Last week Capstone Vice President Matt Craft attended the Virginia Conference on World Trade in Richmond, Virginia. The conference brings together business leaders committed to developing and cultivating international partnerships and is hosted by the Virginia Economic Development Partnership (VEDP), Virginia Chamber of Commerce, Virginia Manufacturers Association, and the Virginia Maritime Association.
During the conference, former Virginia Governors George Allan, John McDonnell, and Terry McAuliffe participated in a panel discussion on the impact of international trade on growth for Virginia companies.
Today Capstone VP Matt Craft is at the VA Conference on World Trade listening to a panel with the former governors @georgeallenva, @BobMcDonnell & @TerryMcAuliffe speaking on trade. #VACWT #VAexports @VirginiaExports @VEDPVirginia pic.twitter.com/JcJtX3aFGp
— Capstone (@GrowthEngineers) October 18, 2018
As a partner in the VEDP’s Virginia Leaders in Export Trade (VALET) program, Capstone has been committed to helping Virginia companies grow for 15 years by performing market research, developing strategic growth plans, and executing strategic acquisitions. If you are considering international expansion, here are three tips for growth.
- Set your strategy – Before jumping into looking at countries, make sure to spend some time upfront establishing and clearly communicating your long-term goals with your team. What does your ideal international market look like? And how will entering a new market complement your domestic growth initiatives?
- Do your research – Make sure to get accurate information, whether its leveraging government reports (which depending on the country, you may need to take with a grain of salt), or relying on in-country experts. You can partner with a state agency like the VEDP, review databases on your own, or employ an experienced advisor to help interpret your findings.
- Choose your market entry tactic – There are many ways to expand internationally including exporting, forming a strategic alliance or joint venture, acquiring or making a minority investment in an already established firm, or even building something new from the ground up. Choosing the right tactic will depend on a number of factors including the market you’ve selected, your level of expertise, and your timeline. Make sure to explore multiple options and weigh the pros and cons to increase your chances for success.
Learn more about selecting the best market for growth in our video: Secrets to Selecting the Best Market for Growth.