Area expansion is a great way to make your business become a go-to product or service provider for millions of consumers. International demand for new products and services is getting stronger every year. But, a huge promise of success ahead comes with huge risks. That’s why aspiring international entrepreneurs need constant research about strategies to ensure that they will take the right path.
Entrepreneur recently shared life-changing tips after an interesting interview with global executive Ryan Patel. Pinkberry managed to expand from less than 95 areas to more than 265 outlets because of Patel. As Global Development’s V.P., Patel helped the company expand to 23 countries. Here are some guidelines based on the business expert’s experience:
Be dynamic in strategy-making.
Since the international market is so diverse and constantly changing, entrepreneurs should not stop strategizing. Plans must not focus on long-term goals alone – short-term goals are also crucial. Leaders must research carefully about their target areas for business expansion. They should get familiar with their potential consumers’ culture and environment. One business model is just not enough for different countries. Aside from learning about the international business arena, leaders must also know the strengths and weaknesses of their companies. Strategies and results gathered through time must be studied as much as possible.
Work closely with your team.
Being open with the team doesn’t mean compromising your authority. Constant and open communication is important to establish rapport with the workforce. Patel put emphasis on paying attention with every employee’s concern or suggestion. Some team members can even share remarkable ideas that can challenge the existing company dynamic. By successfully overcoming challenges with the workers, the company would even be more ready with bigger risks internationally.
The team must be aware of the company’s goals.
It is possible that some team members might not be able to handle area expansion, especially if they have no idea beforehand. Patel believed that the leaders must be transparent with their workforce by educating them about future goals and challenges. The team’s trust on their leader will contribute to a longer and more unified international company.
Different cultures but one need – consistency.
McDonald’s is an American fast food chain which became a longtime leader in the food industry worldwide. One of its major strategies that must be an inspiration for aspiring international entrepreneurs is modifying products to cater to one specific culture’s needs. For example: McDonald’s India serves special products such as Chicken Maharaja Mac and Masala Grill Chicken. Same strategy goes to other countries. Another example is McDonald’s special Bulgogi Burger in South Korea. An international company must not settle with its original or classic line of products. Instead, it should focus on consistency with its brand, values, and the country’s culture. Patel added that other modifications can be the company’s packaging design and tagline in another language. International companies must relate with different cultures.
A global entrepreneur must be strategic, diligent and focused. The international market will never stop changing. So, company leaders must keep on modifying strategies and plans. They must also do their homework in understanding different cultures. Despite changes, they should stay focused until a goal is reached.