In 2012, Maarten de Jeu opened doors of his consulting firm, SVM Business Advisory. The firm has a global outreach.
It advises the clients on aspects of international business. The firm ensures the clients get solutions that have results. Their clients need to have an edge in the competitive markets.
SVM Business Advisory are experts in strategy, investment, and acquisition, together with entrepreneurship.
Maarten clients are in different industries, for example, tech startups, finances and insurance, and individuals whose net worth is high. He assists the clients in the decision making the process.
SVM Business Advisory clients are in Europe, Asia, and North America. Maarten’s expertise has made him build an exemplary team that delivers in different disciplines and cultures.
His 8 tips for global expansion for any business are;
The consistency of products even overseas is crucial for success. As a business owner, to ace new market abroad, ensure the products are of the same quality. It is good to maintain the first image the client had with the product.
The number one culture to be understood is language. Especially for a business that targets the European markets. Most European countries commute with local dialects.
To avoid any embarrassing situations, Maarten advises being in touch with a local representative. With such contact, the business owner can understand the trends in that region.
Any business in the new market needs all the help. As an owner, there is a need for dedication. One way of supporting the business is hiring local employees rather than the transfer of existing ones.
Once the owner identifies the market, he or she has to consider the appropriateness of the product in the new market. To know why the product does not exist? Or if the product exists, why the market will choose the new product over the existing one. There should be an effective marketing strategy to balance the price of imported merchandise.
5) Strategic Planning
In-home country businesses may thrive without a plan. But in any global expansion, there is a need for a strategy. How to get clients the process of setting up a branch i.e., the rules and regulations, availability of raw materials all need careful considerations.
6) Import Regulations
As a business, you may hire a local counsel. He or she will have an in-depth knowledge of the rules and regulations. Counsel will recommend on avenues to follow for any imposed taxes or import controls.
Global expansion has to be backed up with sufficient capital. Remember, expansions in the new market will take time, and as a business owner, one needs to be financially prepared. Learn more: https://medium.com/@maartendejeu
To be able to achieve the goals the owners have, he or she needs to be able to adapt to the drastic changes that may occur in the new market.