Numerous misconceptions and myths float around becoming an international strategy leader. Running a business domestically is way different than operating the same, internationally. The vast differences in the laws of the land of the country of business origin, and the countries you have later expanded your business to, throws a different set of challenges at the job position of an international business strategist.
International business strategies differ from the domestic business strategies by a wide margin. It becomes a completely different ballgame when you take your business to the foreign markets.
Thinking of Becoming an International Business Strategist?
There exist very few international strategy professionals worldwide, compared to domestic strategists. A majority of business managers, and the so-called strategy experts on foreign market laws, come out as ‘unsuccessful’ at giving effective advice.
As a strategist working for the domestic markets, no matter how good and successful you have been in the past, a plethora of factors are needed to be taken into account when traversing to the foreign markets.
As bonus, we would like to advise the aspiring strategy professionals to take up the best business strategy certifications available online to upgrade their industry skills, and to remain relevant in the job market.
4 Strategy Essentials to Consider Before Entering a New Market
Foreign Trade Laws
Taking your business international means, you now are required to adhere to both, the domestic laws and the international laws of the trade. As a business entity, you first need to conform to the laws pertaining to the local market.
Provided that you are completely adhering to the trade laws of the geography, wherein the company incepted, it becomes equally important to consider international laws at the same time.
An intelligent strategy professional would make sure to confirm adhering to both, the local and the international laws, simultaneously.
Refrain from Violating the Rules
A strategy leader proficient in carving out an effective international business strategy framework, would obey the rules of the land, across the geographies, to which the business has spread its paws.
The adherence to the trade laws should be conformed at all the three levels – the local market of the country of origin, the international markets, and the local market in the foreign land.
Unless the business happens to be a conglomerate, employing thousands in workforce, and benefiting a vast population across a number of countries, it will be put to serious scrutiny by the federal trade divisions.
With no preferential treatment, or a government backing, even a minute breach can put the business into a serious trouble.
International business strategists, therefore, must be fully compliant to all the applicable trade laws across various geographies, wherein the company operates.
Each Market Must be Assigned a Unique Strategy
International strategies must not be simply an extension of domestic strategic blueprints. Organizations seeking expansion to the foreign markets must consider comparing the similarities and the dissimilarities between the two different markets – domestic, and the foreign.
The market similarities would not help in bringing business success, until there are made alterations in the strategy to be applied to the foreign markets. As a strategist, you will need to take the foreign differences into account.
Instances from the Real World
TV commercials that run in the primetime in the US are always different than those aired during the primetime shows in the UK. Despite a deep cultural and historical similarity between the European countries, companies make use of different strategies to keep the local audience engrossed to their product lines.
All that is needed to be done by the international strategists is that they need to find the best way to showcase a product while keeping in mind the similarities and dissimilarities among the different markets they enter into. It eventually, will help exploit the most out of all the markets.