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The International Entrepreneur ? 5 False Assumptions That Can Hold You Back from Global Success

international assumptions, international business, international marketing

 

I have been fortunate these past 10 years to mentor a promising international marketing professional. ?Quinn? recently went back to university to complete his international MBA. He just accepted a position in Tennessee where he will be building international channels from the ground up in B2B & B2C markets. It?s an exciting opportunity for anyone in our field of international marketing.

Quinn knew where to start when he was hired last month. He worked with engineering to define the product changes required in order to meet international standards (CE, etc.). He developed a selection criteria to pick the right early international markets where the company would focus resources (UAE, Mexico & Australia). He identified a freight forwarder who will provide the right kinds of logistic support. And he started to identify opportunities to meet the right kinds of in-country partners to facilitate business deals and new client acquisition. Quinn seems to be on the right track towards providing a solid foundation to his international expansion.

But others are often not so fortunate. What is much more common to find are one or more of the following false assumptions underlying early-stage expansion decision making. A failed international expansion can scare a company?s leadership for years away from what should be lucrative international markets.

 

Assumption #1: We are focusing on the right markets.

To get to the heart of where this assumption can steer leaders astray, ask the question ?how did we come to decide on which countries to expand to first?? In Quinn?s case some of the main factors were: one or more hot weather seasons and markets that could serve as a gateway to a larger region. Mexico is a great entry country to Latin America and the Caribbean. The UAE is closely economically linked to the rest of the Middle East. And Australia has New Zealand and Southeast Asia as neighboring trade partners.

Often companies instead choose countries where they have a contact or is a key staff member?s country of origin. Companies might follow a language to markets that really don?t make sense based on a more strategic criteria that focuses on long-term profitability.

 

Assumption #2: Our staff is ready to engage with international clients and partners.

To find out if your staff is ready, start with questions like: ?Who on staff has experience working with international clients?? ?How does staff feel about taking on international clients?? While the international expansion leader may be excited about his role, this does not mean that others share his background or attitudes.

Be sure that staff hear about the importance of the international expansion from company leaders. Informally, the international expansion leader should be having conversations to hear any concerns or questions from colleagues. After all, there is nothing worse than generating international sales leads only to have sales reps quietly leave international calls unreturned.

 

Assumption #3: Business moves at the same speed everywhere.

In my home country, the U.S., we typically create partnerships and close sales deals faster than in other countries. Now before you pat yourselves on the backs about our superior business skills and efficiency, please understand that this does not mean that ours are always well-built deals. In fact, misunderstandings and untrusting partners are far less likely to yield the same long-term profitability.

You can ask yourself, ?Does my entire leadership team understand that the international expansion will move slower than we may be used to in our home market?? ?Am I willing to invest in direct professional relationships including in-person visits to solidify and maintain strong and successful business ties??

 

Assumption #4: The same rules apply? everywhere.

Definitely no. This is one of the biggest challenges in international business. The rules most definitely change based on country and local market. Rules that change include product standards, packaging requirements, forbidden marketing tactics, expectations of ?gifts?, and how local businesspeople conduct themselves.

To prepare for these new rules, definitely do your research before that first contact. There are many sources of culture and legal information available online. There are also consultants who specialize in a particular region or country who can help.

 

Assumption #5: We already have all the answers.

There are international business professionals who spend a great deal of time staying current on how to do business effectively around the world. And they don?t even have all of the answers. What the great ones have is a strong network of resources who specialize in areas of international business and geographic regions.

As a company leader, ask yourself ?what do we need to know in order to be successful and lower our exposure to risk?? ?what areas are we already experiencing challenges?? Again, you can save budget by doing online research with reputable sources or else hire competent international expansion specialists.

Either way, your company will be much better positioned to reach its full global potential!

 

I hope you found this article useful. For more Tips and Tools from Becky DeStigter, The International Entrepreneur, sign up here.

