Dynamic Business: The 5 things successful global businesses have in common

Nearly 70% of businesses fail when they attempt to scale and expand internationally.

For many business leaders expanding globally is a necessary step to access new clients. However, to be successful, significant preparation and planning, backed by detailed evaluation and analysis, is vital to minimise the risks. What’s also required to succeed is the ability to make intelligent, realistic, and often difficult strategic choices.

While no two businesses are the same, what became evident to Trena Blair, CEO of FD Global Connections, in her research in writing Decoding Global Growth, and her interviews with CEOs alongside insights from her own experience is that companies that successfully expand internationally have 5 common attributes;

Building a network of international contacts

Most successful businesses have a strong network of trusted advisors – sometimes known as key opinion leaders or ambassadors – who have helped them expand internationally. Finding the right partner to smooth your expansion into a market is highly beneficial.

These partners can offer unique, highly localised qualitative insights, and product and competitive intelligence that cannot be gained from reading reports and statistics alone.

The ability to tell a great story about the problem they are solving

Storytelling in business is increasingly recognised as one of the most powerful tools for leaders to strengthen their brands and communicate their purpose, strategic vision and company values. Successful businesses have mastered the art of storytelling, utilising this as a compelling tool to attract investors, clients and other stakeholders, utilising the necessary skills to effectively communicate a vision, value proposition and growth potential.

Scalability and repeatability of critical processes within the business

Successful global businesses have identified the top five business processes, assigning ownership, documenting them, measuring performance and communicating outcomes, ensured financials and culture are usually being effectively managed and their critical processes are well-defined, and repeatable with predictable results. This is what it takes to be scalable.

Read the full article HERE from Dynamic Business