Maarten De Jeu is a household name when it comes to business advisory services. He is at the helm of SVM Business Advisory, a firm he launched in 2012. His track record involves coaching millionaires, tech startups as well as Fortune 100 startups. Recently, he took his time to highlight some important advice you should take note of before embarking on taking your business international. It is essential to know what it takes to run a successful international business.
Before looking at Maarten De Jeu’s advice, who is he exactly? He holds an MBA from the University of Oxford. He has built a successful career in financial services, real estate investment as well as international business. Clients come to him for business advice because he holds technical skills, industry knowledge, as well as a vast understanding of not only global cultural settings, but also global institutional settings.
Prior to SVM Business Advisory, De Jeu held the position of Director of Strategy and Corporate Development at the popular Aviva PLC. He also garnered some valuable experience at Aviva’s London office as an International Strategy Manager. He was a consultant TVDK Management Consultants before starting SVM Business Advisory. When he is not busy with his duties at SVM Business Advisory, De Jeu spends time with his family and playing tennis. He also serves in several communities as well as business associations. Learn more: https://mrmaartendejeu.wordpress.com/about/
Your local business strategies that have yielded positive results might not work in new locations. What determines the success of strategies in new locations is the consideration of some essential factors. First, you will need to establish if there is sufficient demand for your products in the new location. You should make sure you can offer competitive prices while making a profit.
Go ahead to learn the cultural setting of the new location and make sure your advertisements, marketing strategy, as well as overall brand conforms to the cultural requirements of the new location. Additionally, you will want to know the language of the customers in the location and adjust accordingly. Your product instructions might need to be translated into a language the consumers in the new location understands.
When it comes to going global, many businesses fail because they get into business obscured of the laws and regulations governing businesses in the location. There are many laws and regulations you need to understand, including tax laws, protection policies for businesses and many more. You will want to hire a legal counsel of local business experts to help you out with complying with laws and regulations in the location where you would want to do business. Ultimately, you must be confident your finances will be enough to take care of the expansion endeavor because each step of the way will cost you money.