We’ve heard it said that unless your business is global, it’ll die within five years. That’s because most opportunity is somewhere else.
Ninety-nine of business opportunities are outside metro Phoenix. Even for top GDP countries US and China… 85% and above of business opportunities are outside the U.S.
You’re a good business person, so why go after one customer next door when six are down the street? That’s the math we’re looking at here. It’s not so hard to go down the street anymore, or anywhere in the world!
Doing business in another metro in your own country or in another metro in another country can be tricky. You need to know more — logistics, legal, banking, marketing, plus partners and customers — and also how to reach them. How can you trust that you’ll find new customers in new markets, and get paid?
That’s the fun and intrigue of cross-metro, cross-border and global business. Yes, I said fun. It’s fun when you’ve got a team that understands different cultures, regulations and situations — so that you can prioritize markets, reach them and sell to them. But no one should go global alone.
If you’re a good businessperson, you’re willing to take a little prudent risk to gain more of the market. You know that if you can sell to different markets your risk is actually reduced because your business will benefit from the portfolio effect. As one market slows, another speeds up, and you’re now insulated from the impact of the economy of one metro, region or country.
Most SMEs, though, don’t have all the resources needed to go after foreign markets without more than a little risk. Or even to other metros within the country. That’s a big issue.
The world has never been so attractive to business, despite the noise you might hear from politicians and populists. Global markets haven’t changed; they keep growing. If you and your country don’t participate, someone else’s will. And so, what does an SME do? Better get going global, quickly.
Chances are 99 to 1 that you’re under-invested globally. Reach out to the global tribe — we’ll get you there quickly and effectively. And grow more effectively to metros within the country. Don’t wait; act.
Doug Bruhnke is the CEO & founder of Global Chamber®
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