To achieve maximum growth in today's global economy, Canadian companies should consider expansion into foreign markets.
This presents a challenge to entrepreneurs, who may regard foreign markets as too risky. They may also think they lack the skills or resources to succeed in the United States or abroad. They may regard their products or services as unsuitable for export. They may think they can manage their business better if they stick to the domestic market.
They can address each of these challenges with sound strategic planning. Even with limited offshore experience, entrepreneurs can identify the best markets for their products and services, determine how they will appeal to foreign purchasers, and decide how to market and support them in unfamiliar environments.
Based on information available from a variety of sources, entrepreneurs can assess a foreign market to determine their best strategy for expansion. The Canadian Chapter of the Global Enterprise Institute, for example, established by KPMG Enterprise, enables mid-market business leaders and private company owners and managers from across North America to share leading practices, gain insights and acquire pertinent information about key business issues and emerging trends to succeed in today's global marketplace.
Once they decide to go forward, entrepreneurs can rely on the support of a trusted business adviser to help them plot their expansion into the global arena.
Entrepreneurs should be prepared to spend up to two years or more on their expansion plan. But if they do it methodically and take advantage of the available resources, the rewards of global expansion far outweigh the risks.
Even under adverse economic conditions, most entrepreneurs say they will continue their global growth and expansion strategies. Listen to Dragon Jim Treliving to find out more about expanding a business into the global marketplace. Listen to Dialogue in the Den
where along with David Kennedy of KPMG Enterprise and Dragon Jim Treliving, we discuss growth and expansion beyond Canada's borders.
Brought to you by KPMG EnterpriseTM
By Dennis Fortnum, National Leader, KPMG Enterprise
KPMG Enterprise. Trusted business advisers to the Dragons.
The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
Posted on Oct 12, 2009 1:00:00 PM