Four Signs You Have a High Global Business IQ

Friday, August 3, 2018

Four Signs You Have a High Global Business IQ

So you've opened up a business and have achieved moderate success domestically when suddenly, you receive an inquiry from a foreign company asking to do business internationally. Should you take it or should you turn them down and wait for a more convenient time?

Making the decision to open up to foreign markets or international relations can be tough and is not to be taken lightly, but if you succeed, you can cause exponential growth within your company and yourself. It's not for everyone though - or at least, not for everyone all the time. Here's how to know if going global is right for you.

1. You Love Learning About New Cultures

If you've never traveled outside of the borders of your own country, ideally you should do it before you start doing international business. People in different parts of the world have very different cultural behaviors, and your ability to adapt to changing dynamics can determine how well your business does in those countries.

If you can, travel to a different country and stay for a few weeks, getting to know not only the people but the environment. Ask questions, make friends, try something new, and become one of them for a little while. To really get a feel for the land, live even with a local family.

2. You Welcome New Crises

People generally don't react well to change and even worse to confrontation, but if you view it in the proper lens, you can test what your company is made of and grow through it at the same time. This especially applies to international markets where the stakes are higher and can take longer to sort out.

Every business owner should "crisis-proof" their business, but it's equally important that they know how to adapt and improvise to different locales. Developing a global IQ requires you to react quickly to a culture that operates much differently than yours, and if you're not willing to pivot, you'll have a hard time doing business.

Related articles

3. You See the Whole Picture

Managers are used to looking at the big picture of their business - from keeping track of inventory to answering people when they ask, "What should I wear to an interview?" They know everything about their world; they have to if they're going to manage it successfully. 

When you go international, the world is now essentially your business that you have to manage. You have to be able to understand why certain colors matter in different countries to the same degree that you understand how the drop in value of one currency affects your buying power in another. All of these different cultures interact; you don't have to be an expert, but you do have to be willing and able to see the big picture.

4. You Know How to Pace Yourself

The last thing you want to do as your preparing to go global is to burn yourself out. There are so many things to do, so many people to see, and so many projects to monitor, that it can be easy to work 16-hour days for months at a time, only to end up burnt out and discouraged. 

This isn't a sprint, it's a marathon, and you have to think about it that way. You're going to deliver long-term value here, not short-term gains that happen overnight, so make sure you have a store of reserves inside of you for when you need it. Don't forget to have a strong dose of courage either: you'll need it for those long introductory orders that can determine your first impression by an entire country.

Going global can be a fun and exciting time for your company, but if not managed properly, can also lead to discouragement and even failure. How well you do depends totally on your state of preparedness and whether or not you as a leader have the ability to think in different terms. None of this is innate - it can all be learned - so take some time to develop a global business IQ: your company (and yourself) will thank you for it later.

By  Mark Palmer Embed

Author Bio - Mark Palmer is a small business expert and has a passion for helping entrepreneurs make the most out of their company. As a freelance writer, Mark hopes to influence others so they can have a positive business experience.


Post a Comment