The International Entrepreneur- How to Engage the Right International Network Connectors

business networking, international trade, international entrepreneur, International network connections can be the oil that lubricates the international business engine and allows the machine to move efficiently forward. The right overseas introduction at the right time can propel a company forward into a strategic relationship or a high-value client. Without those introductions, you feel like that high school student who never gets asked to the dance ? under appreciated, awkward and never able to live up to your full potential.

The truth is that networking is an inherently messy, disorganized business. Finding the right connections can be quite tricky. Much time can be wasted trying to meet the right potential Brazilian client and British partner. For now business relationships in most parts of the world are built on direct peer-to-peer relationships and trust built those individuals. That is different than in the U.S, Germany, Australia and other business environments where contracts are the foundation of all working partnerships and transactions. Most of Asian, African and Latin American business builds on direct relationships instead.

You have probably observed that some people are just inherently better at networking than others. You may even know a few of these ?super connectors? who seem to know just about everyone. I have seen two types ? the super connectors who trade introductions almost like currency and those who have a larger agenda to promote other services or even the success of their region. A great example of the latter type is super connector is Arlene Marom. Based in Tel Aviv, Arlene is deeply networked in to the Israeli tech community. She also networks in Europe and North America to both find her own clients for marketing services and to connect Israeli companies with international markets.

 

As a company leader, here are some ways that you can engage with the right international connectors:

Reach out and start asking smart questions

I normally ask industry contacts, ?who do you think I should talk to about doing business in Country X?? Sometimes I go through a few referrals before I find that well-connected resource. But even the well connected can have ulterior motives. Be sure to get third party validation that your super connector has a solid reputation. Then keep asking questions to learn how to do business in this new environment and who the right people are to know.

Respect the Networker?s Role & Reputation

When a network connector makes an introduction for you, they are putting their reputation on the line. It is vital to be modest, engaging, quick to respond and highly professional. It is also a good practice to report back on progress with that relationship to your network connector. Now that said, there may be times when you accidently let those introductions languish untouched. If this happens, engage as soon as you can with a sincere apology. It may take time to rebuild trust. But is also might be altogether too late to salvage the introduction. Never ignore the lead entirely for the sake of your relationship with your network connector.

Find a way to make it worth the Networker?s effort

One of the challenges of being the ?connectors? between companies that should be doing business together is the business model. How do you get paid for introductions? No one knows the value of the relationship about to be forged, if it even moves forward at all. Be sure to find a way to make introductions worth the network connector?s time. This could be a commission based off of the increase in revenue. It could be referrals back to this connector for leads to contract for their services. Or it could be a gift. Always be aware of bribery laws, particularly in the case of any government officials, and follow the laws closely.

It?s never too early to start building your own international network

Networking styles vary greatly. Some engage closely with colleagues and others who they interact with frequently. Others are highly social and know hundreds if not thousands of people. Regardless of your style, reach out to new people when possible and keep positive work relationships strong through the years. I also encourage you to find mentors and take on your own prot?g?s. Mentor-prot?g? relationships tend to be some of the strongest.

Remember that to be effective in international business, at least some relationships will likely need to span both your professional and personal circles. You will need to care about what your connections care about: children’s weddings, health, holidays, etc. Get invested in their lives for the long term.

 

As you continue to grow into international markets, the right connections can be absolutely crucial. Even young companies pre-internationalization should consider making connections. Connections won?t be instantaneous ? it takes time to forge new relationships. Invest wisely!

As a thank you to my loyal readers, you can download my International Market Entry Checklist without cost. From time to time I also send out tips and tools to help growing companies become more globally competitive. Click here to sign up and download this Checklist.

The International Entrepreneur ? Turning Foreign Currency Risk into Profits

currency, international trade, international business

 

A few months ago I was talking with the leaders of a small, innovative Canadian manufacturing firm. The company had grown from its successes in design, production, customer service and marketing? and now they were looking at how to proactively expand into their largest potential market: their neighbor to the south.

