04 Nov 2021

SMEs: what to consider when going global?

Euler Hermes
SMEs: what to consider when going global?
Where to go and where not to go

Which sectors to consider?

  • Electronic and Electric - an expanding middle class in emerging markets and adoption of technologies related to 5G, autonomous vehicles, AR/VR (augmented reality/virtual reality) to provide a boost
  • Machinery and Equipment - supported by a rise in infrastructure capex in emerging markets.
  • Chemical - helped by an acceleration of global trade in the second half of the year.

 

Useful tips when going global

  • While there may be tens of regions that could lead to increased profits for your business, expanding too rapidly is rarely a good idea. It drains resources and reduces overall quality. Do your market research and target a zone or zones with clear-cut potential.
  • Understand your market – from demographics and consumption culture to legal systems and government benefit initiatives – and don’t underestimate the productivity and creative power of a localised work environment.
  • From offerings to processes, adopting the latest innovations and technologies is imperative for SMEs wanting to successfully expand abroad. It bolsters efficiency and improves market-entry speed, an area in which SMEs often lag.
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