SMEs And Startups Have to Tap Into The Global Market
The current buzz is “GOING GLOBAL”.
It is time that SMEs and startups break open comfort zone in their cities, states, and the country to forge new
territories and be counted in their might.
International expansion provides an array of advantages and opportunities for SMEs and startups to tap.
As more and more nations begin to modernize, it becomes a natural growth progression for SMEs and
startups to foray into international markets.
Why sulk when technology is available and substantial population centers swear by it?
Companies can seize the chances that may not be available in their home regions. Above all, it is the right
means for income stream diversification.
Of course, those firms who do their homework to orient their business strategy toward global market strategy
emerge winners. They can bank on innovation, technology, product adaptation, service orientation,
collaborative ventures to be successful in the current wave of globalization.
The challenges do not end there. They also have to take into account competition, logistics, documentation,
distribution, and collaboration with larger domestic players.
Why wait when technological advancements and declining trade barriers are integrating the world economy,
paving the way for small firms to tap the global market in a quick yet effective manner.
Cutting across the urban and rural divide, these small firms have played a catalytic role in entrepreneurial
activities across the country. Now it is their turn to foster socio-economic development and transformation
on a global scale.
Example: Indian startup BYJU’S had a humble beginning in 2011. Today the Bengaluru-based startup is
valued at $18 billion, making it the world’s most valuable educational technology company.
The necessary tools to go global:
• A global outlook
• A solid revenue base
• Sound logistical planning
• Forward-looking fiscal planning
• Understanding international competition
Tips for expanding globally:
Choose the market wisely:
Research before making a huge leap.
Start Small:
It’s tempting to make grand growth plans. But it is better to take measured steps first.
Know the local laws:
The new market is likely to be intricate, complex, and different from the system you’re used to.
Learn local culture:
Knowing the ins and outs of local culture is the first step to success Last but not least, those firms who speed up their learning curve to engage with their target audience win the race. Agree?