For every business owner, the firm reaches a point where they decide whether to extend the business’s tentacles beyond local soil or walk their businesses into new territories. The phrase, ‘Go global or go home, has found acceptance in the world of work. It is true.
Business owners can not afford to continue to play the game with old tricks before the same audience. If your business would remain relevant, you need to achieve global visibility. Many conscious efforts have to be made to ensure business expansion. You would need an expansion plan. A business extension plan is a detailed explanation of where your company stands now and how you intend to broaden it. Your business expansion plan should include the following :
Executive summary
Like you had in your business plan, your business expansion plan should have an executive summary. It is a summary of the whole business plan. Every other part of the project is included in this section but with little explanation. It has to be straight to the point and as clear as possible. It should be written so that the reader is encouraged to read further. Your executive summary should be impressive.
Product and service description
Here, you write a detailed explanation of your products and services. This is quite important because your customers should know what they stand to enjoy as they buy your goods or engage in your services. This should be done with care. Your prospective customers need to understand what their money would earn them.
Market Analysis
There is no expanding your business if you cannot carry out a thorough market analysis. This is where you display your understanding of how consumers behave, what they are attracted to, and their needs. You should also make an analysis of your competitors in the market. The conclusions you make from the study will inform your strategies. This is the only way you can plan your market infiltration properly. Your aim is to be known and accepted in the market for your products or services. Learning about that market will arm you with the necessary information.
Marketing strategy
You need to carve out a plan on how to reach your market. You should also plan how you would convince your prospective customers when you finally get to the market. Plan your advertising strategies and plan the necessary adjustments that need to be made on your products and services to suit your customers, using your market analysis information.
Organization and management
You should plan ahead of time how you intend to structure your business to improve your chances of expansion. If you are going global, you have to set up a structure that can survive under international scrutiny. You should ensure that your team is ready for this expansion. You may need to hire new people to do specific jobs or train old teammates to take on new roles. You can also check RocketG to expand globally.
Financial plan
Going global will not make your business operations cheaper. If anything, this means you will spend more. Keeping this in mind, you should create a thorough financial plan with your fiscal history as background information. You should project how much this expansion will cost you and determine if the profit you expect, both short-term and long-term, is worth the expenditure.
Grow your global team
As you expand your business globally, you need a team that can help you bring your dream into reality. You can check RocketG to expand globally. Rocket G is an online platform that enables you to build your global team. This innovative platform in the new world of work can help you achieve your expansion goals.
Final words
Your business expansion plan should capture the motives behind your expansion, your development goals, the time frame within which you want to achieve this, how much money you are willing to put aside for this, and the strategies you want to adopt. You also need to decide whether you would need an external agent or an agency’s services. When all of these are put together, you can begin to work on your expansion plan.
Christian Kruse is an economic in marketing specialization, Strategic Consulting. With over 20 years of experience working at the intersection of marketing and technology. A transformational leader, Kruse has held a raft of executive positions throughout his career including Chief Strategy, Data, Strategic Director for Oracle Marketing Cloud, and Responsys in America.
Global stock photo by nepool/Shutterstock
