To successfully launch an international expansion, companies must take a strategic, rather than tactical, approach, says Mona Pearl, author of Grow Globally: Opportunities for Your Middle-Market Company Around the World, in A Passage to Asia.
Before beginning any global growth plans, a company must create an effective strategy and be able to successfully manage stateside accounts.
“Any decision to go global must start with developing a long-term action plan that aligns corporate vision, mission and activities and leverages corporate strengths while identifying opportunities in desirable and compatible markets,” Pearl says.
According to Pearl, "before any tactical questions can be answered, it’s necessary to thoroughly examine individual markets and get the expertise necessary to understand the people and their culture.”
One of the biggest mistakes companies make is forgetting the fundamental importance of cultural differences, Pearl warns.
Read more about how to create a successful strategy for expansion in Asia and beyond in A Passage to Asia.