A lot of firms stumble in the process of internationalization of their
business, identifying the right partners and the exact process to
achieve success in a new market. Hence the question most CEO’s and
business owners deal is with to whether they internalize all the
activity or find the right consultants or international advisers help
their businesses succeed outside of their current markets.
There are several process and cons in both approaches to market entry consulting. Having an internal business growth team helps having tighter control over the entire process and ability to quickly adapt and learn to achieve the desired results. However the pitfalls are a biased approach to a new market, existing success methodology-which might or might not work and steep learning curve required by an existing team
An external market entry consulting firm or consultant will add a lot of value in terms of market knowledge, proven process, track record and access to key decision markers that will help a business hit the ground running in a new market
A lot of small businesses hit a plateau in their growth within a particular region, product and/or service offering. The key challenge is to constantly evaluate the state of the business and ask the hard questions as to how the next wave of growth will occur in the business. Rather than this being an internal dialogue within the business it’s essential to get all the key stakeholders- customers, employees, partners and vendors involved in the process and provide their input.
A simple example could be taken of a local laundry mat or drycleaners. How does the business grow from say an existing customer base of around 500?
A business advisor talking with the business owner and other stakeholders can help define the existing challenges, current capacity, staffing needs and opportunity for the business. Will a new marketing channel help the business acquire new customers? How are the other competitors in the neighborhood doing? A simple survey of existing and former customers will defiantly add insights of how the business can be improved. Maybe the customer have taken deal offers in the neighbor to be granted and are keen to goto the laundry service with the maximum discount, or maybe the flyers of the service need to be provided at places with high foot traffic, prompt home delivery of clothes is something customers value and don’t mind a little bit extra.
A existing business owner sometimes need a fresher perspective of his/her own businesses to gather insights. A small business advisor offering that will certainly be in demand and can build a sustainable business of adding value to those types of clients...
There are several process and cons in both approaches to market entry consulting. Having an internal business growth team helps having tighter control over the entire process and ability to quickly adapt and learn to achieve the desired results. However the pitfalls are a biased approach to a new market, existing success methodology-which might or might not work and steep learning curve required by an existing team
An external market entry consulting firm or consultant will add a lot of value in terms of market knowledge, proven process, track record and access to key decision markers that will help a business hit the ground running in a new market
A lot of small businesses hit a plateau in their growth within a particular region, product and/or service offering. The key challenge is to constantly evaluate the state of the business and ask the hard questions as to how the next wave of growth will occur in the business. Rather than this being an internal dialogue within the business it’s essential to get all the key stakeholders- customers, employees, partners and vendors involved in the process and provide their input.
A simple example could be taken of a local laundry mat or drycleaners. How does the business grow from say an existing customer base of around 500?
A business advisor talking with the business owner and other stakeholders can help define the existing challenges, current capacity, staffing needs and opportunity for the business. Will a new marketing channel help the business acquire new customers? How are the other competitors in the neighborhood doing? A simple survey of existing and former customers will defiantly add insights of how the business can be improved. Maybe the customer have taken deal offers in the neighbor to be granted and are keen to goto the laundry service with the maximum discount, or maybe the flyers of the service need to be provided at places with high foot traffic, prompt home delivery of clothes is something customers value and don’t mind a little bit extra.
A existing business owner sometimes need a fresher perspective of his/her own businesses to gather insights. A small business advisor offering that will certainly be in demand and can build a sustainable business of adding value to those types of clients...
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