Maarten de Jeu has become a widely known international business adviser in recent years. Upon founding his company SVM Business Advisory in 2012, he works to advise technology startups, finance-focused, and insurance-focused Fortune 100 company executives in Europe, Asia, and North America by utilizing his excellent educational background and multi-lingual skills to build the most effective teams possible for each firm he advises. With an MBA from the University of Oxford, ranking first in his class, and a background in financial services, international business, and commercial real estate, de Jeu has developed a system of eight factors for business owners to consider before expanding their business to an international scale. However, before even considering individual factors, the first and foremost concern is that of cultural differences. Business owners who fail to consider cultural differences are almost guaranteed to run into trouble, but de Jeu also cautions that getting to know the cultures and markets in another country is a very costly process involving a great deal of time and energy. With the cultural differences in mind, and the cost of learning and accounting for these differences, business owners need to be absolutely committed to in order to have any chance of success.
For the factors, first is a commitment to quality. With first impressions being make-or-break for most products, entering the foreign markets with a quality product, and maintaining that level consistently, is critical for success.
The second factor is acceptance and respect for differences. In order to fully understand the cultural differences, de Jeu recommends learning the local language of the area in which the business owner intends to expand. Maarten de Jeu also recommends seeking out and interacting with local representatives with the goal of greatly helping business owners to better understand the business trends of the area.
The third factor is to develop staying power by committing to the local area by hiring locals as employees which will show dedication to the new development.
The fourth factor is to consider the market conditions, and determine if there is even a demand for the product that the business owner intends to bring to the area.
The fifth factor is to learn and implement the accepted business practices for the area and then incorporate those business practices into a business plan that can help guide the development of the business in the new area.
The sixth factor is to gain in-depth knowledge and understanding of local import rules and regulations, as compliance with local laws and regulations is critical.
Seventh is to find funding and investors to support the expansion into the new area. Given the expense of going international, investors and funding will make or break a business’s expansion efforts. Learn more: https://medium.com/@maartendejeu
Finally, the eighth factor is to always remain flexible and alert to possible changes in the market that could either provide opportunities for growth or cause the downfall of a business.