- 1 Building a small business
- 2 7 ways to expand your reach
Building a small business
Any entrepreneur or business owner can tell you that taking the risk and starting a business is no small feat, it requires commitment, risk tolerance, tenacity and perseverance, amongst other things. Moreover, establishing a loyal customer base and credibility within the market in which you operate may take time. Apart from financial resources and support, building a business requires some sort of knowledge and understanding of your industry and both the internal and external factors that may influence your operations and success. This is not to say that one may only start a business in an industry that they are qualified in or have experience in, only that the necessary research and training as it relates to the industry is recommended.
The most successful small businesses generally have a unique selling point, something that differentiates them from others in the industry, which ultimately also gives them a competitive advantage. In the advent of technology and easier global communication, any small business can grow and start operating internationally. With the wide selection of e-commerce and international delivery that currently exists, small businesses can indeed establish a global footprint.
7 ways to expand your reach
Due to the fact that most global transactions use the USD as the reserve or base currency, one must evaluate the profit projections with that in mind, as currency conversions have to be made for global trade. Therefore, forex trading’s impact on US businesses is undeniable, as the USD often has the upper hand over most currencies because of how active it is in global trade activity. This is why in expansion plans, many businesses often target the US as a nation in which they wish to operate. In this day and age, it is highly possible for a small business from just about any country to achieve this, with the right guidance and strategies in place, some of which have been stated below in no particular order.
While it is true that not all businesses can introduce e-commerce options, 2020 proved that just about any industry can pivot and reach a wider audience through e-commerce. This applies to both service and product-based businesses, as customers can order online regardless of their location, thus eliminating the need to have to physically visit your headquarters or offices as a small business.
Collaborate with other global small businesses
A lot of people tend to overlook the power of collaboration, which can be extremely beneficial for those looking to expand their reach. As a small business, you could work out a mutually beneficial agreement with another small business that offers complementary services or products in a country that you are looking to establish yourself in.
Establish a competent team
In most cases, a one-man team has limited abilities and can only do so much, however, enlisting the help of competent and committed team members to be dedicated to a certain aspect would yield better results.
The power of social media cannot be denied. Many online businesses have been established on social media and have grown to become multi-million entities. Social media allows you to reach people from all over the world and showcase your offering; moreover, you choose how you want to present your business in the public eye.
Be present in your community
Today, social media is any entities extended community, but let’s not forget communities and what can come out of it beyond this. Except for building a strong online presence, it is important to know your local peers both offline and of course online. Take any opportunity to join seminars and network in fields directly attached to your business but also look at this from a broader point of view and engage in topics such as finance, technology and similar, that can have an immediate effect on your business. You can learn about best practices and what works in other regions or countries by doing this, which can be very helpful in future expansions.
Outsource when you do not have resources
It is very common that your expansion and efforts to reach your targeted market leads to role expansion and having your staff and team both juggling social media, SEO, paid ads or similar. Outsourcing can be a great way of unloading staff workload, but when done right, it usually also leads to new contact points and long term collaborations. This is in fact a way for you to extend your network and also to exchange ideas with professionals from outside of your enterprise, giving you valuable insights to what you could do different or better through a global network of professionals that can support your team.
Ensure all processes are in place
Once you have successfully reached your target market and convinced them to place an order or use your services, ensure that you will be able to meet their expectations and demands. For example, if you haven’t established how to go about delivering your products abroad, it is useless having successfully convinced someone to give your small business a chance if the necessary processes are not yet in place.