When I researched the company, I noted that they kept their prices in Canadian dollars for both sides of the border. I assumed that they wanted the simplicity of a single-currency business. As many of you know – currently Canadian companies have a foreign exchange advantage by charging in U.S. dollars because the Loonie is historically low to the American Buck.

But what the company leaders told me left me at a loss for words. (Those who know me understand that this is a rare occurrence.) They said that they would not charge a different price to the American market because it would be unethical.

Now there are indeed pricing methods that are unethical and oftentimes illegal ? collusion, predatory pricing, kickbacks, etc. But international trade is actually built on the assumption that prices of materials and labor inputs, as well as final products are dissimilar in different markets. If all prices were the same, there would be no real reason to trade at all. Vietnam has a large supply of inexpensive labor that lends well to textile production. Saudi Arabian women put a higher value on beauty products (particularly perfume) than most other markets. And we all know that real estate value for the same building is radically different if it is located in downtown Tokyo vs. Omaha, Nebraska.

Currencies all fluctuate on world markets. What started as a profitable market can quickly turn to a loss as the Euro or Yen loses value. So how can a company take this risk and turn it into profits?

 

Understand that the pendulum swings both ways

Currency exchanges can fluctuate widely. That?s why it is important not to base business performance projections on today?s exchange rate only. I normally give a range of possible projections, knowing that over time the exchange rate will sometimes be favorable to sell product in a market and sometimes less or not at all.

This is why it is important for the Canadian manufacturer to sell their products in American dollars in the American market. Customers would pay the full price because of the value received. And the additional profits from producing products with Canadian materials and labor mean that when the American Buck drops to the Canadian Loonie, there will be some padding to cushion the profit squeeze.

 

Use the Lean Times to Build Operational Efficiencies

When your currency is too strong in international markets, profit margins will get pinched. This is an excellent opportunity to look closely at internal operations. Are there ways to gain efficiencies in production? Are all marketing channels delivering a strong return on investment? We do the same during an economic downturn. Periods when our currency is strong relative to our international markets can drive efficiencies that improve profits even more when the currency weakens again.

 

Consider Supply Chain Costs Too

A strong currency means that your company can buy materials at a lower price from weaker currency markets. It may make sense to keep several suppliers and increase the order size to those suppliers whose currency is currently weaker. This works best for materials that are similar quality between suppliers.

 

I hope you found this article helpful. For more advice and tips on international trade, please sign up here.

The International Entrepreneur – How to Manage Holidays Around the World

business, international, holiday

 

The end of the year is approaching and now is an ideal time to reflect how you and your organization acknowledge important holidays celebrated by your international and domestic clients. In many parts of the world, the year?s passing is marked by its major national, cultural and religious holidays. Most of us have developed ways to reach out to our family and friends to acknowledge the passing of holidays. In business, I would encourage you to embrace the cycle of major cultural and religious holidays, using it to forge deeper connections with customers and partners. In most parts of the world, business relationships are forged between people instead of between companies. Those relationships are the glue that hold your business partnerships together.

Here are some suggestions:

Find out who celebrates which key holidays

In today’s multicultural workforce, it is sometimes difficult to know if an individual celebrates the major holidays associated with a country’s culture or religion. For instance, normally people of the Islamic faith celebrate Eid Al-Fitr to mark the end of Ramadan, the Islamic month of reflection and fasting. But not all celebrate this holiday. For instance, I know a Muslim woman from Lebanon who does not participate in the rituals related Ramadan, but does actually celebrate the gift-giving ritual of Christmas. The best way to find out is to ask your key contacts which major holidays they celebrate.

National holidays can sometimes be just as important as religion-based holidays. It is often a day where businesses are closed. In some countries like China, people return to ancestral homes and are out of the office for more than a week. A simple acknowledgement of national holidays is enough.

Most holidays are cyclical, falling on the same day each year. But some like Ramadan are based on the lunar calendar. Also be aware that some countries have similar holidays, but celebrate on different days or even with vastly different traditions. For instance, Canada and the U.S. both celebrate a holiday called Thanksgiving, but they fall in different months.

