When an organisation is looking to expand their business to foreign waters, it is called internationalisation. This can be the big break that your business needs. One tip is not to rush through this and ensure that everything is in place ready to just go live. To ensure your internationalisation runs smoothly, there are a few essential factors you need to consider before committing. This mustn’t be rushed as you want to get everything right to make the best first impression possible. In this article, we will go through these factors.
Analyse Your Supply Chain
In recent years, logistics have been an issue, especially with supply chains. One factor that you should analyse is your supply chain to see how expanding your customers will affect your existing supply chain. Due to your business expanding to new countries with more population, it is only natural to have more customers if the process is made successful. Due to the increase in customers, this can put a strain on your supply chain meaning that they may not be the best choice anymore. No matter if you have issues in your productions, packaging, transport or any other stage, it will need to be fixed before you go live.
The best way to do this is to go through each and every step of your supply chain and analyse whether things are realistic or not. From here, you should calculate your top figure in the amount you can sell/make until the business has the facilities to do more.
Adapt Your Website
If you are an online business or have a site that is ranking well, the worst thing you can do is to create a new website for the new countries. This will ensure that you lose all your rankings and any authority that you may have had on your site. Instead, the best thing to do is register a “.com” website and then create subdirectories for each of your different countries. An example of this would be “insurance.com/us” for America and “insurance.com/au” for Australia. By doing this, it will ensure that any trust and authority the main site has, will be filtered through to the subdirectories. This will ensure that the language and currency are correct for people visiting from the site wherever in the world.
Get Credit Insurance
Protecting your business should always be at the forefront of your mind at all times. To protect your business financially through your internationalisation expansion, it is essential to have the correct insurance. If you are an organisation that sell products or services on credit, then it is essential to seek help from a credit insurance broker so they can help you get the most relevant cover for the best price.
Once you have credit insurance, it will protect your business against your debtors that can’t or won’t pay their cover or become insolvent. This leaves you to get on with what really matters, growing the business without having to take into consideration of financial risk.