Making the transition from local to international business

Expanding horizons and targeting business abroad is a step that every small business should make if it is confident in its USP and wants to grow. Reports suggest that SMEs are more likely to drive revenue growth by becoming an international business, but there is still a reluctance to take the final step as just a fifth of the UK’s small enterprises are exporting. Change your mindset The prospect of moving beyond everything that you have ever known is a daunting prospect, but it may be easier than you think if you adopt the right mindset. Goldman Sachs’ Head of the Office of Corporate Engagement, EMEA Charlotte Keenan says: “We identified three behaviours in particular – being strategic, seeking out information and securing finance – that can help to make international activity a success, and could also help other small businesses start exporting.” Research, then research some more Going global is the target, but you need to be sure that new markets will be receptive to your offerings. This requires a complete knowledge of your current position and how you are performing in local markets. When you have a holistic view of your current environment, you can begin thinking about potential target markets. Obviously, you should have something to offer that will be desirable in these markets. Conduct research into markets and try to find regions that are a close match to your local audience. Also consider your history and established values and how this will translate to new countries. Remember, a whole host of factors will also be different overseas. You need to consider regulations, tax, licensing agreements and more. Leverage digital Ecommerce and other digital platforms are bringing down barriers and making it easier for small businesses to access new markets without significant investment. Amazon and eBay are excellent starters for those wanting to venture to pastures new. Cloud technology can also support your enterprise as it pivots towards international business. For example, cloud hosting can empower you to scale your IT to meet increasing demands, store data, collaborate and deliver services. Online platforms can also help you transfer large sums of money overseas if you want to set up new offices or complete import and export transactions. Getting the best exchange rates US to Spain can streamline the process and reduce the costs associated transferring money abroad. Update business model After making the decision to move into a new market overseas and updating your product or service line, you need to focus on marketing and getting the message out to potential clients and customers. You are likely to have mobile apps, so make sure that these are localised for new markets. You also need to use a translation or transcreation service to tailor web content for new languages and cultures in the new market and set up multilingual landing pages. Translating your ads and commercials is also a good idea. Get finance You might also need funding to support your expansion plans, but the process of seeking external finance has been cited as a challenge by many small businesses. Using crowdfunding, attracting angel investors, and bringing in new shareholders can all kick-start your international drive. Keenan concludes: “These options allow a business to embrace exporting earlier and more extensively than by only using their own reserves.”