Often thought of as reserved for large, established corporations, exporting goods or services internationally has potential for all. However, the task can feel daunting for SMEs. Where should you begin? Here is some advice on the sectors and countries you should consider when going global.
Where to go and not to go?
Which sectors to consider?
- Electronic and Electric - an expanding middle class in emerging markets and adoption of technologies related to 5G, autonomous vehicles, AR/VR (augmented reality/virtual reality) to provide a boost
- Machinery and Equipment - supported by a rise in infrastructure capex in emerging markets.
- Chemical - helped by an acceleration of global trade in the second half of the year.
Useful tips when going global
- While there may be tens of regions that could lead to increased profits for your business, expanding too rapidly is rarely a good idea. It drains resources and reduces overall quality. Do your market research and target a zone or zones with clear-cut potential.
- Understand your market – from demographics and consumption culture to legal systems and government benefit initiatives – and don’t underestimate the productivity and creative power of a localised work environment.
- From offerings to processes, adopting the latest innovations and technologies is imperative for SMEs wanting to successfully expand abroad. It bolsters efficiency and improves market-entry speed, an area in which SMEs often lag.