RD OP BPCY 20 Factors to Consider Before Going Global Business. Never in the history of the world has the entrepreneurial spirit-the spirit of adventure-been more alive or'in a more favorable position 1 reach out to the world for business. Intemational trade increases sales and profits, enhances a company’s prestige, creates jobs, and offers a valuable way for business owners 66 level seasonal Muctuations, But one thi consider or develop belore yoing glob 2 gels tricky: what factors to ‘As with any new business plan, the first step you should take before crossing borders is to do your homework. Take these 20 critica! factors into account before you begin: Factor 1: Get company-wide commitment. Every employee should be a vital member of your internatiosial team, from the executive suite to customer service through engineering, purchasing, production and shipping. You're all in it for the long haul. Factor 2: Define your business plan for accessing global markets. An international business plan is important in order to defing your company's present status and internal goaly and commitment, but it's also necessary if you plan to measure your results, Factor 3: Determine how much you can afford to invest in your international expansion efforts. Will it be based on ten pereent of your domestic business profits or on a pay-as-you-can- afford process? Factor 4: Plan at least a two-year lead-time for world market penetration. It takes time and patience (o build a great, enduring global enterprise, so be patient and plan for the long haul Website and impioment your international plan sensibly. Many companik ichages Tor building a website, but you must deehle iw what langage you communicate, Lnglish is wnarguably the most important language in the world, but only 2% percent of the European popuiation Can read il, Thai percentage is even lower in South America and Asia. Over time, it would*be best to slowly build a site that communicates sensibly and effectively with the world, ae @ Factor 6: Pick a product or service to take overseas. You can't be all things to all people. Decide on something. Then stick wits i Factor 7: Conduet market researeli to identify your prime t rkets. You want (o find out where’ in the world your product will be in greatest demand, Market rescarch is « powerful tool for exploring und identifying the fastest-growing, most penclrable market for your product Factor 8: Searsh aut the data you_nead to prodit how your product will sell in a specific geographic location, Do you want fo sella Tew units to a customer in Australia or ten 40-foot containers on a monthly basis to re'ailers in France? Doing your homework will enable you to find out how much you'll be able to sell over a specifi period of tiFactor 9; Prepare your product for export, You should expect to adapt your product to some degree for sale outside your domestic markets before you make your first sale, Packaging plays a vital role in enabling international connections. Make yours the best in its class, and youll be able to sell it anywhere in the world. Fa Find locate customers first, for you unless you can Factor 11: Establish a direct or indirect method of export. It all boils down to export strategy and how much control you wish to exercise over your ventures. On the other hand, readiness to seize an opportunity is more important than having your whole strategy nailed down beforehand. wPS° actor 12: Hire a good lawyer, a savvy banker, a knowledgeable acco tant and a seasoned transport specialist, each of whom, specializes in international transactions. You may feel you can't afford these professional serviges, but you really can't allord to do without them. (or 13: Prepare pricing and determine your landed costs. Be ready to test out your price fn your customer. See what reaction you get and then negotiate from there. Factor 14: Set up terms, conditions and other finaneing options. Agree on terms of payment in advance, and never, ever sell on open account to a brand new customer. No ifs, ands or buts. Just dont. — Factor 15: Brush up on your documeniation and export licensing procedures. If you find it ‘e100 time consuming, hire a freight forwarder who can fill you in on the spot. Ask a lot of wet questions, Use their expertise to your advantage. tor 16; ‘Implement an extraordinary after-sales service plan. ‘The relationship between your company and your overseas customer shouldn't end when a sales is made. If,anything, it Should be just the start of a long relationship which requires more of your attention, The "care and feeding" of your customers will determine if they keep coming back for more. Factor 17:*Make personal contact with your new targets, armed with culture-specific information and courtesies, professionalism and consistency. Your goal should be to enter a Terent culture, adapt to it and make it your own, Vactor 18; luvestigate international business travel tips. The practical aspects oF i business can make or break the success of your trij never gone belore, plan accordingly. ational In preparing to go boldly where you've Factor 19: Explore cross-border alliances and partnerships. In charting your global strategy, consider joining forces with another conipany of similar size and market presence thats located in a foreign country where you're already doing business, or would like to: Gauge your readiness-or willingness-to take on a 50/30 partnership and what it can and cannot do for you, Savy - Pear | alliances - OREFactor 20: Enjoy the journey. Never forget'that you are the most important and valuable business asset you have, and that the human touch is even more precious in our age of advanced technology. Take the best possible care of yourself, your employees, your suppliers and your customers, and your future will be bright, prosperous and happy. Going global doesn't have to be a scary proposition. By considering and developing these twenty essential factors before going global, your or; globalization and capture dramatic revenue growth. Six el Henges for 21st Century Leader Why is leadership in the 21st Century diffesent to leadership in the 20th Century? Because the challenges are different. Here are six key che|lenges all business leaders face in the early years of the 21st Century 1. Unreasonable customer expectations. Almost certainly, your company provides better level of customer service than it did five years ago ~ maybe better than it did just a year ago. Do your tomers thank you for it? Not at all. ‘They judge you not by how much you've improved, but “ against their expectations. Thanks to your competitors and thanks 10 the intemet, these expectations are constantly increasing — often to unreasonable levels. 2. Generational shift in attitudes. If you don’t know whether you are a baby boomer, generation °X or generation ¥ you need to find out fast, before you make the major mistake of assuming that other generations are motivated by the same things that motivate you. 3. Social media and the web. Are you a bit sceptical about all this social media stuff - especially “Twitter? Yep, that used to be me, This is what changed my mind: who influences you more, formal company advertising or what your f ‘or service? ‘That's why social media is got it will struggle. 4 gov! 4, Flexible working. As frugal times continue (see item 6 below) why would any organisation want to pay for offices and desks that are unused half the time? If your company hasn’t yet moved towards flexible working it soon will. Flexible hours, flexible workplace (including homeworking) and flexible contracts nds and other people like you say about a produet and will only get bigger. Business leaders who don’t $, Sustainability, The hard facts of rising energy prices and climate change on the one hand, and the beliefs and values of Gen Y on the other, are driving every organisation to become more sustainable, Becoming sustainable while continuing to make profits is a major challenge for every organisation and every leader. 6. Doing more with less. Whether you live in rapidly growing China or recession hit Europe the days of organisational profligacy are over. Every business is learning to do a lot more with a lot less, and the most successful leaders will be those who can triumph with frugality. “ar nization can realize the full potential of