It is a dream of many businesses to ‘go global’ and partake in the exhilarating prospect of expanding beyond borders. Doing so translates to new markets, new talent, and new success - all of which is only possible due to improvements to trade, supply chain management, data processing and analytics.
It may have become even more accessible, but success in international markets requires a steady hand at the helm. This means you will need to come prepared with the skills and knowledge in tackling your target markets. If you are looking to set up your business outside of your domestic market, consider these few tips.
Despite the plethora of resources available, breaking into international markets is not as easy as many would like it to be. As such, international partners are crucial for thriving business. Establishing a global strategic partnership with two or more firms from other countries will benefit your business, especially if this is your first overseas venture. A firm from your target country will help you navigate through any barriers of entry, ensuring that your business settles nicely. Aside from garnering you greater access to the target market, partnerships allow you to tap into pooled resources to create better products or services, trade information, and gain a greater reach through collaboration. Partnerships lead to synergy, which will bear economic value.
International partnerships are crucial in any international business strategy, but its success will depend on the quality of your partnerships. To protect your business, it is crucial that you obtain accurate information regarding your partners’ organisations and financial status before establishing a partnership. However, this can be rather tricky as databases are typically updated occasionally - chances are, you may be working with outdated information. To prevent this, it is best to look at their sources that include data that has been regularly updated. This will help you make better trading decisions, thus protecting your business against commercial risks, fraud and the like.
As the saying goes, your reputation precedes you. Finding success in the international markets is relatively easy when your domestic market share and brand perceptions are stable and robust. Having a solid domestic foundation serves as a cornerstone of new initiatives and new efforts. Your company carries a reputation at all times, no matter where it goes. To start your international ventures on a good note, you will want to ensure that your reputation is positive.
Note that even with a good reputation, you should not rush into your expansion efforts. A comprehensive international business and trade strategy will require months, sometimes years, of preemptive research and work to get it off the ground. Moreover, it will take even longer to implement the various set dates, profit benchmarks, and checkpoints to manage risks and possible setbacks. As such, only make the jump when you are truly ready.
It goes without saying, but business models are not a monolith. This means, what works in your domestic market may not translate well in an international market. Moreover, there will be new organisational hierarchies to frameworks, new resources to identify, new employees to hire. On top of the new logistical issues, each target market brings with it unique cultures and nuanced expectations. As such, ensure that your business strategy not only aligns with the foreign market’s projected value, but also their actual culture and local practices. Legal and regulatory requirements, such as consumer laws, employee regulations, and data protection rules, are to also be considered.
When it comes to applying logistics in international trade, we can help! DHL Express boasts a vast, strong network that spreads over 220 countries and territories. This means we are armed with comprehensive knowledge of the import and export rules and regulations in these countries, laying the groundwork for a smooth and efficient trade.
International business and trade depend on your business strategy and the quality of your team. Secure your business’ success and growth with a reliable international express courier company.
At DHL Express, we understand that the complexity that comes with international trade can intimidate many, especially during turbulent times such as this. Country-specific custom regulations as well as market distortions with high tariff rates, are two of the many concerns that businesses would have when dabbling in international trade.
Committed to streamlining your import and export, we have introduced Global Trade Services (GTS) to simplify your global trade processes. Otherwise known as Trade Automation Service (TAS), GTS refers to our suite of tools to help you have an in-depth understanding of various paperwork, determine classification, calculate duties and landed costs, among other things. Along with our world-class import and export services, and wide global network, you can enjoy a more efficient and smooth-running trade process. Watch your business grow 1.6 times faster. Reach out to us to kickstart your expansion efforts.