NAWBO :: Going Global

Going Global

Becoming an International Business, Is It Easier Than We Thought? These Six Strategies Will Ensure Your Success

NAWBO members dream of taking their businesses worldwide. In fact, in a recent member survey, more than half (53%) of our members who participated say they plan to expand into new markets this year, while just 3 percent say they plan store or branch closures, and those statistics come during an economic downturn. Still, a recent study from the National Women’s Business Council shows that only 15 percent of women-owned businesses with revenues of $1 million or more actually characterize their primary market as international. More than two-thirds of these women (69%) are involved in international contracts and almost half of them (49%) export directly.

So what keeps women business owners from going global? In most instances, it seems that it’s fear of the unknown holding us back. 
 
Expert Advice
According to Tim Travis’s book Doing Business Anywhere, there are 10 tenants to international business. Acey Gaspards’ Web site, A Touch of Business.com, believes it’s even simpler—you can go international by taking your business online. Meanwhile, the Web sites edu.udym.com and eHow.com offer simple strategies from industry experts. Here are the best of the best from these experts and sites on how to expand your business to reach overseas:

  • Develop a strategy and business plan.When making your commitment to go global, ensure you have everything in order. Otherwise, the move is a waste of time and money. Include development, marketing and servicing issues. Study what has made you a success and use those strategies when developing your plan. 

  • Use the Internet as a marketing tool. Stand out from the crowd online and your business will quickly expand. First, make your presence known through international Web directories and the Yellow Pages™.  Build your expertise and share that information on a blog about your product, services or area of expertise. Write articles for trades, e-zines, Web sites and newspapers. Constantly update your information to keep customers coming back. New content creates buzz about your business. 

  • Set tough human rights standards and be sure foreign partners live up to them. Nothing tarnishes a brand name faster than human labor rights violations. You must adopt strict standards for your business and partners that protect you from allegations of violating labor or human rights standards.  

  • Know the laws governing your particular international trade practices. U.S. federal laws, like the Foreign Corrupt Practices Act, import/export laws and regulation, intellectual property protection, etc., are all designed to facilitate trade and protect the rights of governments and individuals. Gain an understanding of the laws and consult with local experts if you’re questioning yourself. 

  • Prepare for worst-case scenarios. Just like in your domestic business, preparing for worst-case scenarios is key to your success. When ensuring the safety and survival of your team, prevention is always the best approach. That’s why you should initiate comprehensive crisis management planning programs and tailor your plan to fit your company’s needs. 

  • Be a trailblazer. Opportunities abound in the international arena. It’s simply up to you to seize them. Many successful international businesspeople achieve their success because they aren’t afraid to take advantage of great opportunities. Being a trailblazer in global business keeps you ahead of the competition.