Both of these areas require cost outlays and uncertainty. Moving your products into new categories or demographic segments requires market research, beta testing and new marketing strategies, i. Management of new remote locations may absorb significant time and attention.
Companies that consistently penetrate new markets and countries tend to be strategic, meticulous and logical in their approach. InI founded Avigilon Corporationa high-definition video surveillance company based out of Vancouver, Canada.
From the beginning I knew Avigilon Corporation was going to be a global company.
The video surveillance industry at the time was predominantly outdated. So many government agencies, airports, financial institutions and other organisations where high-quality surveillance is essential were relying on grainy, analogue video cameras. We were able to create an innovative end-to-end HD surveillance solution that delivers superior image quality, has a user-friendly interface and is cost-effective.
With so many industries that could benefit from HD surveillance, there was not only a market for it locally in North America, but also a tremendous opportunity to eventually expand our client base overseas. The question now became: We crafted a detailed plan of how Avigilon was going to penetrate the global economy and today, Avigilon is a profitable, publicly traded company that sells high-definition surveillance solutions in over 80 countries across the world.
This is how we did it. Thinking big People in other countries have similar needs to people in your home country so why limit yourself? For Avigilon, selling our products globally was always part of the plan.
The majority of the business for the first company I founded, QImagingwas outside of Canada. In order to maximise revenue, business leaders need to think internationally and build products or services with a global perspective from the onset.
This frame of mind will open an organisation up to new opportunities. Focusing solely on a local market will result in products or services that will only resonate with a single audience, making it difficult to take a product or service abroad.
While it is important to think and plan globally from the get-go, business leaders must first focus on succeeding in their primary market. There is no sense in reaching out internationally with untapped local territory. Global expansion should move in a controlled, logical progression.
At Avigilon, we simplified our global growth by breaking things down and focusing on low-hanging fruit — the items that were easiest to tackle — first. As a Canadian company, we were eligible for Nafta and it made sense to develop our North American market first. However, we included the UK in our initial plan because of our common language and similar common law.
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Our strategy proved to be a success. We were fortunate to be profitable within our first 18 months and were able to expand quickly. When expanding globally it is important to be financially stable with a positive cash flow, or at the very least, have solid financing.
A good base of business and sustainability are a necessity before venturing into new territory. When a company has difficulty in its native market, often it will have an even harder time abroad and this can be a recipe for disaster.
Global growth With the success in our initial key markets, we started planning for our next phase of growth. We used our presence in the UK to expand into continental Europe and at the same time started to expand into Latin America, the Middle East and Africa.
It is important for CEOs to progress gradually.BUSINESS PLAN Global Financing Facility in Support of Every Woman Every Child May Global Markets Business Plan Template 1. Business Development Plan Global Markets Business Coaching Strategic Planning for Successful International Expansion Walter Adamson.
A Study Of Telecom pinki_moti. International Business Plan Global Negotiator. International Business Project bill balina. DECA International Business Plan . International expansion is often seen as one of the best learning experiences for business owners, as well as an enjoyable travel opportunity for you and your family.
Don’t forget that you are your most important business asset and that your business must be satisfying and fun. Before you set one foot on another shore, read these tips from an international business expert to improve your chances of global success. What challenges are you facing? Ensuring that you carefully go through each step is the best way for your business to succeed on its journey to international expansion.
International Expansion is a guide to international business expansion tips and training courses from around the world. Although started in Chicago, this site receives contributions from our global representatives in Oslo, Manila, Shanghai, and from time to time, from many other locations.