SMEs: what to consider when going global?
Which sectors to consider?
- Electronic and Electric - an expanding middle class in emerging markets and adoption of technologies related to 5G, autonomous vehicles, AR/VR (augmented reality/virtual reality) to provide a boost
- Machinery and Equipment - supported by a rise in infrastructure capex in emerging markets.
- Chemical - helped by an acceleration of global trade in the second half of the year.
Useful tips when going global
- While there may be tens of regions that could lead to increased profits for your business, expanding too rapidly is rarely a good idea. It drains resources and reduces overall quality. Do your market research and target a zone or zones with clear-cut potential.
- Understand your market – from demographics and consumption culture to legal systems and government benefit initiatives – and don’t underestimate the productivity and creative power of a localised work environment.
- From offerings to processes, adopting the latest innovations and technologies is imperative for SMEs wanting to successfully expand abroad. It bolsters efficiency and improves market-entry speed, an area in which SMEs often lag.