Why should you internationalize your company?
Because internationalizing means increasing knowledge and relationships, it means increasing the number of potential customers interested in your products and services and accessing a global market. Moreover, internationalization reduces the risk of staying out of the market with obsolete products or an obsolete way of selling them. Finally, internationalization means an increase in earning opportunities.
Internationalizing SMEs: today’s benefits
Internationalization brings enormous benefits to the country’s system, especially in terms of exports. The Next Generation EU plan aims to stimulate the internationalization of SMEs by accessing highly subsidized and non-repayable funding. Companies that want to access funding will have to design the expansion plan considering three key activities: digital and ecological transition, participation to national and international events, and e-commerce expansion in foreign countries.
On October 28th, the call was opened, aimed at internationalizing more and more Italian realities, which allows companies that have the requisites and apply for it, to receive a loan of up to 300,000 euros. Non-repayable for a share of up to 25% (or 40% if they operate in Southern Italy) for commercial development activities both in Italy and abroad through participation in international fairs and exhibitions, the launch of digitization projects and ecological transition, or the opening of e-commerce platforms for the sale of Italian products abroad. Internationalizing your company is therefore a market requirement and an advantage thanks to the available funds.
Four steps to internationalize your company
Economic resources are not enough to internationalize a company. You need the 3 T: Team and relative skills or rather a team of specialized professionals, Tools or suitable tools and Time to devote to the project and various activities. Let’s see step by step how to internationalize an SME.
1. Parameter identification and data search. Once the parameters are decided upon, you need a detailed country-by-country information sheet. Therefore, you put together all the available data according to your objectives in defining a solid internationalization plan.
2. Ranking of countries and priorities. The match between the identified parameters and the data collected creates a ranking of the best countries to invest in. Below you have an example of a company in the energy industry wanting to conquer new markets that has collected all the needed information to help define whether or not the investment in a foreign market would pay off.
3. Definition of instruments and resources. People are the central resources, if not the most important to internationalize the company profitably. Once the team and resources are defined, an action plan is written with a Gantt that describes the activities, tasks, and timing. Internationalizing will thus be even more immediate.
4. Foreign trade development. The target countries in which it is profitable to expand the business are selected. At this stage, you can search for possible partners to start negotiating with, draw up a sales plan and talk distribution.
Mark it has teamed up with companies that have grasped the importance and advantage of internationalizing their business. Contact us to discover the countries where you can expand your business, how to access available funding with the help of a professional team.