Sometimes holidays are built into a company’s culture. To find out if a company is expecting employees to celebrate a holiday, ask if there are days that the company will be closed for celebration. If you are doing business in a part of the world that traditionally celebrates Christmas, Ramadan/Eid, Jewish high holidays, or Hindu holidays, ask about this a few weeks before the upcoming holiday. This information can easily be stored in the company customer-relationship management (CRM) system and tracked by customer-facing staff in your company.

 

the-lantern-festival-977259_1920

 

Recognize the holiday in a sincere way

A card is one of the best ways to show respect for someone’s holidays. It’s simple but takes a little effort. Cards can be ordered online, particularly if a holiday is not regularly celebrated in your part of the world. If your business relationship is not as critical, consider sending an email wishing your customer or partner well. But be careful to understand what a specific holiday celebrates. Yom Kippur is the holiest day in the Jewish holiday. This year a friend of mine wished her Israeli partners, “Happy Yom Kippur.” This was met with amusement since Yom Kippur means “Day of Atonement.” My friend plans to adjust her greeting when this holiday comes around next year.

The question that often comes up is gift giving. This is a tricky issue as some cultures will expect a gift to mark a holiday. First, check both home laws and in-country laws to know the limits on what is considered a gift and what crosses the line to bribery. Rules definitely vary around the world. An alternative to gift giving is giving a donation of time or other resources to charity in the client?s name to show honor and respect.

 

Be Ready for the Impact of a Major Holiday on Sales and Shipping

If you’ve ever tried to ship your product into the Middle East during Ramadan, you know how hard it is to get anything processed and sent forward to your client. Business grinds to a glacial pace during that month. Likewise, in many countries that widely celebrate Christmas business can slow down dramatically around the end of December as many employees take vacation days to be with their families. In order to keep business cash flow from drying up at a potentially critical point, you may want to time marketing, lead generation and sales cycles to wrap up before a major holiday. There is no reason to be caught unaware when holidays can be known well in advance.

I hope this article helps you in navigating your international business relationships through the holidays. For more information about doing international business, sign up for The International Entrepreneur Mailing List.

Becky DeStigter, The International Entrepreneur

The International Entrepreneur – Improving Agile International Project Management

agile global project management, international trade,
This week I caught up top global IT project manager, Sean Hull. Sean leads global teams on enterprise system implementations. His latest project involved a U.S.-American company implementing a customized system for an Australian customer that was developed by a South Korean team. I wanted to hear Sean?s insights about how agile management practices are used in global project implementations.

Like Sean, I have spent much of my career in and around large-scale technology industries. I know that any company selling enterprise-level customized software or other technologies needs a high-performance professional implementation services team – the company?s competitive edge.

I recently worked with a tech company that did not yet have such a team. Projects lost money instead of providing much-needed profit margins. Fulfilling the contract meant commandeering product development resources away from core product (that was already late to market) in order to write custom code. It was a first-class mess. Any improvements to project management methods literally hit the bottom line for the company.

?Software is worthless until it is used by a customer.? ~ Sean Hull

Sean went on to say that, ?in Agile Project Management, software is delivered in iterative code and documentation. Feedback from the customer is built into short ?sprint? cycles. This requires vendor and customer staff to have instant contact. Tight delivery cycles and collaborative communications need to be exceptionally managed for all of this to be successful. One of the benefits of agile project management is that the customer helps to discover any issues much earlier in the implementation process. This saves time and resources overall.?

 

Here are some of Sean?s tips for effective global project management:

Tip 1: Enforce your project management processes and tools. A project manager can choose from any number of processes and online tools to manage the project. Enforcing that nothing happens on the project unless it is communicated and documented according to the project rules is especially critical when the team is spread out geographically. One of Sean?s favorite project collaboration tools is Basecamp, which scales from small to very large projects.

