Six Benefits of Developing an International Business Plan; by John M. Freeborn
U.S. Department of Commerce and the U.S. Small Business Administration report that too many companies start off their export business without evaluating markets or market entry options for their products and/or services. Some companies may enjoy some level of success in the beginning with this haphazard approach, however many opportunities will most likely be overlooked. Additionally, if your company’s export experiences are unsuccessful because of poor planning, it is likely your company may abandon exporting altogether.
An International Business Plan will increase the chances that the best options will be chosen, that resources will be used effectively, and that efforts will consequently be carried through to success. It offers a step by step approach using the best tools at your disposal and the appropriate use of your company’s assets to help ensure success in this business.
Many companies do not realize that most foreign markets differ greatly from the United States. There is much to consider such as their location, social culture and religious beliefs, availability of educated and trained buyers, purchasing interests, availability of credit, foreign exchange rates, and government import controls.
Once you have decided that your company is able and committed towards exporting, the next step is to develop an International Business Plan that offers six immediate benefits:
1. Provides a “SWOT” analysis in polishing an export strategy
2. Becomes a part of the written marketing pan for the company with clear goals and objectives
3. Communicates to others the scope and nature of the plan
4. Allocates responsibilities and provides for an evaluation of results
5. Helpful when seeking allocation of funds and assets towards international business or seeking financial assistance from lenders and/or investors
6. Provides management a clear roadmap of what will be required of them and develops consensus and support to ensure a commitment to exporting
Building an international business takes time. Rarely are there any successful over-night stories found in overseas trade. The execution of the International Business Plan can ensure that you and/or your company will finish what it begins and that the hopes that prompted its export efforts will be fulfilled.
It’s Time to Think Global for small business opportunities. The following links will take you to important resources for success:
www.uschamber.com/international
Use the following link for more information on increasing your company sales through exporting contact Matt Freeborn:
Use the following link to access the latest professional small business development book series for your small business:
