Do you have a great product or service that you think would sell well in Spain? Maybe you’re right. But doing business in a foreign country can be a complex business. If you are not aware of the crucial things to do and not to do, your otherwise promising international expansion project could be doomed to failure.
Selling across international borders is an attractive prospect for many companies in today’s rapidly changing global business environment. But if you want your company to be one of those that succeed in gaining market share, there are several essential elements to consider.
Why consult Iberbiz on your Spanish expansion projects?
Iberbiz has extensive experience, which has enabled us to guide many clients to a profitable foreign company. The following is a brief overview of some of our key recommendations.
- Think globally, act locally. The biggest mistakes in international expansion are the result of the absence of any of these points. Develop major growth strategies and then adapt them to a local approach.
- Find and use a cultural informant. Make sure you choose the right person – someone who lives in the region and has important contacts in the country you are entering.
- Be innovative and flexible in terms of structure, timing and investment. Focus on how you do business, because the way you structure your business in your home country may not work in other cultures.
- Familiarize yourself with the customs and laws of local businesses. If you understand how these apply to your product, you will be able to minimize future barriers.
- Recruit qualified nationals. You will be more successful and competitive if you find local workers, rather than exporting employees to your new country of operation.
- Provide your key foreign executives with training in your home country. Allowing your foreign executives to experience your company’s head office directly increases your chances of achieving similar results in other countries around the world.
- Remain selective and strategic with all methods of market entry. Research and critically evaluate your potential markets before taking any action.