In my 20 years of doing business internationally, the one thing I’ve come to know is that scaling internationally is not for the faint-hearted.
Not only does it take grit, determination and a healthy dose of courage, an in-depth understanding of the risks and the intricacies of the landscape you’re launching into is imperative. In a race where only the best-prepared survive, getting it wrong could cost you millions, impact your reputation negatively and put your core business at serious risk.
There are many lessons to be learned when scaling a business globally, and often businesses and their leaders have to learn them the hard way, unfortunately.
Not only does it take grit, determination and a healthy dose of courage, an in-depth understanding of the risks and the intricacies of the landscape you’re launching into is imperative.
I was passionate about writing my new book, Decoding Global Growth, in a way that provides true-to-life examples of some of the mistakes made, and gives my expert advice on how organizations can avoid similar mishaps on their expansion journey.
I also delved into many complex factors that influence the right outcome in the global marketplace and advice on how business leaders of any organizational size can apply these practically.
Essentially, I wanted Decoding Global Growth to be a handbook for readers who want to ensure their business scales successfully, whether they are a startup entrepreneur or a seasoned CEO, and guide them on how to do this in the most efficient way possible, to save on time and money and turn their vision into a reality.
Here are four of the most common mistakes business leaders make when attempting to scale globally, and how to avoid these.
Companies need to conduct in-depth research on the local practices, values and cultural nuances of the target country, and not assume that everything in their own market will easily translate.
It is imperative for leaders to cultivate trust within their teams by mastering the art of delegation.
Leaders need to be aware and have deep knowledge of all functions of their business, from employees to the product or service they are providing their customers.
Premature scaling is considered one of the most common signs of imminent doom for a startup. The timing is crucial and that’s why it’s vital to take the time to conduct a full audit of your business to determine if it’s ready to expand internationally before making the leap.
Trena Blair
Contributor Collective Member
Trena Blair is a global business expansion expert, Founder of FD Global Connections and author of ‘Decoding Global Growth: How successful companies scale internationally’. The book has been written to support business leaders in preparing to launch internationally and is for any business looking to scale globally. It demystifies the process by taking readers step-by-step through real-life examples, with the dos and don’ts of expanding. For more information, go to https://www.fdglobal.com.au/