5 Steps to follow for your company’s internationalization

01
Nov 2019
  • BY: italiancpafirms
  • TAG: international
  • 01 COMMENT

Deciding to go international with your business is probably as complex as starting a new one. There are a lot of factors to take into consideration and consulting an expert in this field is crucial, anyway we would suggest 5 tips to make it as simple as possible.

Let’s see them:

1) Planning and resources are the starting point

Given the complexity of the project, relying on a consultancy firm specialized in internationalization and export is undoubtedly the most effective way to gather information on the foreign markets or countries we are interested in. Drawing up a budget plan and assess any changes in the products or services to best adapt them to the new foreign demand would be the next steps.

Once the export plan is ready, going through a self-assessment check-up is crucial to have a clear picture of all the resources (human, financial, organizational, etc.) the company can rely on and, based on that, define what your goals are.

2) Know the market and exploit their competitive advantages

There is no single market demand, and each country is different from another, therefore it is vital to know what the strengths of your (potential) customers are and what the weaknesses of your competitors. Also, do not forget to analyze politics, economy, culture, customs duties and taxation. Not only a consulting firm could do this for you, but it might also draw a competitiveness ranking chart for each country you are willing to approach to have a better understanding of which would be the most potentially profitable for your business.

3) The company’s re-organization and the cultural and regulatory differences are next

The company needs to be reorganized to approach all the international markets and foreign countries in the best way possible. Having a specific internal team dedicated to exports becomes vital. If the company cannot rely on a solid exports experience, again, a consulting firm can support and assist you at any time.

Being able to rely on such specific skills is also important to address all the cultural differences that might make a negotiation become successful or total failure. At the same time, a deep knowledge of all the legal and contractual aspects is the only possible way to avoid undesired waste of money.

4) Payment methods and infrastructural barriers

Remember to choose the most effective means of payment and the most reliable banks as the risk of unpaid services can become extremely high in some countries. Define all of your payment conditions as exhaustively as possible and apply them with no exception.

Communication, infrastructure, and logistics can be a great opportunity or mark a huge distance between the seller and the buyer. It is always a great practice to analyze them in depth and make sure they become a strong point for the company rather than a weakness.

5) Is the documentation in order?

Doing business abroad can generate an amount of documents you need to be prepared to manage. Collecting and filing all the legal and commercial documentation is essential. Communication and correspondence between the different departments of the headquarters and the foreign office also need to re-arranged.

Remember that (fortunately) you are not alone.

We are aware that a plan of this kind is a very complex operation, but this should not be a good reason to give up on your plans. Doing everything by yourself is merely impossible. Contact us and we will be happy to assist you.

Taken from: Il Sole 24 Ore (Michela Finizio)

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