In this episode, Tom discusses how business leaders can successfully navigate the process of expanding to new markets and prepare their teams for it.
Market Entry Preparations
- Organisational culture fit is critical. Every organisation has its own culture ad so it’s important to look at how that is going blend with each other when working across borders.
- Know the people that you are going put together on this team – people who are multi-lingual and are able to work in different time zones.
- An on-the-ground connection is critical. You need to have someone from the joint venture partner who will advocate for you and help you navigate the nuances of not just the organisational culture but also the local culture.
- Establish some guidelines to deal with conflict.
- Define and develop a successful exit strategy.
- Look after your partner. Instead of thinking about how you can make more money with the partnership, think about how you can help your business partner make more money.
- It always makes sense to bring people together to work on big projects. Get your team together physically to start building those relationships.
- Are you looking to expand to new markets? How are you preparing for it?
- What strategies do you already have in place to help ease the challenges of a joint venture partnership?