As a going concern, we should always look to seeing our business grow beyond our borders. To do that we need to first understand the Human Capital within our reach. The first and easer part to consider are the people that we have in house that can also exert their value within anther community, state, country, continent. Once that is handled, we have to look at the intricacies of the new location we are trying to exert our presence, the culture, the availability of skilled man power and the likes. Our presence should not go against these intricacies but rather, compliment them.
Thereafter, engaging policy makers is a must, as they are the people that have control over whether or not the company would be able to step foot in this new location. This may be with the community leaders for the locations you want to spread your influence but more importantly, the government must be engaged. One has to convince them of the benefits of the company opening a branch here. They must know the benefits of your presence.
After that, we have to understand the image our intended market has of us as well as the image the competition has of us, this is a huge factor in determining what can be attained in this new endeavour. It should be noted that the former is more pressing as competition from the local companies should not be unexpected. If the intended consumers do not have a good image of the brand, that must be rectified and the sooner the better.
Furthermore, human relationship is vital. Whenever one wants to start a new endeavour with another, it is most likely the person they trust that they would pick to go on that endeavour with them. This is why people start their businesses with their friends. You would ultimately do business with people you know and trust. Hence, as the owner, director, manager, etc. it is very important to foster good interpersonal relationships with others because that is where you would find your most likely partners.
In as much as we are trying to open shop in new grounds, we should not forget to engage the government in which our current business resides. Your government has many ways to aid your expansion into other communities or countries, etc. this can be from tax treaties with the new country. These can ease the burden you bear while rendering your services in the new country. The government can open doors for you to enter other countries. A representative from your company may just need to follow an ambassador or government official for a meeting. A “simple” interaction such as this could be all that is required to aid you in making first contact and initiating the steps for you to expand your business into the new country. Also, your government could create policies that encourage companies to create jobs and expand their business. All these just show the importance of engaging and maintaining a good relationship with your country’s government.
Product – One of the 4Ps of Marketing