For businesses considering going international, Gareth Magee provides ten top tips for forging more formal and valuable relationships in your target market.
Online marketplaces have transformed how retailers find, and then transact with, buyers from all around the globe. With an abundance of these websites providing businesses with unprecedented access to new markets, it’s no surprise that small and medium-sized enterprises (SMEs) are taking advantage of them and using the internet to further their global ambitions. They offer a low-risk, easy-access means of reaching an extensive new base of potential customers.
Not only do these marketplaces provide a window for your product or service, but they can provide processing, delivery, fulfilment, auctioning, ordering and currency exchange solutions.
Many SMEs, however, will have ambitions that lie far beyond direct online sales. How do you scale up from these online marketplaces and take your international push to the next level? How do SMEs take the next step and forge more formal, specific and valuable relationships with customers and suppliers in their target markets outside the UK? It’s not always easy, but here are some practical steps that can be taken to start you off on the right foot.
Here are my top ten tips:
Being prepared at home is critical too. It may be the ideal time to reconsider the spread of responsibility within the core business and re-purpose some members of staff to take on some of the crucial tasks.
Scottish businesses have clearly demonstrated their capabilities, and we have a long history of heading overseas to make our fortunes. We are visionaries, innovators and hard workers – so why should we be contained by borders?
Gareth Magee is a partner at leading accountants and business advisers Scott-Moncrieff, which, through its membership of the Moore Stephens network, helps Scottish businesses realise their international potential.