The development of international business strategies is the system used to plan and implement a series of actions aimed at competing and positioning a company in the international market.
For this, it is advisable to carry out a series of processes before starting the process of entering a business in the international arena.
Stages to develop international business strategies
The most important stages would be the following: initial analysis, business evaluation, implementation of internationalization, creation of foreign companies and assistance in continuous innovation in new technology and measurement of results.
- Analysis:To maximize the potential for growth, a company needs an assessment of its current situation. The aim is to achieve the following: perform better decision making, discover aspects that could be improved, identify operations that could be outsourced to third parties in the international area, optimize and streamline commercial processes, discover new growth potential, specify requirements to internationalize , find international markets according to the profile and establish a coherent roadmap to develop a sustainable and balanced long-term strategy to increase customer satisfaction internationally.
- Evaluation: Evaluating a company and its business areas is essential to understand the direction of the company and its activities in relation to financing. We must also consider the network of relationships and other intangibles, such as those that arise as a result of non-concurrence agreements.
- International implementation:Introducing changes within a company after analyzing the two previous points to prepare it internationally is one of the main challenges. An implementation must be carried out with an adequate rhythm and analyzed constantly.
- Broker Service:Close business relationships with suppliers, management and customers are vital to a sustainable business. In this case, we must address these sectors in the international market that the business wants to access to establish business alliances that help the company in its expansion. In the area of global trade, the presence of local management in a foreign country can be of the utmost importance. Foreign management will provide local knowledge to enter the market, avoiding costly mistakes, increasing sales and minimizing failures in local management. It should be noted that human resources, prices of the country to which services are directed and all kinds of regulations to which the company will have to adapt in its international introduction must be taken into account.
- Technological innovation:The innovation of new technology is a key factor in the success of many companies and a necessity for rapid growth. With an innovation oriented, companies can reinvent their products, add new features and discover new product ideas.
- Strategies:To transform a business it is necessary to focus on the key competences. Sometimes it is necessary to separate some business units, so an effective exit strategy can minimize tangible and intangible losses.
- Measurement of results:After the implementation of the strategies in the international market, it is necessary to establish a period of measurement of results to know if the objectives are being fulfilled correctly and what actions are necessary to eliminate or modify.