Going global is a term that should be taken seriously; after all there are over 7 billion people out there. In terms of business, more is better right? Well just imagine if everybody all at once wanted what your business provided. Sound good at first but then you think how would we deal with everyone?
It’s a silly hypothetical but one that carries a lot of weight and opens room for growth predictions to be realised. To go global means to open the floodgates is your business ready for that? Many things need to be understood, prices and currencies, time zones, competitors and even the workload on current employees. For these to be understood, precautions need to be in place and ready before the organisational change it made.
Staff – Workload
Understanding that within the current structure of your business, tasks and jobs can grow. An in depth analysis of staffing both current and projected future workload is needed to be understood. If your employees are already busy with a 10/10 stress level, the last thing that needs to be done is add to the pile.
Where can processes be cut down? Is there room both physically and financially to hire more people? These are elements that may be overlooked by people higher up in the organisational hierarchy.
Globally, as you would expect, the potential market becomes enormous but also in contrast the competition grows as well. Opening up your company to a global market ensures competition that is unless you have a truly unique product. Which in that case we wish you nothing but success globally. Now if your product has some direct and indirect competition you should prepare. Methods to prepare against the global market revolve around general business elements, differentiation, price leadership and marketability to list a few.
Hours of Operation
The internet is a store that is open 24/7, 365 even on public holidays. Can customers use the sites and businesses services, products and features any time? From anywhere? If not, where can this particular area improve? Call centres? Round the clock staffing? An international office? Consider what your business is giving the international market and how all areas work effectively around the clock.
Prices – Exchange Rate
Of course it would be much simpler if the world worked on one currency, unfortunately it isn’t like that. Businesses that sell overseas need to understand a product’s worth to particular markets; this especially done with regards to postage. Consider the profit margins inclusive of these expenses for a global ready business model. Some simple fixes can be incorporated, a lock in exchange rate forward contract. Also if one currency falls and other rise, than they will cancel each other out.
When a developed global mindset is gathered, as a manager, you will understand what elements need more consideration as you grow. With the internet being as big a factor as it is, the world gets smaller every day. Understand what your business is offering to the global market and how it can flourish especially with regards to your competitors. Make sure to capitalise on what makes your brand different from what’s already out there and what got you to the size you are currently.