Following a year of low economic growth and reduced sales, many small- to medium-sized business owners might not think that expansion is the right course of action for 2021. However, the timing to spread your wings may never be better for taking your business global.
In the USA, the market for just about any product is substantial. Many businesses have reported domestic revenues of tens of millions of dollars, despite the effects of COVID-19. Most companies never make it outside of the borders of the USA. Those that do take on the challenge, though, increase their revenues up to 10-fold. If you are sitting in your office
right now and wondering how to grow your business in 2021, maybe an international strategy is the way to go.
More Profits from Current Products
But what do you need for global expansion? How do you know that your business is ready for such a bold move? There is no short answer to these questions. However, this recent article on Entrepreneur.com explains the benefits of taking your business global in some detail. Your global expansion’s primary focus is profits, but these profits do not have to come
from new products.
Your current local market may be seasonal or may have reached capacity. Going beyond US borders holds enormous growth opportunities for your current offering. A simple example: if your sales cycle slows down in winter months at home, going global would let you take advantage of summer sales in another hemisphere. Global expansion gives you the ability to breathe life into your product lines that may be stagnant.
Reignite Current Sales Strategies
In the global market, you may also find that your current sales strategies reaching the end of their life cycle in the US can reignite your sales revenue in new markets. The mistake many entrepreneurs make is to try to reinvent the wheel when entering new markets. Although it is a flawed strategy to have a constant flow of new marketing ideas, don’t underrate
your best techniques just because you are going to a new market.
I am not suggesting that you should expand your business without doing your homework. Remember when you started your domestic business, your due diligence gave you an edge then. It can do that again. Performing your due diligence and ensuring that you have planned your expansion well is likely to be the determining factor in your success. Forbes.com highlighted that planning is one of the most critical aspects of your strategy for global expansion. Planning everything from the increase in production, marketing strategy, and getting your current infrastructure ready for growth most definitely facilitates a successful expansion.
The World Is Your Oyster
The business world has seen significant tough times lately. Yet, for the keen business person, this is the time to reach out and grow untapped markets. The mere fact that you have made it through the recent tough times means that your business can probably handle an expansion’s pressure and stress. Don’t let your competitors beat you to the punch: get
out there and go global.