How Small And Medium Businesses Can Go Global

Every business owner dreams of building a flourishing business that transcends the local boundaries and becomes a brand at the global level. These aspirations might seem farfetched in the beginning but in today’s globalised world, opportunities are plenty for those who are willing to take the plunge. Since, SMEs have demonstrated immense potential and emerged as significant contributors to the economy, the government has also started providing international platforms and encouragement to SMEs to go global. However, the process of ‘going global’ is not an easy one. It requires meticulous planning and methodical execution to be successful in the international market. Here is a simple roadmap to help those who might be perplexed about where to begin.

- Swati Sinha

Research

To expand your business in the global market, you must begin with market research. When considering to export your product, you need to craft a strategy based on thorough research of the market where you want to launch. However, before that, you need to decide the region where you can reap maximum benefits. To zero in on a region, conduct a region and industry-based market sizing and resource estimation to understand the cost-benefit aspect. Expanding a business abroad is expensive. Therefore, planning targeted allocation of marketing resources for expansion is extremely important, for which extensive research is a prerequisite. Also, you need to determine what competition your company will have to face in those markets, the specific challenges pertaining to the market and how you might have to make changes in your business model or products to achieve success in each potential market.