North East Businesses Must Think Smarter For Overseas Success

3 January 2008

As the saying goes, the world is our oyster and this has never been more so than now for companies in the North East. As a growing number of organisations rush to capitalise on the booming economy by expanding overseas, many are relocating to new regions without putting the necessary business foundations in place.

While it is commendable that local businesses have such stretching ambitions, it is essential that organisations take a smarter approach to their growth plans. It is vital that they take the time to carefully plan their expansion and consider exactly what steps need to be taken to ensure they are robust enough to cope with such a challenging prospect. In neglecting to do this, many organisations are setting themselves up for a fall.

To successfully expand into overseas markets, companies must take time to ensure the climate within their business is right. They need to be certain their existing business will continue to run smoothly while attention is focused abroad. As well as this, managers must have an in-depth understanding of market demands and requirements in the new location - just because their business model works well in the north east there is no guarantee it will be a success elsewhere.

Some of the most common downfalls to a company's growth are internal. It is essential that the senior management team is heading in the same direction and has agreed clearly defined objectives for the expansion. Once they have a united front they need to decide how they will measure their success and identify the key part of their business that will set them apart from the competition and be valued overseas by potential customers.

Milestones for implementing the expansion then need to be agreed. And all the potential constraints considered. It is often during this part of the planning process that risks that could jeopardise the expansion are uncovered. Through this, key steps that need to be taken to minimise those risks can be planned. Frequent hurdles include: information flows, internal group dynamics and processes.

Only once these issues have been identified will a company have a shopping list for growth. There is no fast track to success and it will take a company time to work through these actions. It is through careful planning that the organisation will be given the best chance of building its profile on the international stage.

Roger Thomas is an Associate at Facilitators International LLP where he specialises in coaching and mentoring management teams. He can be contacted on 01224 628370

Further Information

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