University Park, Pennsylvania – Entry into the international market will help your successful business grow even further. But when is the right time and what are the steps?
Terrence Guai, clinical professor of international business and director of the Center for Global Business Studies in Pennsylvania, shared the following Q&A steps and resources, including an April 17 event to bring local businesses to the global market, including an April 17 event hosted by Smale University, Pennsylvania.
Q: What benefits can local or local businesses see as they expand into the global market?
Guay: Being global can be a great growth strategy. I’m always amazed to learn about the companies that export them about Central Pennsylvania. It could also be a great diversification strategy. The US economy is not always growing at the fastest rate, and sometimes certain regions and customer bases may be struggling. Other countries and regions often grow faster, so expanding overseas gives you the opportunity to offset slower sales in the US
Q: How do business owners know that it’s the right time to expand overseas?
Guay: There are some signs. One is when companies start receiving inquiries from overseas. That means their products are successful and the words are spreading. The second sign is that companies will slow US sales due to market saturation. If senior managers feel comfortable navigating the US market, it’s time to take on new challenges by dipping their toes in the global market.
Q: What are the steps to hiring a business across regional or national markets?
Guay: The first is to carefully select the market you want to enter. Companies should investigate market opportunities, entry modes, shipping strategies, distribution channels, payment processes and other factors. This may seem overwhelming at first. Thankfully, there is a lot of support for this.
The Commonwealth of Pennsylvania has an incredible network of overseas offices and local export advisors. SEDA-COG is a contact in Central Pennsylvania and does an incredible job of helping businesses take their first steps. Above all, federal assistance is free! US commercial services with offices in Harrisburg, Pittsburgh and Philadelphia are also great resources.
Q: Pennsylvania’s Smeal College of Business co-hosted an international business seminar for Pennsylvania businesses on April 17th. What can these companies take away from the event?
Guay: Conferences offer great networking opportunities. Presenters are local, state and federal level representatives who provide advice to help businesses become international, especially those who have never done this before. Smeal faculty is also involved, conducting extensive research into international business and willing to chat with participants.
This conference is a great example of how Pennsylvania develops relationships with the local business community. Pennsylvania and the Small College of Business are holding the meeting. This is free for all participants. In addition to sharing faculty expertise, the director of Smeal’s Business Career Center explains why business students become strong candidates for internships and full-time jobs.
Perhaps most useful is that participants can learn from other people’s experiences. The executives taking part in the event range from experienced exporters to those who want to go international but are a little overwhelmed by what the process entails. Simply talking to others who have done this before is a great way to develop the level of comfort you need to make your business international.
