Gaining Momentum and Going Global
By Hallie Leverich
Marketing & Advertising Manager
Professional Business Brokers, Inc.
Often times, our immediate drive for success hampers our ability to focus on our boundaries, or shall I say, lack of boundaries.
As small business owners, it is easy to understand the daily sink or swim philosophy. This ongoing struggle can sometimes prevent you from seeing the full potential of your company. Your focus is narrowed and restrictive, thus limiting the overall potential for your company. Set not only short-term goals, but also long-term goals and be regimented.
The key here is to think big. According to smallbiztrends.com, never before in history have conditions been more favorable for small businesses to go global in search of markets. In the U.S. alone, there are 230,000 small businesses annually. In the 21st century, nearly one-third of all U.S. exports will be a byproduct of small businesses (<500 employees). Surprisingly enough, to date, only 10% of small businesses are exporting and a majority of those exporting only do so to one country.
Entering into the global marketplace can be nerve-racking to say the least. One needs to be action-oriented, motivated, independent and have a lot of gumption.
So how can you take your business to the next level?
Change your mindset. Taking your business global requires more than just action. It involves a concerted altering of your attitude. Be open to innovative ideas and remain positive.
Do your research. Do football players show up on game day without football helmets and pads? No. Then you shouldn’t enter into the global arena without your homework done and a game plan. Create a business plan that discusses your industry forecast, product segmentation, the infrastructure and culture of the countries you want to export to, the stability of the countries economy, competition, goals, etc. Make sure to carefully analyze your sales/distribution methods and decide how to manufacture/distribute your product. In doing your research you should be able to determine whether or not your idea is even feasible.
For more information visit the U.S. Department of Commerce, International Trade Administration website at www.commerce.gov/statemap2.html. They have a network of approx. 2,500 trade experts in 70 countries and about 70 cities in the U.S. who will help you understand how to accomplish what you want to do. You can also check out www.trade.gov.
Make sure to research all the different trade legalities/restrictions. It is possible that you will have to obtain an export license, depending on what you export. For more info visit the Trade Compliance Center at www.tcc.mac.doc.gov.
Find your customers. You need to initiate contact with your target audience, forge relationships with them through low-cost advertising, visits, trade shows, etc. and maintain those relationships. In gaining a strong customer base you will lay the groundwork for a stable global company.
It is important to note that when dealing with a new client, such as those in overseas markets, that you are sensitive to their customs, values and interests. Your cultural awareness must be boosted to the next level. The better you understand your client, the more seamless the transaction will be. Eliminating borders will make you feel like you are doing business at home.
Order filling process. Great job! You got the customer in the door, now what? Develop a pricing plan for your products, conduct bidding, give quotes, pick a payment method, pack, ship and document everything!
You’re not done yet! If you are a good business executive, you should know that your customer/seller relationship shouldn’t end after their net-30-day payment is made. If anything, this is the most important part of your relationship. Customers should get even more attention than they did before they placed an order with you. Offering incentives, free services and extra assistance pretty much guarantees that your customer will return, and if you are lucky, will refer one of their business associates to you.
Take advantage of the Internet. Create a full functioning and professional website for your company. E-commerce is crucial in today’s world. Make things easy for your customers and they will make it easy for you. Let the Internet foster sales transactions and do the grunt work associated with sales, aside from filling the boxes and shipping them out. This venue will allow you to gain a further global reach.
As the late business guru Peter Drucker said: “E-commerce does not merely master distance, it eliminates it.”
It is unfeasible to assume that you could, in your infantile stage of going global, staff enough sales reps around the world to penetrate the market you so desire. With all of today’s technology, the playing field between you and your competition has been greatly leveled. Going above and beyond with your company’s website will give you a greater edge. You might need to consider creating different versions of your website to deal with language barriers.
Grab a place in line. Make sure as the years go by that you maintain your spot. Seek out alliances, partnerships, joint ventures and new markets to solidify your company’s position. Joining social and professional networks through the Internet is also important.
The leap of faith will be worth it. Sometimes taking that leap into the unknown is scary and unstable, but never fear. Going global will not only allow you to reap the rewards of additional sales, higher net profits, greater owner benefit and additional market opportunities, but it will also allow you to better understand your customers and inner workings of you business. Taking your business and will allow you to see your company from a different vantage point. When stuck in the day-to-day rigmarole, we put blinders on and can’t see our company’s intrinsic potential. Going global will force you to continuously reinvent the wheel, re-strategize and become increasingly innovative.
This change will inevitably prove to be demanding, but as any global company can attest, the leap of faith is well worth it. Go ahead and test your patience, the outcome just might surprise you.
Suggested reading: The World is Flat by The New York Times international columnist Thomas Friedman. This book explains just how vital it is for small business owners to begin thinking globally.
Hallie Leverich,
Marketing & Advertising Manager, has been with PBBI for almost three years.
During that time she has overseen the marketing of the PBBI
corporate image, as well as the affiliate offices’ images and each agent’s
individual business listings. She also is responsible for organizing the
company's bi-yearly business & finance seminars. Ms. Leverich is a graduate of the
University of North Florida and has obtained a B.S. Degree in Communications
with an emphasis in Advertising. You can contact Hallie Leverich at
hleverich@pbbi.com or at (888)
287-7763.
