Small businesses are the lifeblood of the US economy, accounting for around 45% of the country’s GDP. However, its contributions are falling, as larger businesses expand at a quicker rate overall. One of the chief reasons for this imbalance in growth is the leveraging of international business opportunities – something larger businesses have the capital to do with ease. But even smaller growing businesses can tap into a global market. Here is why – and how – they should.
Regular International Contact
Your first tendrils of contact with international businesses will form the foundation of your global efforts, expanding your network to include new ecosystems of contemporaries, competitors, clients and potential partners. Beginning this process can be daunting – but is nonetheless important to invest in properly.
Rapid improvement of remote conferencing software has made making new international relationships more accessible, but face-to-face meetings are incalculably more valuable for long-term partnerships. As such, investment in regular private jet charters from organizations like Vista Global can ensure seamless international travel and regular meetings with industry leaders around the world.
Attracting Global Talent
Going global is a two-way street, and outreach can pay dividends for growth in ways you may not expect. In telegraphing your intentions to expand into new international markets, you make your growing business more attractive to high-quality workers in other regions. By opening up the possibility for remote work – or fast-tracking the institution of international branches – you can facilitate your continued growth with the hiring of experienced international talent.
This is myriad benefits for your business beyond the simple expansion of your team. You can tap into localized expertise in new regions, expanding the skill set of your business and ensuring longer-term success in new markets. You also improve the diversity within your business, meeting key metrics for progressive business growth.
New Revenue Streams
Expanding internationally can also have positive existential repercussions for your business, where having the resources and logistics to enter a new market might reveal new revenue opportunities. Such streams of income could be contiguous to your existing offering, representing a more lateral approach to business growth. New regions could be underserved by your existing competitors, or you may find it profitable to act as a supplier middleman to smaller local businesses offering the same service.
Increasing Brand Equity
Gaining a foothold in a new region can be difficult, though, even with the requisite connections and partnerships. It is important that you build a valuable relationship with customers local to that region, a task made more difficult by your relative youth in said region. Improving your band’s equity in a region is a vital process for ingratiating your business on a local level; this can be done with a measured approach to marketing and customer research.