Answer:
1. New Revenue Potential
By taking your business global, you get access to a much larger base of customers. If your product or service is a success, you can enjoy increased revenues from these new customers even if you have saturated your markets domestically. Globalizing could be exactly the shot of life your company needs to take its revenues to new heights.
2. The Ability to Help More People
The solutions your business offers undoubtedly have the potential to help your customers improve their lives in some way. When you take your business global, you can help an exponentially greater number of people find the answers to the questions or challenges your company helps solve.
3. Greater Access to Talent
Another excellent benefit of taking your business global is that you get access to a new pool of potential employees with unique skills and mindsets. You may even find that these potential hires have skills that are hard to find in your home country, which gives you an edge on other organizations in your field that have not yet gone global.
4. Learning a New Culture
Getting information about a new place can help make your organization more well-rounded. Having an understanding of people who are not from your country will give you a new perspective on relations with customers, and may even help you work better with domestic customers and business partners. Hiring a cultural consultant will help guide you in creating marketing content that takes into account culture and any linguistic nuances.
5. Exposure to Foreign Investment Opportunities
Foreign investment can be extremely valuable for your business as many companies already know. This may be the reason why in 1997, foreign investment was up to seven times the level it was in the 1970s. When you go global, you can more easily learn about these investment opportunities and how beneficial they can be for your company.
6. Improving Your Company’s Reputation
Businesses that can successfully go global and market their offerings to a totally different population will enjoy the prestige of calling themselves an international company. It is not an easy feat to accomplish, meaning prospects and potential business partners will instantly think more highly of your company when they know you have an international presence.
7. Diversifying Company Markets
If your business only has one or two areas where it can sell services or products, what would happen if these markets experienced a dramatic shift because of a natural disaster or other unforeseen circumstance? Taking your business global allows you to diversify your markets so your revenue sources are more stable: even if your domestic activity is slow, your business will not take as large of a hit since your global market will make up the difference.
Going global has a number of advantages, but they do not come without challenges. If you can create an effective strategy for getting over the hurdles that globalization might present, the process can reap many benefits that your business will get to enjoy for years into the future.
Explanation:
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