How Prepared Are You For International Expansion?
I assumed Regional CFO and also Group CEO roles in my past corporate career, having helped some companies expand overseas.
Lately I received some enquiries from some business owner friends who have done well in Singapore, and who are now ready to expand overseas, asking me for pointers they should consider or pitfalls to avoid.
After assumed many senior regional corporate positions in the past, I can summarize my experiences in this area into 4 useful Pointers in layman’s term.
Spending time on these 4 essential Pointers before expanding your business can significantly reduce the risk and costs, as well as increase the success rate of your internationalization plans:
1. Know Your Reason
Define the exact reason for expanding your business oversea. This will help you to develop a tailored market entry strategy and helps to set the right expectations to company stake-holders.
2. Know Yourself
ie your USP, whether you have a Solid Foundation at Home, how much Cash are you prepared to “burn” overseas, etc
3. Know Your Target Market
Research the target market thoroughly :
i.e. Legal aspect, Culture aspect, your Competitors, Ease of Talent recruitment, etc
4. Know Your Strategy
i.e. Take Baby Steps overseas ( don’t rush ), find an International partner if it helps.
Hope the above “tips” help you in your coming expansion overseas.
If you need help, feel free to contact us at :
(O) +65 63851011
(M) +65 90880669
