KNOWLEDGE BASE Doing Business In Global Markets
Expanding Into Global Markets
There are many reasons to enter new global markets. You may have identified an opportunity based on current sales, could be responding to competitive pressures, or have a strategic initiative. For any approach, you will be most successful with an understanding of the factors you need to consider, with a clear view of your core strategic drivers, and with a plan that can be modified and refined as you go along.
You will be most efficient with your time and resources if you apply a lean approach to your expansion into new countries. Focus on the things that really matter right now, with an eye to how the long run looks. If you try to do everything from the start, you will overwhelm yourself, your team, and your company's resources.
We have created a process, Globig's Lean International Expansion FrameworkTM (LIEF), that can take you through the steps of identifying what each department should focus on during each phase of expansion - from Market Discovery, to Market Launch, and on into Market Growth.
Start by watching this video on LIEF, then create your own plan to focus on the most important things to take you into your next country.
FACTS, FIGURES, AND GLOBAL RANKINGS
We have compiled a list of excellent resources to help you learn more about any country you are considering, its people, and aspects of doing business in the country. Use this information to help you make informed decisions about locating your business, or a division of your business, in a new country.
Statistics - Find the national statistics site for the country. You can use it to study statistics gathered and published by the government
Foreign Direct Investment Organizations - Many countries have foreign direct investment organizations with the purpose of bringing foreign companies into the country to set up a business or a branch of business. Find the official foreign direct investment organization and take advantage of all of their assistance and resources.
World Economic Forum Global Competitiveness Index - This annual index ranks over 130 countries on their relative competitiveness across a number of indices: Basic Requirements, Efficiency Enhancers, and Innovation and Sophistication Factors. Each country has its own profile with subindex scores and trends over time.
World Bank Group Doing Business Report - This annual report rates and ranks 190 countries on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Each country's profile contains information on things such as taxes, time to set up a business, and trading across borders.
World Bank Group Worldwide Governance Indicators - This project reports aggregate and individual governance indicators for over 200 countries and territories from 1996–2016. It covers six dimensions of governance, including Voice and Accountability, Political Stability and Absence of Violence, Government Effectiveness, Regulatory Quality, Rule of Law, and Control of Corruption.
World Economic Forum Global Information Technology Report - The Global Information Technology Report features the latest iteration of the Networked Readiness Index. The Networked Readiness Index assesses the factors, policies, and institutions that enable a country to fully leverage information and communication technologies (ICTs) for increased competitiveness and well-being.
World Economic Forum Global Gender Gap Report - The World Economic Forum uses the Global Gender Gap Report to quantify the magnitude of gender disparities and tracks their progress over time. It places a specific focus on the relative gaps between women and men across four key areas: health, education, economy, and politics.
Transparency International Corruption Perceptions Index - Every year, Transparency International publishes a report on perceived public sector corruption around the world. Transparency International looks at a number of areas where corruption can take place, such as education, and defense and security.
World Bank Open Data - Free and open access to global development data - The site is designed to make World Bank data easy to find, download, and use. All of the data found here can be used free of charge with minimal restrictions.
World Factbook - This US government resource compiles data about each country, including historical background, geography, people and society, government, economy, energy, communications, transportation, military and security, and transnational issues.
Google Consumer Barometer - Use the Google Consumer Barometer to learn about how people around the world use the internet - from connectivity levels, to what devices they use to access the internet, to online product research and shopping patterns, to social media platforms, plus much more. Data in the Consumer Barometer is pulled from two sources - the core Consumer Barometer questionnaire, which is focused on the adult online population, and Connected Consumer Study, which seeks to enumerate the total adult population and is used to weight the Consumer Barometer results.
KNOWLEDGE BASE Doing Business In Global Markets