Jason Miller, the CEO of Strategic Advisor Board, is helping influential brands and celebrities create generational wealth with their businesses. He advises entrepreneurs on how to take their ventures from domestic to global success by researching, creating financial and strategic plans, and utilizing marketing strategies. These steps have been crucial in his own company’s expansion into new markets.
Going global can lead to revenue growth, risk diversification, economies of scale, lower production costs, access to new talent and resources, and tapping into local raw materials. Research and adaptation are key components of the expansion process, involving understanding the new market, tax and regulatory information, target market receptivity, cultural aspects, and competition analysis. Gathering this information is essential in making informed decisions about expanding globally.
Financial planning is essential before deciding to expand, as it involves assessing operational expenses, supply chain costs, tariffs, customs fees, insurance costs, and contingency funds. Strategic planning includes defining clear objectives, creating a strategy for market entry, adaptive planning for unforeseen challenges, and risk management. Having a timeline with realistic short-term and long-term goals is crucial in the strategic planning phase.
Marketing and talent management are important aspects of global expansion. Building a consistent brand image while connecting with local market preferences is essential for success. Hiring top talent that aligns with the brand’s values and mission is crucial, considering any differences in HR policies and laws across international locations. Global expansion presents challenges, but with strategic planning and the right approach to research, financial planning, and marketing strategies, success is achievable.
Forbes Business Council is recognized as the foremost growth and networking organization for business owners and leaders. Jason Miller’s expertise in helping businesses expand globally has positioned him as a valuable resource for entrepreneurs seeking to achieve global success. By following his advice and implementing the necessary steps outlined, entrepreneurs can navigate through the challenges of expanding into new markets and positioning their businesses for long-term success.
