Navigating the Complexities of Different Markets, Particularly When Expanding Overseas

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Businesses that are growing internationally face a constant struggle: They have to establish global consistency in their marketing message, but they must also localize it for various regions. Although many businesses opt to manage their marketing and creative internally, it can be a challenging and resource-intensive task. 

Navigating the complexities of different markets, particularly when expanding overseas requires many considerations.  Here's one of them.

Today in Global Small Business: Best Defense Against Terrorism?

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What's affecting me, my clients, my colleagues and other global small business owners:

• Three ways to market your small business on a shoestring budget.
• Quote of the week: “It was the hardest thing [filming Terminator:  Dark Fate], and the greatest thing,” Hamilton said. “And isn’t that what we want?" – Linda Hamilton, star of Terminator 2:  Judgment Day and upcoming role in Terminator:  Dark Fate
• The best defense against terrorism?  Global small businesses.  
• Has social media become a scapegoat for the broader problems of globalization and the forced deemphasis of community in the place of perpetual bombardment from strangers?
• Why localization is essential for expanding overseas.
• Is the slowing global economy a boon or a bane?

Today in Global Small Business: The Promise and Pitfalls of Localism

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What's affecting me, my clients, my colleagues and other global small business owners:

• Four tips to protect your small business during a downturn.
• Quote of the week: “Without continual growth and progress, such words as improvement, achievement, and success have no meaning." – Benjamin Franklin
• Funding Circle, a small business loans platform in the UK, US, Germany and the Netherlands, recently closed its first asset-backed securitization of US small business loans originated through its platform.
• Why localization is essential for expanding overseas.
• The promise and pitfalls of localism.
• Nearly 84% of global ecommerce sales happen outside of Western continents such as North America and Europe, and overall sales are expected to reach $4.8 trillion USD by 2021.  Then why have some of the world’s largest and best-known multi-nationals failed spectacularly when expanding abroad?
• USA national holiday Labor Day is a time to reflect and honor workers.

Why Expanding Overseas Is Inevitable

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As co-authors Dennis May and Michael Evans state, "Expanding your business overseas is not for the fainthearted, but for most businesses it will be inevitable as global markets offer greater opportunities for growth. By paying attention to details and outsourcing administrative functions, the difficult job of “going global” can produce great results."

Read their article at Forbes, 10 Key Steps to Expanding Your Business Globally, where they discuss preparing a gap analysis, developing a tactical project plan with commit dates, determining your sales methodology and more.

Building a Cross-Cultural Base

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Ravi Kumarr points out three mistakes you need not make when expanding your small business overseas.  Here's the first one:

1.  Following others
Mexico and Canada were pointed to as important export markets by HSBC, but that doesn’t mean that they will be the ideal markets for your business. This is where market assessment comes into play, so you can either carry out market research or utilize one of the Export Assistance Centers in your country of origin.

Read the entire article:  Don't Make These Mistakes When Expanding Your Small Business Overseas