SME’s Tackling the Global Market
Working with many international clients it is understood how hard it is for a company to become a global success, but what does it really take?
Maxwell Drummond have placed candidates in over 42 different countries working with many companies who scale out all over the world.
In 2017 SMEs exporting to overseas markets increased by 6.6% to 232,000. Currently SMEs have to fight to stand out although they are an important segment of the market.
The financial crisis impacted many SME businesses with 1.8 million small businesses going default between 2008 and 2010. Moving forward companies are continuously looking for ways to expand to avoid being part of that 1.8 million. Transitioning into a global market is a big step in the right direction.
There are many reasons to want to internationalise your business, increasing sales, reaching different clients and markets and finding new ways to innovate. After the crisis in 2011 Oxford Economics stated ‘SMEs are investing aggressively in technology to improve operations and make themselves more nimble.’
The rise in tech after the crisis has supported in creating opportunity for SMEs to expand and move in ways only larger companies could before.
SONRU a company from Ireland who launched in 2009 offering a unique video screening service in the recruitment market who became international stated:
‘The key factor is to fail and fail fast – learn quickly and try not to make the same mistakes again. Also, if you are an owner manager, it is important to recognise your own shortcomings’.
SONRU are now a global leader in video interviewing and selection.
With the right team and motivation SMEs can break into the global market and now is as good a time as any.
High Growth Scotland recently released an article including “International trading success: the secret?”
Explaining that the best ways to tackle success in internationalisation is through Reputation Building, Consistency, growing within Means and One Size does Not Fit All (not everything you do will work in each country).
Jumping into the global market can be daunting and seen as risky but overall will be ultimately rewarding.