There are a lot of talks today about business internationalization, accessing new markets, and diversifying your customer niche, but have you ever been asked if you are ready for it?
The COVID-19 eruption caused many companies to leave the domestic market and try to enter new countries. However, some failed in the attempt.
What were the reasons?
💡 Lack of knowledge of the product in the country of destination, the market to be accessed, the change of currency and even the potential of the company to carry out this task.
💡 Entry requirements: both at the legal level when setting up a company abroad and in terms of logistics and customs formalities concerning the sale of products and/or services in that country, we must pay particular attention because what is necessary to enter third countries may be very different from what is usual in the European Union when importing.
💡 Let’s go back to point 1 The company’s potential. Is it prepared both economically and in terms of human resources? Do its philosophy, trajectory, and business vision go hand in hand with this step? If not, it will be very difficult to sustain because there would be an internal shock, both in the company’s organization and financially, because of the money allocated to the new subsidiary. In short: you don’t get value for what you are doing.
How can we avoid failure beyond the three points mentioned above?
With a market study in which your company is the epicentre.
We start from there and we do it together, looking at weaknesses and strengths. A sincere but potential x-ray of what could be carried out successfully.
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