If there’s one thing that has been constant in the history of America, it’s the spirit of exploration. From Lewis and Clark to Dora the Explorer, our tales of wanderlust have been well-chronicled and have led to great advancements in science, medicine – and business.
If you think that’s a heady legacy to live up to, you’re right. However, as responsible business stewards, the need to grow and expand is what fuels our passion to seek new markets for our business.
As you consider whether the time is right to expand your company into new markets – either geographically or by customer type – ponder this. According to a study by KPMG, 90 percent of U.S. business executives involved with business development and corporate strategy have seen revenues increase from high growth and emerging markets. This is a sure sign that a broader expansion will open our business up to a world of new possibilities – and financial rewards.
Like with any business objective we undertake, planning is the key to ensuring that these bold steps into new frontiers are the RIGHT steps.
Some thoughts to consider in determining whether you are ready to enter new markets:
What are your thoughts about positioning your business for a new market?