Don’t Lose Your Way In The Rush For Foreign Markets

Times Online:

When overseas customers come knocking, most UK entrepreneurs embrace them with open arms. After all, who wouldn’t want to boast that they have clients – or offices – in New York, Milan and Delhi, as well as Huddersfield and Derby?

However, business experts say it is common for companies to overreach themselves when expanding internationally, putting pressure on finances and staff. Maureen Berry, founder and managing director of The Strategy Business, a company offering entrepreneurs advice on how to enter foreign markets, says companies must be clear on their strategy: ‘This means identifying markets where further investment is worthwhile because there is actually a real demand for the company’s skills or products.’

Berry has 23 years’ experience in international marketing and says owners should gather extensive local information on their particular sector. ‘Who are the competitors, what is the size of the industry and what are the routes to market?’

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