Tip 2: Get to know your team. Meet in person, if you can, even if that means traveling to the same location. Be sure to draw up a process that would work for all involved. It is extremely helpful to know how your team members currently approach their work. Together with his team Sean likes to define: ?What does the baked pizza look like?? It?s also a great idea to look for ways to make life easier for all involved.

Tip 3: Know how to collaborate with all cultures involved. In some cultures, the boss tells his or her team exactly what to do. In others, team members are expected to take more initiative and share their expertise openly within the team. Incorporate the various styles into how you work with your team. Sean recommends using the SCARF Model.

Tip: 4: Take advantage of the tactical tools from Agile methodologies. This includes how to run meetings, monitoring progress, etc. These work well as long as you take into the variation needed for culture and personality.

As global project management competency grows as a critical factor for business success, these skills will be critical to securing profit margins and loyal customers. I hope you find these tips useful in your company and projects.

For more information about how to expand your company internationally, please contact me for a 30-minute complimentary consultation.

Becky DeStigter

The International Entrepreneur

The International Entrepreneur ? 9 Ways to Improve Your International Presentations

international presentation, audience, international trade

Your big prospective international partner has agreed to let you present your company?s ideas on how to work together. Everyone goes through the formalities of introductions. Now it?s time for your presentation. But as you start to go through your standard presentation, the executives look increasingly disinterested. Some even look a bit agitated. You can feel the heat rising in the room. After the presentation, the audience seems much less engaged in the partnership idea. What has gone wrong?

Let?s go back to the preparations you made before the big presentation. An international presentation requires some key adjustments to be successful. Here are 9 ways to improve your presentations to international audiences:

Know your audience. Are you talking with a German industrial company where technical details are more important than any emotional appeals? Or is this a Brazilian services company where emotional appeal is actually more critical? Should it be fast paced for Americans or slower for an Indian audience? Should I show higher modesty levels for East Asian or Latin American listeners or should I show more confidence for the Lebanese? Cultural and industry variances are important to your content if you want to be in harmony with your audience.

Slow down and simplify language. Those of us who are English speakers need to slow our rate of delivery down for presentations. This is not because our audience is in any way less intelligent than us, but that listening in another language takes concentration away from formulating analysis about your content as well as any questions audience members may have.

No idioms, slang, humor, or other cultural references. These things just don?t translate well. Americans, that means no baseball references like ?hitting it out of the ballpark? or ?pinch hitting?. Humor varies enough from one country to another that it?s better to avoid the risk of the joke falling flat altogether.

Know the color and symbol references. A few examples: In China, red and yellow are generally positive colors. Green is associated with Islam in many Muslim countries. But don?t show an image of someone with their thumbs up in Turkey ? it?s considered vulgar.

Use examples from the natural world. I read this suggestion a while ago and if I knew the source I would credit them. Great suggestion. The entire world understands concepts like predator and prey, animals knowing in advance of a natural disaster, etc. If there is a chance to use examples to make your point from nature, it is likely to be understood and remembered.

Know if there is a status order. In many cultures, the highest-ranking leader in the group gets deferential treatment. That means that you acknowledge their importance in the room and focus your presentation on their attention. This would be true in places like Thailand, Egypt, Argentina and Kuwait. In some countries the opposite is true ? everyone gets the same treatment and respect. This includes places like Canada, Australia and Sweden.

Presentation slides should be written out in full sentences for non-English audiences. Many non-native English speakers learned to read and write more than listen and speak. This is especially true in many parts of Asia. Your audience may get much more from reading your slides than from what you say.

Leave behind full-color handouts of your presentation. If this presentation is critical to your company, then by all means have the materials also translated into the local language. This will help you to stand out from your competition!

BE PREPARED. This may sound obvious, but reviewing and practicing before the presentation will help you to stay more engaged with your audience. If possible, do a rehearsal of your presentation with an in-country contact who can give you feedback on how your presentation will be received.

