global

This is a guest blog post by Curtis Barranoik, President and Managing Consultant at Cencomp Systems Solutions, located in Edmonton, AB.

There are a lot of reasons businesses decide to enter the global marketplace. It can reduce dependence on your existing markets, extend the sales life of existing products by tapping into new niches, and of course, greatly increase business profitability. The idea of going global can be frightening—it’s a big world out there, with lots of competition. However, there are ways to test your business out in different international markets without having to spend a mass amount of money, time or energy.

Make Your Products and Services Instantly Accessible

The first step to expanding your business internationally is making sure your products and services are accessible. Currency is one of the most important elements that can make customers abroad feel comfortable and confident purchasing from you. It’s a familiar reference point and they don’t need to spend time trying to figure out conversion – which can lead to hesitation and missed opportunities for you, the business owner.

Of course, selling products and services in multiple currencies isn’t straightforward—unless you have the right software for it. A multi-currency tool is the easiest and most cost-effective way to manage new, multiple currencies. It provides a seamless experience for your new customers, and allows you to test out your business in several different markets to gauge performance.

Keep a Close Eye on Profitability

Even if your business is a huge hit in one market, that doesn’t necessarily mean it’s going to be profitable in another. Make sure you select a multiple-currency tool that automatically converts sales to your base currency at the time of each transaction. This will track currency gains and losses, and allow you to quickly see what markets are worth pursuing further.

Integration is Key

The easier it is for you to track and manage international sales and customers, the more likely you will be successful abroad. If you don’t have a plan, or have an overly complex plan for going global, things will go wrong—quickly. Make sure you have a clear plan that integrates with your existing business structure. This will ensure you provide a high quality of service to new customers, and minimize time, energy, and stress on your end.

Going global doesn’t have to be scary. So long as you have a plan that integrates with your current business processes, and allows you to collect data that helps you understand your global market better, you have a good chance of success.