Think Global Act Local – What’s your Market Entry Plan?
Expanding a business into a new country can be a difficult task, particularly if you don’t plan accordingly. Many business owners and CEOs, looking to enter the UK market, believe that setting up the actual infrastructure is the most difficult part of the process.
If you strategically plan the expansion well in advance, you can significantly reduce your expenses and establish a strong foothold easily. If you don’t plan very well, you could end up wasting extra resources and fail to make an impact when you launch your business here.
There are some key considerations that would help any new business planning to move to the UK. I will cover them below. For specific help on business strategy join my network and let me know what you need so that we can collaborate on your business venture.
If you are planning to expand your business to the UK, the first question you need to ask yourself is Why?
What does your business offer that would be in demand in the British market? Are your products and services unique with no other competitors at the moment? Why do you want to expand into the UK in particular and not some other European country?
A little introspection can go a long way for the success of your expansion into the UK market.
I always encourage my clients to go over the reasons why they want to come to the UK. It is a good way to understand your strengths and core offerings. It also helps you identify the opportunities in the market which is very important for long term success.
Once you know what will make you successful in the market, the next step is to identify any threats that can lead to failure. Businesses in the UK are very quick to adapt to new challenges. I always tell my clients, never to underestimate local businesses.
Competition is very stiff here and you need to set aside a good budget for marketing, advertisement and more importantly implementation of your operational plan. You will need to start promoting your brand before you launch and push for it aggressively, at least during the first year.
Another area that new businesses struggle with is Recruitment. Many choose to bring their own management team. This has proven to be a challenging outcome in some cases. Not that I want to harp on it but here’s a perfect example.
Businesses coming to the UK also rely on recruiters that sometimes mismatch expectation of talent. Let’s not forget that recruiters’ motivation is mainly their commission so they do not always have your best interests in mind. Recruitment selection is definitely one industry that needs disruption.
Nevertheless if you are looking to recruit some quality people, Global Front Room partners with quality talent experts and has a lot of talent in our network.
A foreign management team, unless they have lived in-country or abroad and can adapt to their new environment sometimes don’t understand local business practices and customs. In many cases they try out marketing ideas that have already been tested and failed. In some cases, they bring something so new and revolutionary that it just doesn’t click with the public.
There are some exceptions in the case of highly technical industries, particularly with Japanese companies or Asian cuisine businesses. However, if your products or services aren’t unique or limited to a specific culture or area, they can be copied. Local businesses will adapt and outperform you with their knowledge of the market.
So what is the solution? Have a balance between home team and local management team. They will take your product or service and apply their experience of the British market to create a successful brand.
In order to recruit a competent local team, you will need to be well connected and have a good social network. If you are planning to expand your business to the UK, we can help.
Global Front Room is a recognized business consultancy with an experienced management team. We can help you connect in the local market and recruit a capable team that can help your business establish a strong foothold in the country.
We can help you
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