YOUR WAY OF DOING BUSINESS

You’re successful because you’ve taken action, learned, changed and adapted along the way, even after you had it all figured out. Then something changed in the market, or with your team or product… and you adapted again. Grow or Die; it’s an endless cycle of adjusting and adding new things. Your way of doing business now is different and improved from just a few years ago, and that’s a good thing.

THINK GLOBALLY

One of the critical shifts a business can make to create opportunity is to think and grow globally. Less than 1% of U.S. firms export internationally and so 99% settle for the 15% of the world’s business that happens within the United States. Of the U.S. companies that export, less than half export to another country besides Mexico and Canada, and less than half export to multiple countries.

Part of the issue is proximity bias, especially for startups, because in the beginning a company is often focused on the basics like hiring and attracting new customers. The world is a big place, and it takes more understanding, experience and focus to succeed there. To Do What You Say in dozens of countries can be daunting to plan for. Therefore, the vast majority of firms settle for local instead of bigger markets.

WHERE TO GROW?

Could your way of doing business someday be to serve clients in 1, 2 or 10 countries? Why consider it? Expanding into new geographies offers business benefits.

1. Gain access to new clients
2. Reinvigorate product and service lines
3. Reduce product costs by ramping up production
4. Benefit from a more balanced portfolio across economies
5. Expand to more targeted customers and markets
6. Do the Right Thing… for employees, customers and your business

Many businesses are given the gift of an ‘accidental export’, where someone somewhere buys your product or service along the way and gives you the opportunity to consider exporting. Where should you consider growth? It’s not always where that accidental export happens, and it’s often not where you currently wish to go on vacation. Very often the best market opportunities are somewhere you’d never think of.

SEEK HELP

In considering where to expand, factors such as regional economic stability, language ease, cultural compatibility, infrastructure, and your ability to support the business are important. Of most importance is the product or service demand, which can be forecasted. Talk to a Global Chamber member and we’ll connect an EOS Implementer® to build the matrices that will help you make the best decisions.

Staying open, grounded, and Humbly Confident will help you in this complex task. There are 195 countries in the world, and you can quickly rule out at least half. As you narrow down the list of countries that fit your business model, consider to Help First and live by your Core Values in whatever markets you choose, and be sure that your ability to serve the way you believe is dialed in. You and your team will benefit by living your values in every market, while staying flexible and resilient to the new challenges that arise, country by country.

Your way of doing business will change by expanding your thinking globally, and that’s a good thing. Seek help in your journey from those who have been there and done that. Be ready to be open to new ideas, cultures and opportunities. Adapt to this new reality and you will be so glad you did. Through learning, adaptation and EOS, you’ll find a new way of doing business by becoming global and UNSTOPPABLE!