Global Contacts, Global Relationships = Great Businesses

Last week's #GEC in Melbourne saw over 2,000 people from 123 countries coming together to engage, learn and collaborate to support the development of our global ecosystems.

During the week I had a number of conversations with various GEN Country leads, many I have known for over 10 years. We all agreed that the need for global collaboration in cross border business is more necessary than ever.

So what can we offer that other long established institutions don't?

There is an abundance of trade missions and resources available but there seems to be something missing.

IWhile having a solid understanding of new markets, legal requirements, and regulatory information is undoubtedly crucial, there are often overlooked yet equally critical factors that can significantly impact the success of a business when venturing into new territories. In my experience these factors revolve around the critical skills of:

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To break this down further, what is required is:

1. Adaptability and Resilience: One of the most important skills for scaleups expanding into new markets is adaptability. Markets differ, cultures vary, and unforeseen challenges can arise. Being able to adapt to new environments, quickly learn from setbacks, and remain resilient in the face of adversity is essential.

2. Emotional Intelligence: Understanding the emotional landscape of both your team and the new market's local workforce and customers is a game-changer. Emotional intelligence helps leaders build strong relationships, resolve conflicts, and make decisions that are sensitive to cultural nuances. It's the cornerstone of effective communication and collaboration in international ventures.

3. Leadership: Strong leadership skills are crucial when expanding into new markets. Leaders must inspire and guide their team, set a clear vision, and provide the necessary direction to achieve goals. Leading a diverse, globally dispersed team requires the ability to foster a unified sense of purpose and maintain cohesion.

4. Team Development: Building and developing a high-performing, culturally diverse team is a soft skill that should not be underestimated. Effective team development entails understanding different cultural dynamics, communication styles, and work habits. A well-integrated team can help adapt to the unique challenges of a new market and execute strategies effectively.

5. Negotiation Skills: Successful market entry often involves negotiation, whether it's with local partners, distributors, or government agencies. Negotiation skills are crucial for securing favorable deals, navigating regulatory requirements, and building fruitful relationships that can propel your business forward.

6. Cross-Cultural Competence: Different markets have unique cultural norms, values, and business etiquettes. Having cross-cultural competence enables you to respect these differences, avoid misunderstandings, and forge meaningful connections with local stakeholders.

7. Problem-Solving and Critical Thinking: In unfamiliar markets, unexpected problems will inevitably arise. The ability to think critically, analyse situations, and come up with innovative solutions is a valuable skill that can save both time and resources.

So how do you know you are equipped with these skills and develop them further? This is where experienced consultants and mentoring comes into play.

Would love to hear your views on this

#mentoring #exporting #global #networking

Babita Devi Yatin K Thakur David Kuo Mark Ashton