With the invention of the internet and its place at the heart of modern society, it’s easier than ever to expand your borders and take your business global. You could be selling your products worldwide with just one website and a strong brand reputation.
When it comes to operating a business overseas, you need to be creative and work hard to attract customers. Are you reaching customers overseas who could make good use of your products? Unless you’ve done the research, you can never be quite sure of this. Here are a few strategies to help your business grow in an overseas market.
How’s Your Sales Cycle?
When you’re selling to customers you know, and their delivery addresses are in the same country as you, when does their business tend to drop off? When you look through your profit margin, you should be able to notice patterns. It could be during the summer or, maybe, it’s during the winter. Maybe you have a big spike around holiday seasons and have to make up for lost profits during other times of the year.
Knowing the ebb and flow of your sales cycle can help you to fill in the gaps. A product that doesn’t sell well during the winter in your country might sell much better during the winter in another country. There’s a world of possibility out there, and you’ve just got to do a bit of market research to find out!
What’s Impacting Cash Flow?
A low cash flow doesn’t always mean there is a lack of customers. It may not even be because of a lack of manpower or a bad or mix-messaged advert. It could be because of the currency. A country could use a different currency to another currency, and the conversion between the two sees you bringing in fewer profits.
That’s why, in ensuring you’re operating well abroad, you should be using specialized bank accounts. For example, you could send money to the Philippines using an established, stabilized inflation and conversion rate. You probably wouldn’t find this at your normal local bank. In a typical bank account, the fees alone could be putting you off from accepting anything other than USD. That’s a big problem for a modern business!
What are You Risking?
What are you risking by not taking your business internationally? Sure, your website is available in multiple countries, but have you put any special focus on this? If not, you could be risking the growth of your business.
Being so focused on one market makes you reliant on it. Yes, you may be making a profit, but you can also become so comfortable you miss a whole window of opportunities. Take a look and see where you can take risks and take advantage of operating your business overseas.
If you are thinking of growing and expanding your business, consider opening the doors to customers abroad. Remember, you can do this without even having to leave your backyard. What you can potentially gain from doing so you can take your business to a whole new level. Here’s to YOUR success!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Leadership, and Life Coach. She is the Chairwoman and CEO of Infinity Coaching, Inc., where they help you up-level your skills so you can up-level your income. Infinity Coaching, Inc. provides one-on-one and group coaching, organizational training, and personality assessments. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator (MBTI) Assessment. You can find out more about both assessments and other products and services athttps://infinitycoaching.net.
