Why you should go global
Companies go international for a variety of reasons. In general, companies go international because they want to grow or expand operations. More specific motives include generating more revenue, competing for new sales, investment opportunities, diversifying, reducing costs and recruiting new talent. Going international is a strategy that is influenced by a variety of factors and is typically implemented over time. Here are some reasons why you should go global.
Increase sales and profitability
Going global can provide new sources of revenue, yield greater returns on investments and secure long-term success for a business. The Internet makes it even easier to reach out to the world for business.
Enter new markets
Have you saturated your local, core market? Then look beyond your region and consider a market overseas. Be sure to pick one that offers opportunity. You want a market where it’s easy to enter, whose buyers desire your product or service. For example, is there a market for your products or services in Ireland? If so, get a jump on your competitors and get there before they do. This is called first-mover advantage.
As you grow your business globally, you must support the additional workload. Hiring people is the solution and we know that the strength of our country lies in its ability to create jobs that help people live and prosper.
Diversifying the business
The international expansion allows a company to diversify its business in a couple of key ways. First, you spread the risk of slowing demand across multiple countries. If one market never gains or loses interest in your offerings, you can pick up the slack with success in other countries. In addition, you can connect with suppliers in international markets and take advantage of raw materials and resources unavailable in domestic markets.
Create economies of scale in production
Your company is ramping up and producing 20,000 hammers at once because an outfit in Ireland, Japan or Australia wants to buy them and won’t buy a single case. The more you produce, the greater the chances of lowering the per-unit manufacturing costs.
Explore untapped markets with the power of the Internet
With an ecommerce site, customers worldwide might eventually find you, provided you’ve made it easy for them to do so. Move into the markets that generate a heavy concentration of inquiries on your website. You may not have anticipated a particular geographic area would be a ripe market, but the people there are telling you it is.
Become a trusted brand
The fact is moving internationally will increase your prestige as a brand. It will increase your overall reach because customers are going to look at an international brand and assume, they can be trusted. It’s all just because of this added prestige. Rightly or wrongly this is how it works.
These are seven reasons why you should consider going global right now. If your company has yet to explore the possibilities, it’s time to give it a try. Which country do you think is the best for you to expand into?