International and Global Business
By Michael Marshall, PhD
What is this?
Why is this important?
Does your business have products, services, knowledge, technology, capabilities that can be promoted globally?
Do you need to import products, services, knowledge, technology or capabilities that would help grow the business and be more profitable?
How to get competence in this?
How to get started with international and global sales?
Many books are written on this subject and there are many universities with extensive educational curriculum on this, as well.
I have written business articles on this previously.
This article will briefly explain current information about international and global business.
All businesses no matter of size, products, services, technology and capabilities need to evaluate if they have any potential for extending their business globally or if they can import such to help grow their business.
Keep in mind that businesses from all over the world are expanding their sales into many countries as well as importing in products, services, capabilities, knowledge and technology.
In today’s global world, most businesses now have competition from many countries and there is a good possibility that many businesses can be integrated internally with several things globally.
In actuality, most businesses have already started being integrated internally globally.
Look at your office furniture, office supplies, equipment and look where they have been made.
There is a good chance you have already started becoming global but global goes far beyond just products.
Without efforts to become global, your sales and growth will be limited to local.
Not all businesses with their products, services, technology and capabilities are good candidates for expanding their business globally but there are so many that are that have not realized it.
How can businesses investigate if they have potential to expand globally?
There are many resources.
1. Most countries have commerce departments that help their businesses to expand globally and develop important strategic alliances.
In the US, the US Department of Commerce assists US businesses to do this.
2. Local Universities and colleges especially those with an International Business curriculum and department
3. Business consultants specializing in international and global business
4. Ask your own commercial bank
5. National and International Trade Shows globally
6. Trade Associations
What are the issues and challenges that you will need assistance with?
1. Finding and developing strategic alliances
2. Developing sales channels
6. Payment terms
8. Language differences
9. Cultural differences
10. Customs differences
11. Time zone differences
12. Regulations and laws
13. Taxes and tariffs
14. Shipping logistics
15. Special packaging
16. Special labeling
17. Formal documentation
18. Political issues and changes
19. Preventing theft of technology and proprietary information
20. If patent protection is needed, coordinate with international, US and other patent agencies
21. If copy right protection is needed, coordinate the same
22. Transfer of financial monies or payments
23. Making sure you get paid or collect monies due
24. And other things
What support services and professional people are there to help you with all of this?
1. International Brokers
2. International Agents
3. International Independent Representatives
4. International Distributors
5. International Trade Attorneys
6. International Bankers
7. Freight Forwarders
8. Commerce Department
9. And more
The cost can be incorporated into the pricing.
What is in it for you and your business to expand internationally and globally?
1. Business growth
2. Increased sales
3. Increased profit
4. Positioning business to be more marketable
5. Expand into new markets
6. Expand into new geographical markets
7. Positioning business to have greater advantage over competition
8. Possibly position business to attract larger and more customers/clients
9. Increase capabilities
10. Your competitors may already be doing this and putting you at a disadvantage
11. And more
If you do have potential for expanding globally or you have a need to import some products, services, technology or capabilities, you need to proceed in doing so.
Do not think your business is not big enough. This is a false belief that will hinder you.
Other countries are motivated and aggressively supporting their local businesses to expand globally as well as import products, services, knowledge and technology.
Let the above resource list help you determine if you have the possibility to expand globally; exporting or importing and how to accomplish it.
It is easier and less cost than you can imagine.
There are many resources and people who can assist you being successful.
Do not think that only large businesses with more staff can do this.
I have met many individuals specializing in international business from large companies that did not know that countries have different time zones, different currencies, and different languages.
I can assure you that you can have far more competence than this by utilizing the list of resources in this article.
The world is a big place.
What countries may have a need for your products, services, technology, knowledge or competence?
Where should you start?
Again, the list of resources can assist you in this.
Countries with a high need for your products, services, technology or competence of course will be targets for efforts.
‘Gateway countries’ may also be good targets.
These are countries that border larger regions where commerce and business routinely flow through them into the larger adjacent region.
Global alliances will be the key to your success to expand globally.
Again, are there concerns, challenges, and possible issues?
Yes, but again utilize the support resources that can help you manage these.
I caution you not to approach global expansion without proper professional support and professional guidance.
There are many things that you can do wrong due to ignorance and not knowing better.
I have many stories of such that I can share with you.
Proper professional support will help you proceed effectively and be successful.
International business is simply, the selling to and buying from other countries.
Global business is more detailed integrating the internal operations of business, globally in a variety of ways.
The possible integration of products, services, technology or capabilities from some other countries into your business has the potential of helping grow your business significantly.
Hopefully this brief business article has motivated you to go forward to investigate your potential to expand globally.
Feel free to contact me for further assistance.
Michael Marshall, PhD