Presentations can help build a key business partnership or accelerate a sales process with an important client. But done poorly, it can cause you to stumble and lose credibility. I hope this article was helpful. If you need help as your company moves into new international markets, please feel free to contact me for advice. I offer a 30-minute complimentary session to talk about your plans and challenges.

 

Onward & upward,

Becky DeStigter

The International Entrepreneur

The International Entrepreneur ? 9 Signs You Need International Resource Backup

international trade, international entrepreneur,

The reality is this: No one knows everything there is to know about international trade. There are 180+ sovereign countries, 3,000+ languages, local regulations and business practices, and countless other details that affect doing business.

We may not know it all, but we can strengthen our knowledge, positioning and outcomes by shoring up weaknesses in international operations and focusing on our core competencies.

For international operations, here are clear signs that it?s time to bring in outside resources to advise or outsource specific functions:

  1. When your company has many international sales leads, but no plan for how to enter high-demand markets or serve those markets. Lots of leads means you likely have opportunities to grow into new markets. The time to plan is now.
    What you need: an International Strategy Advisor. Unlike a Country Specialist, who focuses on a single foreign market, you?re looking for someone who focuses on strategy and is geographically agnostic.
  2. When you don?t know enough about overseas markets to make sound business decisions. How big are your international markets? What?s the competition? What would it cost to enter these markets? If you don?t know, then your leadership team is operating in the dark.
    What you need: International Market Researchers. A Generalist can help point in the right directions. But to drill down to actionable data, Country Specialists are going to need to research for you in country.
  3. When your sales team can?t seem to negotiate favorable terms in their international agreements. No more playing the blame game about how the other side didn?t negotiate fairly. The reality is that few North American sales or business development professionals fully prepare for international negotiations. But you can put the odds back in your favor.
    What you need: International Negotiations Coach. Learn the real rules of the game before stepping on to the court. And look forward to not only better terms in your agreements, but strong long-term relationships with clients and partners.
  4. When your company website and other key marketing tools are not available in your major markets? languages. This may seem like an obvious situation to fix, but unfortunately translation/localization often lags behind market demand. Or if the website does have translated pages, they are done so poorly that it undermines company branding.
    What you need: Local Marketing Outsourcing Firms. If your company is getting 30% of its leads from Poland, then it?s time to hire a local Polish marketing firm to localize your online presence and create a local strategy that fits how business is done locally. Never short change translation/localization in important markets. You?re just shooting yourself in the foot.
  5. When your new overseas operations start off with great intentions but quickly dissolve into a mess. You?ll know that you need a third party to intervene when distrust starts to grow between the remote foreign operation and headquarters staff.
    What you need:?Cross-Cultural Trainer and Troubleshooter. An outside resource can often cut through the issues quickly to find root causes. So often the issues are culturally based, leading to clashing expectations on roles, outcomes and communication styles. Get help quickly. Really.
  6. When you?ve entered international markets, but have not registered your trademarks internationally. If your company is guilty of this oversight, please understand that it is tantamount to playing Russian Roulette. If you register with WIPO and China fees are trivial compared with the costs and headaches of wrestling back your trademark from IP pirates later.
    What you need: International Intellectual Property Attorney. A good law firm with international capabilities is critical.
  7. When local taxation is costing your company profit margins. Local governments want their share of your company?s success. But there are smart ways to plan to minimize your company?s international tax burden.
    What you need: International Tax Accountant. Larger accounting firms all have international tax specialists. Make sure that your firm?s international tax department is giving advice to lower your taxable income in high rate regions. They?ll also ensure that your company is fully compliant and not exposed to future penalties.
  8. When your shipping department is spending lots of time on international shipments, but logistics is still eating up profit margins. If your shipping department specializes in international documentation and logistics, then it?s a competitive advantage. But for most companies, outsourcing international shipping can save a great deal of money AND headaches.
    What you need: a Freight Forwarder. There are other types of international logistics firms, but freight forwarders are one of the most common. Find one familiar with your type of product, has a strong reputation, and is the right size to serve your company.
  9. When you are losing opportunities from lack of in-country connections. If no one wants to talk with your business development executives or sales manager, it may mean that you need some well-placed introductions. In many countries, it?s not a nice-to-have. It?s a necessity.
    What you need: In-Country Intermediaries. It usually works best to find paid intermediaries through your local embassy, chamber of commerce, or industry association. In places like Brazil, U.A.E. and Thailand, an intermediary can save months of time trying to do it yourself.

