In light of this, the results of the survey conducted by Globalization Partners and CFO Research should come as no surprise.
'Despite the pandemic-induced slump, 45% of respondents are either currently expanding globally or only slightly delaying their expansion', most until 2021.
It looks like the majority of businesses have not been discouraged by the setbacks of COVID-19 and are still moving forward with expansion plans.
All this means that while some are still sitting on the fence, others are taking advantage of the opportunities. And, we know well that the worst thing for a business to do in a crisis is to slow down or put actions to a halt. There is a risk that the gap caused by a different approach between the two groups will increase once we are out of the current economic crisis.
So, the question is how you want to position yourself, as the position and approach you take now will determine where your business will be once the recession is over.
Expansion to a brand new market can be challenging and now even more than ever. The ability to skillfully navigate in this very new and uncertain global environment is essential. To avoid fiasco or falling into too many pitfalls, several factors need to be taken into consideration.
You would consider several factors such as the ones we have already covered in 'The world is your Oyster, but do mind the (culture) gap'.
- Would your service/product sell well in the target culture?
- Is the target market familiar with it?
- Are you prepared to invest time and money in consumer education?
It has never been more crucial than now to take a glance at your business through a customer lens. Not only vital but also an opportunity for you to develop the business further. According to Accenture, 'this crisis offers a unique chance to build trust with customers and reset around their needs, including how they want to buy and receive service'. So, rethink your channels and ecosystems carefully.
Learn from the success of others, your partners, competitors, clients. How are they adapting to the current situation? Pursue every single unique opportunity to accumulate assets, IP and the right talent in the search for new growth pathways.