the Project
   Unless you, as the owner, are the only one working in the company, you need the support and collaboration of all of your employees. From the production and accounting departments to sales and marketing, everyone should be aware of and share your same vision.

4. Choose the Right Market and Strategy
   Especially if is your first internationalization process, choose a market that is easy to access, where the Government is committed to promoting international trade by offering a whole set of specific policies and where, based on your prior research, you know you will find potential clients for your products or services. Develop an export strategy which also includes joint ventures and strategic alliances.

5. Initial Research and Location
   Do all the necessary research to understand what your potential customers’ needs are and adapt your products/services accordingly.
   Make it a priority to hire only reliable international carriers which will be responsible for your goods from collection to delivery.
   We highly recommend gathering all the relevant information about customs duties and fiscal obligations for you and your future distributors. You might find out too late this kind of costs will set your prices to be too high compared with your local competitors thus cutting you out of the market before even starting.
   It is, as well, vital to become aware of the administrative procedure to protect the intellectual property of your products or services.

6. Pricing and Payments
   Be competitive but, at the same time, focus on quality.
   Your clients will test many other different products. Your primary goal should always be to ensure they come back and buy from you because your quality is better, not because your prices are.
   Identify with your CPA and your banking institution what payment methods would best serve all of your international transactions.
   Request for additional support with all the payment documentation and instructions your customers might need during the negotiation phase.

Considering all of these aspects thoroughly will help you create a successful strategy and see tangible results.
As always, our firm is at your disposal for further inquire about this matter. Contact us.