I hope this list is helpful to you. If you need any referrals for specific resources, please let me know.

If you need an International Strategy Advisor, International Negotiations Coach or an International Cross-Cultural Trainer and Troubleshooter- I offer a 30-minute complimentary consultation.

Best of success in all of your international business!
Becky DeStigter, MBA, MS
The International?Entrepreneur

The International Entrepreneur ? My 2015 Top International Business Blog List

international trade, top blogs, international strategyHere are some of the best international business-focused blogs I?ve read this year:

Beyond Brazil Blog from Sunny Sky Solutions ? editor & author: Gabriela Castro-Fontuora. Gaby has moved back from the north of England to her native Uruguay. She writes about all kinds of international trade and practice advice for doing business in Latin America.

Consilium Global Business Advisors ? editor & primary author: Ed Marsh. Ed focuses on B2B international sales and marketing particularly for manufacturing and financial sectors. Ed cuts right to great practical information.

The Culture Mastery ? editor & author: Christian Hoeferle. Christian does an excellent job bringing cross-cultural communications to the surface. His blog includes both articles and podcasts. Originally from southern Germany and now living in Tennessee U.S.A., Christian navigates effortlessly between many cultures.

GlobalEdge ? editor: Michigan State University. MSU?s GlobalEdge program has been generating quality global business blogs on a variety of topics for many years. A search will find you almost anything.

Professor Michael Czinkota?s Blog. Dr. Czinkota is an international business professor at Georgetown University. A prolific writer, he has a strong focus on strategy. Dr. Czinkota is that rare academic who has a keen understanding of the business world.

Shipping Solutions International Trade Blog ? editor: David Noah. David has assembled a great group of international trade experts, with special focus on trade logistics and finance. Pay particular attention to articles from Mr. Noah and also Roy Becker.

Trade Ready ? editor: FITT marketing team. The Forum for International Trade Training based in Ottawa, Canada is quickly gaining its own international foothold in international trade certification and training. This blog has assembled a savvy group of international trade experts.

Tradeology ? editor: International Trade Administration. If you?re an American doing business internationally, the ITA has a great site particularly for updated trade agreement information and opportunities. Use the search function to find your industry.

Now it?s your turn. If you feel that my list has missed an important blog that is worthy of mention, please tell us in a comment below. My only rule is that you cannot recommend your own blog (if it?s a good one, then others should be recommending it for you anyway). Happy reading!

The International Entrepreneur ? Wanted: Higher Revenue Growth in Multinational Companies

Growth, Multinational Companies, International Trade

Have you ever started your own company? Many of us learned that to be successful in getting that fledgling firm to take flight we had to pour copious amounts of time, energy and resources into building its wings. We likely had to keep tweaking the wing design until we finally figured out the right business model and market niche. Many entrepreneurs experience failure in that process. Nothing teaches the lessons of mistakes quite as much as a fiery crash and failure.

When I talk with growth-stage and multinational companies, their operational risks have been minimized, but so have their revenue growth rates. It?s harder to produce double-digit growth in maturing markets and difficult to cultivate an innovative competitive edge with larger companies. Employees just get a little too comfortable with those steady automatic-deposit paychecks to risk it all on a crazy new product idea. Which all leads to the question:

What can be done to spur higher growth rates in maturing companies?

Reward Risk

A maturing company should establish programs and policies to encourage innovation and greater revenue creation. This probably sounds obvious. But then it needs to go steps further to specifically allow for failure without penalty. Some larger companies have already started. IBM and Apple are great examples of company culture being redefined to help the best ideas to take flight.

