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How to develop a strategy for international expansion

Published: April 26, 2022, 2:29 PM Updated: April 26, 2022, 2:45 p.m.Successful international expansion requires a clear strategy. Many Swedish companies are strong in areas such as technology and innovation but to succeed globally, more than that is required. Read about the successful blog that offers crucial insights and tricks that facilitate entry into new markets around the world.Read the blog: How to develop a strategy for international expansionGlobal expansion offers many opportunities. New markets. Wider revenue streams. Space for new ideas in product development. But of course it also means a number of challenges which you can best prepare for through a solid expansion strategy. On Globalization Partners’ blog, the company’s most competent experts in international expansion share their experiences of what needs to be part of a successful strategy:1. Do your homework. The basis for everything is a solid internal audit. It is the map that will help you calculate for each speed bump, dangerous curve and steep hill that you may encounter on your expansion journey. Each department and part of the company needs to map its operations in detail, and then adjust it to be able to meet the needs of the new market as well. Believing that what “works at home” will also do in new countries is almost always a trap so forget all “one size fits all” thinking.2. Forge when the iron is at its hottest. Just as the saying goes, your reputation will run before you. Consumers and other partners in the new market are guaranteed to find out how your services and products were received in your home market. The more positive image they get, the better your establishment in the new market will go. But forging when the iron is hot is not the same as rushing! To make a thorough screening of the company, as in point 1, takes many months.3. First in place does not always win in the long run. Of course, there are advantages to being the first company of its kind to establish itself in a new market. As a “first-mover”, you have the opportunity to take an entire market by storm or change consumer behavior from the ground up. But companies that are only driven by the desire to come also risk running too fast. Many simply miss the thoughtfulness, accuracy and detailed planning required to formulate a strategy that can truly lead to success. So do not give up if someone else has already had time before you the roads to a new market are many.4. The business model is not the result. A working business model is the basis that makes your company spin. You have probably developed and refined your current model for a long time. But just because it works at home does not mean that it can be transferred directly to your new market. Each culture has its own theories and practices and in order for you to succeed in your new market, your business model needs to be adjusted accordingly.Read the blog: How to develop a strategy for international expansionThe article is produced by Brand Studio in collaboration with Globalization Partners and not an article by Dagens industri

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