It is very serious and delicate for an entrepreneur when it comes to developing his business. But what does it mean to “develop your business”? An entrepreneur can develop his business by increasing his workforce, by carrying out several different activities, by expanding his means of distributing his products or services.
The entrepreneur must question himself, question his business model to get ideas on how to grow his business. It is also very important that the entrepreneur asks the right questions and finds the right actions to take to develop and grow his business.
Are you looking to expand your business, and position your products and services in other markets? There are many parameters to consider in achieving your objectives: to enable you to transform the trial and ensure good development prospects for your company, follow these few tips and useful information to get started in the export market and think about multiservice companies to support you on site.
Establish an international presence through local companies
In general, and whatever your sector of activity, it will be highly recommended to prospect directly on site, in order to establish faster contacts with your future partners. The benefits to be gained from such an experience are multiple: development of a trustworthy network / relay, analysis of logistics and local warehousing, testing of your marketing strategy, etc… Thanks to this first field experience and long-term work, you validate a specific approach to the market you are targeting, and you consolidate your future management needs.
In fact, this experience should enable you to determine the best solution for the sustainability of your business and your company: should you export or more directly, establish yourself abroad? In the first case, the extension of an activity abroad may involve the creation and establishment of local structures. This will allow you to minimize the legal, cultural and administrative barriers of the country to which you wish to export your goods, product and/or services. However, if you wish to trade within the borders of the European Union, you will be required to produce a monthly document describing all movements between Member States.
To develop, adapt your company to the expectations of local companies
If the nature of your activity naturally implies a physical establishment of your company abroad, make sure you have a good prior culture of the local market, which has its own technical and cultural constraints. Indeed, depending on where in the world you decide to set up a relay for your activity, you will be confronted with different needs and expectations, without mentioning the possible competition from the local market. Always plan to bring back a sales concept that is adaptable to standards, internal approval procedures and other quality controls. In some cases, you will be forced to make an evolution to your original product in order to be able to market it for export.
Consolidating similar activities at the international level may also be an option, provided that the necessary liquidity is available. A successful example of French-style success, the Atalian multi-service family group is now present in nine European countries, as well as in Lebanon and Morocco, and is preparing to acquire a local cleaning company in Turkey.
Create local decision-making centres to ensure the company’s successful international development: multi-service companies
Wanting to export internationally does not mean dispersing skills and chaos in the sharing of responsibilities! When your company is well established abroad and your business is starting to grow, consider setting up decision-making centres on site to ensure the proper international development of your business. The objective here is to develop skills and knowledge at a national level, which can then be used at a local level when transferring skills abroad.
Multi-service companies allow you to free yourself from certain tasks abroad while benefiting from professional know-how. This strategy is ideally recommended for new and/or small companies at the first stage of an internationalization process.
The idea here is to limit internationalization to only a few countries, in order to optimize structural and coordination costs. So, whatever the size of your company and your ambitions, keep in mind that you should ideally rely on the technical, human and organizational resources of your parent company or a multi-service company. The objective is to enhance both the skills acquired and their value in the various local markets. Your success depends on these various adaptability factors.
Make an inventory of your activity in relation to local companies
– What are the strengths and weaknesses of my company?
– How is my offer positioned in terms of quality, price, innovation, benefit for my customers….
– What are the associated and additional services that make the difference?
– How is my market? its scope (national versus international), my competitors, prospects…
– How do I position myself against the competition? What makes me unique? Am I responsive?
– What are the missions of my employees?
– What is the value of my company? Efficiency, cohesion, creativity, performance, innovation…
– How is my corporate communication?
– What is my financial situation? Performance, investments, cash flow…
After having carried out this inventory, rely on the positive elements of your company to implement your development strategy.
As for the weaknesses you have identified, think about how to improve them in order to develop your business on a sound basis.
Set objectives to develop your business
Then, review the Business Model through the 9 blocks of the Canvas Business Model. This allows you to identify how to develop your business.
This is how you clarify:
– What improvement in your offer or Value proposition
– What new customer segments do you want to reach?
– What are your possible distribution channels?
– How to create an effective customer relationship?
– Are there any new key activities for your company?
– What are the key resources
– Who will become a key partner in your business?
– What are the sources of income?
– What is your cost structure?
And keep in mind that no prospect of development or improvement is too small. Even the smallest can bring significant gains.
You then define S.M.A.A.R.T. objectives:
– Easy to explain and understand
– Measurable to know when it is reached
– Acceptable to oneself and others
– Achievable by the strategy chosen according to your capabilities and environment
– Time to set it in time.
It is important to define realistic and achievable objectives, both in terms of purpose and achievement.
- Working from home and achieving success … But How? - May 21, 2020
- How to handle event cancellation due to unforeseen circumstances - March 30, 2020
- How to find sponsors for your networking event? - March 12, 2020