I was told lately there is no secret sauce to scaling a business, particularly globally. But there are tips you can apply to ensure your business model is in the ready state. Here are ten.
- Make sure you are doing well (financially and operationally) in any market first – because that will ensure your processes and systems will test out soundly globally.
- Get good people on board – people who are smarter than you from different walks of life and know how to get work done.
- Determine what you want to get done (e.g., let’s expand to Australia by 2024).
- Partner with noncompeting businesses that have experience in the market you are interested in entering.
- Spend time in the market you want to enter to analyze what’s happening relative to your industry.
- Position your products and services correctly for the market you are about to enter.
- Price your products and services correctly – set a price somewhere but know you will adjust as you test the market.
- Create an environment where trust is of utmost importance.
- Communicate over and over again so there is never a question of what you are doing or the why behind it.
- Love what you do and enjoy!
For more information on taking a business global, read my book, “Exporting: The Definitive Guide to Selling Abroad Profitably.”