16 Nov 2022
Is the grass greener on the other side of the fence? Well, maybe not greener, but there could be more of it. As Finland is a relatively small market, businesses may begin to look outside the country for growth.
When the idea of internationalization has been planted, it may be hard to refrain from taking on the world immediately. But expanding internationally is not something you want to do without preparing properly. Internationalization should be approached like a long-term process instead of a project.
Internationalization consists of three main phases:
During the preparation phase, you should assess whether your business has the facilities to test the waters internationally, i.e., does the reality of the situation correspond to your desires and vision. You should prepare for the possibility that you need enough money, human resources, and patience, i.e., time to last you for several years before you close your first international sale.
Matters that need to be clarified:
Once you have made the decision to expand internationally, you should create a long-term plan. A good plan will significantly reduce the financial and other risks related to internationalization.
An internationalization strategy should aim to resolve the following issues:
While planning and preparation is good, you should not get stuck on this phase for too long. A common method used in the international markets is to sell your product first, then manufacture and finalize it.
Once you begin to implement your chosen strategy, your focus turns on sales and marketing and the people who do the work. The creation of a customer relationship requires building trust, which does not happen overnight. It is often said that where Finns give up after three meetings, making a sale would require at least five!
Knowledge of the culture and the people of your target country can be a great help when trying to build trust. This means that your company would benefit from a reliable contact in the target country, who could open doors and carry out sales work independently. Business Finland and Finnish agencies in other countries can also provide helpful assistance, for example.
Persistent work and patience pay off when you close your first sale. After this, new deals will be much easier, as your company can show an international reference and repeat the successful sales process.
Do not hesitate to contact us and book a free appointment! You can also contact us using the contact form below.
Keski-Uudenmaan Kehittämiskeskus Oy
Business Development Centre Ltd. Helsinki Region North
Puuvalonaukio 2D, 2. krs, 04200 Kerava
050 341 3210