Expanding Into New Markets: International Growth

Expanding Your Business Internationally: Key Insights from Elite Business Live 2024

Taking your business to new territories can help you tap into new markets, expand your customer base, and boost revenue. However, it's an area often dominated by large corporations. Venturing into unknown territories can be daunting for SMEs due to different cultures, nuances, and regulations in international markets.

Panelists include: 
⭐️ Allyson Stuwart-Allen - Chief Executive, International Marketing Partners
⭐️  Garima Srivastava - Senior Trade & Customs Specialist, The Institute of Export & International Trade
⭐️  Russell Dalgleish - Founder & Managing Partner, Exolta Capital Partners
⭐️  Kim Antoniou - Founder & CEO, Auris Tech

Highlights from the Discussion:

1. Understanding Local Culture 🌍
Kim Antoniou emphasised the importance of tailoring your business to meet local needs rather than directly replicating your existing model. Secure allies with strong international connections to support your expansion strategy.

2. Unconscious Bias and Cultural Play 🧠
Russell Dalgleish discussed the impact of unconscious bias and the hidden advantage of embracing your own culture. People abroad often have a fascination with England, which can be leveraged during international ventures.

3. Regulatory Aspects and Compliance 🌟
Garima Srivastava highlighted the need to understand cultural differences, political situations, market demand, and especially regulatory aspects. Knowledge of customs compliance, free trade agreements, and local market regulations is crucial.

4. Resources and Support 📚
Allyson Stewart-Allen pointed out the abundance of free resources and advice available for those taking their first steps in international trade. Government workshops, trade associations, and international trade advisors can provide valuable support without large expenditures.

Expanding internationally involves navigating complex challenges, but with the right approach and resources, SMEs can successfully enter new markets. Understanding local culture, regulatory compliance, and leveraging available resources are key to a successful international expansion.

For more insights and detailed discussions, watch the full panel session from Elite Business Live 2024!

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