Advisory No 1 - HOW TO GET AN 'A' IN GEOGRAPHY (PART 1)

The complete guide to expanding your business to new and emerging markets.

1.     Remember what your mother said, Do your homework or you won’t learn anything. You don’t know what you don’t know, so try to find out everything you can about a new market. Whether it’s an international market or just another State in your home country, you can’t make any assumptions and you can’t be sure that just because you have a successful model at home that it will automatically apply elsewhere.

2.     Phone a friend. Use your contact network to learn about their experiences.  What worked for them and what didn’t?  If you don’t have someone in your network then find a local consultant who can help you understand the market.  If you find a consultant, check out their reputation and references as closely as if they were a new member of senior staff.  You’ll risk a lot of investment on their recommendations so be sure that you’re getting the best qualified advice.

3.     Hire the ‘A’ Team – It may be the same business in a different market but it’s still effectively a new business. You probably won’t have much time to start generating revenue and offsetting your costs so hire the best people you can within the available budget.  Hire people who have done what you do before;  people who are already credible and trusted in your area of operation and who’ll be able to hit the ground running with your product and service.  Don’t be tempted to hire cheap unqualified local labour as they’ll require training and sap your energy as they move along a slow learning curve.

4.     People are stylish – if you are entering an international or emerging market don’t be short-sighted on how your people will operate from day to day.  Employment expectations, language capability, education and culture may all be markedly different to how you normally operate and you will have to make some allowances in your process to ensure that you get the best from your team.  Some teams will require a firm prescriptive management style and others will require a hands-off empowering style.  Your success is dependent on working out which is the right approach and managing accordingly.

5.     Send in a SWAT Team – You have hired some fantastic local talent, and you’ve adjusted some of your process to ensure that you can operate effectively.  Now you must surround them with everything that is great about your organisation.  It’s an extra cost but it’s a worthwhile investment.  Send in an established team from your own business and surround your new team with all the knowledge, passion and enthusiasm that has made your business great at home.  This can’t be a fly-in-fly-out approach.  Give them some time to bond and to really share the essence of what your business is all about. The time and energy you put into helping your new team out now will save you in the long run.

Growing your business into new markets can be one of the most rewarding things you can do in your career but keep in mind that whatever new market you enter, it’s is not your home territory and as long as you continually compare your strategy against operational reality, you’ll have the best set up for success.

The Advisory Partnership works closely with its clients to provide scalable operational solutions for their international expansion strategies.

www.theadvisorypartnership.com