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Tips for Turning Your Small Business Into a Global Entity

by meghanbelnap
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No one starts a business with the hope of staying small forever. While difficult, growing your business beyond your humble beginnings signifies that you’re doing something right. While local expansion is one thing, building your business into a global entity is where things can really get tricky. To help you navigate this challenging road, here are a few things to keep in mind.

Set Expectations

When expanding globally, you’ll need both short-term and long-term plans to guide you during the expansion. This plan should include goals to help track your progress to ensure that you’re not investing in expansion that’s not actually improving your business. Work with representatives from companies that are already operating globally so that you can set realistic expectations before you begin.

Understand Local Cultures

Expanding globally requires working with cultures that are different from your own. To avoid any cultural faux pas, it’s a good idea to study the cultures in the locations where you plan to expand. It’s also wise to invest in language translation services to ensure your communications with people in these locations are correct and understandable. Using a translation app on your phone won’t cut it when serious money is on the line.

Expand Your Capabilities

Assuming that you’re successful in your global expansion endeavors, you’ll need to be ready for an influx of new customers and orders. Before this point, you’ll want to expand your business’s back-end infrastructure to avoid becoming overwhelmed and letting down your new customers. Beefing up your website to accept increased traffic, hiring extra employees to help with fulfillment, and adding additional people to help with customer service are just a few ways to future-proof your company during your period of expansion.

Secure Your Financials

Expanding a business costs money. To ensure you can stick with your expansion plans for the long haul, you’ll want to take a close look at your company’s current financial situation. Have an accountant analyze your balance sheet to ensure you’re allocating enough resources for a successful expansion. It’s also good to have them create forecasts to determine the returns you can expect on your expansion investments.

Not a Sprint

Global expansion is not a sprint. In fact, it is more often a marathon where people from the sidelines are actively trying to slow you down. When you plan appropriately, though, you’ll find that global expansion can be a satisfying and worthwhile venture that can help more people benefit from your company’s great products and services.

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