Advice and Best Practices
If you feel you’re ready to tackle the challenges of international business, follow this advice from Ferromin.
- Find the right partner(s); when you’re expanding your business, it’s critical that you don’t try to go it alone. Even if your “partner” is in the form of a mentor, you’ll need the help of someone you trust, who can vouch for you in the country or countries you’re looking to break into.
- Hire a great team; the need for help “on the ground” also extends into your hiring practices. The people you hire to deal with your overseas business partners and customers must be fully immersed in the local environment, but you also need to be sure they’ll be looking out for your interests
- Consider the impact of any new ideas; introducing a new product or marketing campaign becomes a whole new ballgame when you operate internationally. Instead of only thinking about how your own country’s customers might receive your new ideas, you’ll also need to think about and accommodate for the impact these ideas will have on your foreign customers
- Remain consistent in branding; private label is the best solution.
- Always do your due diligence; any major business decision requires taking the time to think through all possible scenarios based on your business’ strengths and weaknesses, but this is especially important for international expansion.