Investigate New Geographic Markets

Many younger companies are ?accidental? exporters. They have international clients who found their website or booth at an industry trade show, researched the product, sold themselves on the product, and then came prepared with a sales order. Maybe the company even found their way into a neighboring same-language market.

But to spur serious growth, it may make sense to carefully investigate previously overlooked markets. For an example, I look to the beer industry. The U.S. beer market has been flat for years. At the same time the Chinese market has been growing at 20% market growth for decades. While the market is radically different, it?s still worth doing the calculations to see if there are profits to be made in quenching the thirst of the most populous market in the world.

Hire Talent with Entrepreneurial Skills

Company founders and early-stage employees have to be incredibly resourceful and dedicated. What?s more, the focus in young companies has to be on results over process or else the company won?t survive. That?s why the entrepreneurial skills can be so valuable.

I don?t mean that process isn?t important. I actually spend a fair amount of time in growing companies figuring which processes will streamline repeated operations. But at a recent growing company, I found that the motions of going through the process had taken 8 weeks to publish a single blog post instead of what should have taken under 2 weeks. Process steps became bureaucratic and filled staff?s hours instead of focusing on results. That sometimes means moving forward without perfect information or that fifth copy check.

Entrepreneurs can never lose sight of that end goals of the pipeline growth, product release, national account sale, and other make-or-break company or department milestones. Results can be best encouraged and measured in all employees through performance metrics.

 

These are just a few ideas. There are many more ways to get out of the multinational routine and spurn new growth. To find out what your growth accelerators might be to leverage your company?s assets and specific to your industry, contact me for a 30-minute consultation.

Wishing you all the best in your international efforts,

Becky DeStigter

The International Entrepreneur

The International Entrepreneur – Becky DeStigter receives Certified International Trade Professional Designation from FITT

IMG_2196For Immediate Release

Wednesday, November 25, 2015 (Scottsdale, USA) ? Becky DeStigter, MBA, MS, has just been fully certified by the Forum for International Trade Training (FITT) as a FITT?International Business?Professional (FIBP?). Becky chose to complete this certification on FITT?s Executive Path, using her 10 years of international trade experience and graduate education to form the basis of her application to be permitted to take the FITT Professional Exam?and submit for final approval.

?I chose the FITT program certification because I wanted to join the growing global standard in international trade. There are many charlatans working in the industry who are not able to deliver substantive or reliable international business advice or outcomes. By earning this accreditation I join a group of well-trained professionals with a growing global footprint.

Working in a such a rapidly evolving field, I needed to know that my certifying organization had periodic content reviews to ensure that the international trade strategies and tactics reflected today and not ten or even two years ago. FITT stays on top of the international trade industry with frequent reviews,? said Becky.

FITT is a non-profit international trade training and professional certification organization based in Ottawa, Canada. The network of CITP?|FIBP? certified international trade professionals continues to grow and expand its influence. FITT is?endorsed by the World Trade Centers Association.

 

About Becky DeStigter, FIBP

Becky and her company, The International Entrepreneur, helps business-to-business technology and professional services companies to realize?their overseas potential. ?To do this,?she?provides research insights on overseas markets, as well as ways to mitigate exposure to international trade risks.?Becky works with companies from all over the world. She speaks English, Dutch, Spanish, German?and is working on Mandarin Chinese.

Becky has an MBA, an MS in International Business and a graduate-level Certificate in Entrepreneurship?from the University of Colorado Denver. The University of Colorado Denver is one of only 30 universities in the US and the only university in Colorado to receive the prestigious CIBER grant for international business research & education.?Becky spent two years working under top international entrepreneurship scholar, Dr. Manuel Serapio.

For six years?Becky owned a successful strategic marketing company. She served twice?as Chief Operating Officer of start-up Software-as-a-Service technology companies, once as COO of a stem cell testing company and also spent 4 years working in various marketing and sales support roles in the healthcare software industry in growth-stage companies.

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