Many small enterprises find it difficult to address international markets and the main reasons are usually money, limited resources, lack of know-how and poor brand recognition. However, what it’s sees or considered a weakness can actually turn out to be the best advantage for these companies to succeed abroad. Here are 3 characteristics of small businesses that should be leveraged to ensure their success in international markets.
Small companies have usually limited portfolio of products and services. They’re in general built around one star product or service that makes them successful in their market. When addressing international markets, this Focus helps them better understand their niche and its requirement and be able to take most efficient and targeted actions to acquire and address new markets.
When time to market is an undeniable advantage, their small size allows them to be Flexible enough to adapt their products and services to their international target markets and address them much faster than big companies. Serving international markets is not an easy task; it demands lot of effort, discipline and patience; it also involves a lot of investment and risks. But the Fear of failure, the fear of not being able to compete with the big guys and the fear of basically doing business in an unknown environment is what helps small companies keep the momentum, the focus and the flexibility to succeed internationally. Nothing is ever taken for granted and it’s better that way!