The company is looking to expand to a global market. Expanding globally can increase profits but it also can open a new set of requests and requirements.
It should be revisited frequently and updated along the way.
Global planning and mapping requires an unbiased examination of your current sales, distribution strategy, and manufacturing costs, as well as a look at the various options available. A general assessment of the strengths and weaknesses of your firm as it operates today is a must before venturing out beyond your current borders.
A SWOT Strengths, Weaknesses, Opportunities and Threats analysis can help in order to see gaps and to play out various scenarios that could take place. Harley Davidson, when they first began to expand globally, made a huge mistake that we can all learn from.
They assumed that the brand recognition would carry them around the world into new markets. What they learned very quickly was that the Japanese found ways to reduce production costs and designed products that were valued vs.
They realized what had happened, restrategized their approach, then retook the market place. On the flip side, never underestimate the value and power of your brand. At the time, they were the 3rd most recognized brand in the world so they were able to spring board globally with new product offerings.
Leveraging and understanding your product and service is key when determining markets that might be shrinking while others are expanding.
These considerations should be a part of your strategic planning. Looking Beyond A global expansion plan may be accomplished most cost effectively through acquisitions rather than internal expansion.
Study your competition locally and take a look abroad. Acquisition could be a way to jumpstart global expansion and broaden your sales base very quickly if done right.
VingCard Elsafe expanded by observing customer needs. They found that individuals when using a safe in a hotel room wanted to charge their electronic devices. They identified a power outlet company and purchased them.
Pay close attention to customer needs since they can be a driving force for growth. Through discussion and planning, creative ideas can come about for expanding in an efficient and cost effective manner if one is open to considering various methods for reaching an end result you want.
Many different sources of capital are available from traditional financing to relationships with private equity firms. Again, exploring these options require time and developing a network of trusted advisors.
Conferences, trade associations and groups that set standards for your industry can provide a good source of contacts and sources of referrals for financial information and opportunities. Remember — not everyone thinks like you! A company that is considering to expand their sales through expanding their global distribution should integrate into their planning team, people with different nationalities and a diverse spectrum of business experiences.
Sometimes expanding can be driven by happenstance of a passionate partner willing to take a risk. They were approached by a high net worth individual who thought the brand would be well accepted in that part of the world and was willing to make an investment.
The experiment can be repeated. Quality and customer service standards must be maintained in order to not erode the standards of the brand.
It is usually best to test your plan quietly. When beginning the planning, try to anticipate a variety of obstacles keeping the end goal in mind and work backwards.
That way your team can discuss various scenarios and anticipate the agility required if changes need to take place as circumstances arise. Let the staff and locals become accustomed to the operation.Delivering Forests For All Forever The FSC Global Strategic Plan clarifies FSC’s identity and role in the global forest system to ensure that our direction fits the challenges that the world’s forests and forest stakeholders face.
RGB Global is a management consulting firm providing senior management advisory services to Boards of Directors, the offices of the Presidents and Chief Executive Officers.
Global strategic planning is a process adopted by organizations that operate internationally in order to formulate an effective global strategy. Last week’s readings included the global strategic plan for Baruch College, this week we are given access to the strategic plans for Middlesex Community College and Ohio University.
IIA Global Strategic Plan – As used in this document, The IIA Global Strategic Plan, “The IIA” refers to and is representative and inclusive of the global network of Institutes. What is Strategic Planning?
Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the .