Routes to Market
There are unprecedented opportunities for SMEs to grow in today’s globalised world. And Britain’s small firms are being encouraged to widen their outlook to achieve their growth ambitions, as our relationship with the EU evolves.
For London’s SME community, international expansion offers many benefits: from expanding the market for their products and services, to driving economies of scale and reducing costs.
But it also presents unique risks. And importantly, as a business you need to know which route to market you plan to take before plunging head first.
When it comes to identifying the right entry route for your foreign venture, remember that there’s no one-size-fits-all approach. You’ll almost certainly find yourself using different routes as you enter different markets.
The right route will depend on a host of factors, including your scale, your team’s capabilities and capacity, the nature of your products or services, the rules and culture in your target market, and the availability of local talent and/or partners.
We're focusing on four routes into foreign markets typically taken by SMEs:
- Sending your people abroad
- Hiring local talent
- Working with local partners
- Entering as part of a corporate supply chain
You can find advice and examples of company success stories for each of these routes to market via the links below.