September 15, 2010

Is Your Business Globally Competitive?

The international market holds a wide-open door of opportunities for small businesses. Even home-based businesses have as much chance now to enter the global arena. The reality is, expanding into the international scene is a step most entrepreneurs are hesitant to take. Not because they do not believe in their products or services but because of lack of confidence in taking the next step.

The question is, how would entrepreneurs know when they are ready to go global? What signs are there to watch for to be sure that they are not entering into this lightly or haphazardly? Truth be told, there is no sure-fire way to tell whether you're ready to break into the international scene or not. However, there are ways to gauge whether your business can survive globally.

Here are some questions you need to ask yourself:

  • How does the quality of my products compete with its international competitors? Do I have high-grade products or does it fall short of what consumers expect?
  • Would the country I'll be exporting my business to accept my products or are there limitations to it? If there are, what are those and how do I plan to overcome it?
  • Have I analyzed the competition fairly thoroughly? What edge can I offer to make consumers shift from what they're currently using to my goods and services?
There are numerous potential for a business to thrive in the international market. The trends in globalization ensures that there's a chance for small businesses to expand and taking this chance may mean considerable uptick for your business. However, before taking the plunge, make sure that all grounds are covered for a fairly smooth transition.


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