The enormous growth in globalization provides businesses with a variety of options for their growth and to scale their established business models. Globalization, in fact, is continuing to bring the world closer to leverage global business opportunities. With an easy access to on-demand database of global business knowledge, businesses are now moving towards adapting offshore outsourcing. Businesses are building new relationships that boost their revenue, which is known as global partnerships. Moreover, it helps in utilizing new platforms for connecting with dealers and clients irrespective of their location.

Go Global Grow Bigger

It’s a common saying that the ability to operate in the local environment can directly point out a firm’s success. Well, it’s apparently valid to a certain extent. But when you are successful in gaining the home field advantage and have the capability to scale up, why should one depend only on domestic markets? 

The crucial aspect for any size of the business, SMEs in particular, to sustain the business ecosystem is “More Business”. Several SMEs are leveraging global business opportunities, exploring potential global markets, and aggressively penetrating the international markets.

Expanding the business in a limited market is no longer an option. Growing your business globally can render you with diverse options to establish better economic firmware. Exploring the ocean of global opportunities also help you understand global competitiveness, helping you get an edge and to perform well even in local markets! 

Related: Digital Transformation Of SMEs To Navigate Through The Current Crisis

It’s something that every producer ultimately needs. However, it’s easier said than done. Despite the Government’s strong focus on SMEs and exports, only less than 1% of the whopping 65 Million Indian SMEs operate their trade globally. On the other hand, only a tiny proportion of internationally competitive SMEs currently trade with India. 

Why can’t every SME penetrate international market?

There are umpteen reasons in the global trade that act as barriers. They could be technical stumbling blocks such as lack of reliable data on overseas markets, lack of expertise of export rules and laws, lack of trained export staff for trade facilitation, insufficient access to export finance, etc. Besides, there are also other pitfalls in the global marketplace, such as political, economic, and cultural differences. 

Businesses often lack the knowledge of the entire procedure, documentation, specifications, rules, regulations, and standards involved in international trade or business. But out of all the hurdles, those that stand out in pushing back the SMEs to step into global market are their inability to contact potential overseas customers, assess the market demand, and identify foreign business opportunities. Hence, businesses planning to expand globally should ensure that they are aware of the foreign market in which they are stepping in. 

Above all, for the current situation expanding globally is more of a necessity than a luxury for SMEs. Taking it for granted will halt their growth and hinder their domestic existence with the increasing competition. Access to a broader market boils down to more sales, thus achieving higher economies and profit margins. 

Related: Networking – The key to tackling myriad challenges

With the improvement of the digital infrastructure of trade over the last couple of years, there has been an increase in digital adoption, digital enablement, and digital engagement among several SMEs. By bringing current tech into play, SMEs can compete even with large enterprises head-on and unveil multiple avenues and opportunities. Moreover, Integrated Trade Platforms that can provide an end-to-end managed solution to “go global” using a partner-based approach.

BeBeta Consultancy – We Champion the best to Achieve the Extraordinary

Now that you’ve known the importance of leveraging global opportunities, choosing the right business partner can navigate you through the maze. This is where we, Be Beta Consultancy, come in. We help you understand the global marketplace and foster cross-industry connections to improve performance. Our team of experts will champion you throughout your journey from Planning & execution to post-implementation reviews. We endeavor for your growth and assist you in business strategies, finance and risk management, technological support to establish your business on a global platform. 

Email us at admin@bebetaconsultancy for more information on how we can help you grow your business.