The morning of Wednesday 30th of September saw the Growing Your Business In Europe event take place in the comfortable surrounds of Dublin Chamber of Commerce. A number of speakers, which included Blueface CEO Alan Foy, gave their insights into scaling businesses in European markets to start the morning. In addition, a party of 10 businesses from England were in attendance in order to network, build relationships, and gain insight into the Irish market.
Alan’s talk centered on a SCALING framework, 7 points to cover that will help grow your business across any international market, not just those within Europe.
S – Strategy must be formulated and aligned.
Alan suggested that you need to put a lot of time into planning and crafting your strategy before expanding abroad. He stressed how important it is to ensure all elements of your value chain of activities are aligned to this strategy to achieve maximum success.
C – Control systems & monitoring mechanisms must be in place.
The importance of having mechanisms to track progress and monitor performance, particularly in distant markets, was highlighted throughout the talk.
A – Allies and partners are international too.
Look to your existing partners and network to assist your new market entry- lawyers, accountants, suppliers, customers, business networks are all important for early traction in a new market by opening opportunities and providing the chance to establish new business relationships in that country.
L – Leverage business model from HQ.
Optimise your Irish HQ to realise the “synergistic benefits”.
I – Invest in people.
Alan emphasised that promoting people who appreciate your business culture and getting them to take responsibility is the best path to successfully scaling your business. People are the driving resource behind all businesses, but particularly so when penetrating new markets.
N – Networking is vital in new markets.
Networking that builds positive and enduring business relationships is much better than transactional one off business speed dating! Focus on the quality of the conversations you have rather than the number of business cards you can hand out. When establishing your business in a new country, be conscious and respectful of cultural differences, particularly around networking and building relationships.
G – Geographical selection & research matters.
Doing your upfront research on the market, competitors, pricing and addressable segments is THE most important aspect and overlook this step at your peril.
The networking aspect of Alan’s talk could be seen in full swing once the audience had heard from each speaker. Representatives from each of the Irish and UK based businesses in attendance mixed to share their knowledge, discuss potential opportunities and most importantly of all, begin the process of building relationships.
If you’re business is thinking of expanding into European markets, check out upcoming Dublin Chamber of Commerce events as well as what support available to your organisation from Enterprise Ireland.
Finally, remember that Blueface offers international numbers for businesses with presences in multiple countries. Find out how we can help with your international needs for your business landline and mobile phones.
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