Expanding your business and taking it to a global level is no mean task. However, investor and entrepreneur Sal Rich suggests making it easy by breaking it down into these four small steps.
Know the right time
To go global is ambitious. And there are only two ways it can go from there - your way or the highway. Things are most likely to go your way when you can identify the right moment to step out. You need to know why you want to go global - is it because the world is beginning to notice you, or the time has come for your product/service to make its mark? Your answer to these questions will help you turn your dream into a new destination for business. Or not. This is the most crucial step in your business' international journey because if it plummets, recovering lost money and reputation will not be easy.
Plan your trajectory
Sal Rich advices that one of the first things to do when planning a global-level business expansion is to identify where to start. Once you mark your starting territory on the map, you must give yourself time to research the culture, get acclimatized with their economic situation, and develop an in-depth understanding of their market. The data generated can help you immensely when creating your advertising and marketing strategies.
Hire local experts
According to Sal Rich, if you plan to enter a market that is new to you as an individual, it is well-advised to put into place operations like customer service, payments systems, and things like that. To do this, engage with local experts who can help you cut costs and time. It will enable you to start your work in a new world faster and reach out to the end customer quicker. And as long as you are hiring local experts, reach out to a language tutor to help you blend in with the culture better.
Become the face of your business
When you ship your business to foreign soil, don't expect someone else to establish your equity for you. To make a mark, you must make your presence felt. Be there where your new business is. It's like giving more attention to the toddler than the older child, meaning your established business, who has become more or less independent.
With the right timing, planning, and socializing, you can give your business the push it needs to stands on its feet in the global market.
Pakistani rupee continue to witness further losses against US dollar in the open market on despite positive economic indicators and massive surge in Stock Market.
On Tuesday, the dollar was being quoted at 285.1 for selling and 288.15 for buying purposes for customers.
Euro price moves down by Rs2 to 312 for buying and 315 for selling. British Pound rate stands at 358.5 for buying, and 362 for selling after increase.
UAE Dirham AED stands at 78 whereas the Saudi Riyal also witnessed fall and new price stands at 76.25.
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.24||36.59|
|New Zealand Dollar||NZD||173.44||175.44|
KARACHI – Gold continues to move upward in local market amid surge in international rates.
On Tuesday, the single tola of 24 Karat gold was available at Rs217,600, and the price for 10-gram gold saw increase of Rs943 to reach Rs186,557.
Globally, yellow metal went up by $12 to settle at $2,015 per ounce.
Last week, per tola gold price increased by Rs800 per tola, and it hovers around two month high.
|Lahore||PKR 217,600||PKR 2,600|
|Karachi||PKR 217,600||PKR 2,600|
|Islamabad||PKR 217,600||PKR 2,600|
|Peshawar||PKR 217,600||PKR 2,600|
|Quetta||PKR 217,600||PKR 2,600|
|Sialkot||PKR 217,600||PKR 2,600|
|Attock||PKR 217,600||PKR 2,600|
|Gujranwala||PKR 217,600||PKR 2,600|
|Jehlum||PKR 217,600||PKR 2,600|
|Multan||PKR 217,600||PKR 2,600|
|Bahawalpur||PKR 217,600||PKR 2,600|
|Gujrat||PKR 217,600||PKR 2,600|
|Nawabshah||PKR 217,600||PKR 2,600|
|Chakwal||PKR 217,600||PKR 2,600|
|Hyderabad||PKR 217,600||PKR 2,600|
|Nowshehra||PKR 217,600||PKR 2,600|
|Sargodha||PKR 217,600||PKR 2,600|
|Faisalabad||PKR 217,600||PKR 2,600|
|Mirpur||PKR 217,600||PKR 2,600|