Important Considerations for Expanding a Business Internationally

Entrepreneur Scott F. Gelbard works closely with U.S. companies attempting to expand their operations abroad. As Scott Gelbard understands, the process of internationalization involves multiple considerations that many may not initially realize. Scott Gelbard ensures that companies position themselves for success before they begin the process.

Linguistic and cultural fluency remain important points of consideration when internationalizing. While English suffices for business operations in many countries, hiring someone fluent in the language and culture of the host country can facilitate expansion and significantly aid in the creation of new business contacts and partnerships. Businesses must also consider why they want to expand internationally. In general, companies should aim to dominate their niche rather than breaking into new product areas. The customer, who can offer tips about where a need for the specific product exists, is an often-overlooked source of information about potential new markets. Strategic international expansion can reduce manufacturing and customer service costs while opening up lucrative new markets. However, executives must approach the process with a deep understanding of the numerous implications of global business.