Quite often, we see people in business struggle to manage average-sized businesses. In this scenario, is it logical to speak about building a global enterprise? Yes, that’s a good question; but I have an explanation. If you are patient till I explain how to develop a global enterprise within a span of five years, continue to read till the end of this Build a Global Business within Five Years article.
As a business consultant who helped many businesses grow global, I have first-hand experience creating organizations with the potential to serve a global customer base. I will help you design a foundation to construct an international business organization in the following lines.
Most people believe that the struggle and difficulty to build and run a business is grow by its size. But the reality is that the heaviness is never directly proportional to the size of a business. Surprisingly, in many big companies, the stress felt by the top management is lower than the pressure felt in the top management of medium-sized business organizations. Because such businesses are more structured, the availability of resources is high, and the risks and mitigations plans are better designed. The first step to build a global business is the change in mindset. Your vision as an entrepreneur to build a global business is the fundamental step in your journey to becoming an international businessman.
when you conceive your opportunity, you may put the available resources to visualize the business for others. You may create a visual representation of your idea in the form of an image, document, or video to attract other potential resources to your business. To build a big brand, you need the right resources in place. It is said you can get only monkeys with peanuts. You need great resource persons in terms of consultants, employees, supporting organizations, technicians to build an organization with global standards. All these members shall work as a team to create such a big dream. To achieve that, you need to inspire them to do that. The first step is to attract them to your idea is to visualize it for others.
I read a case study by an Indian healthcare entrepreneur who wished to build a medicine delivery company. He has dedicated 10 Million Indian Rupees to the first stage of development. He appointed a popular film director to create a short film to visualize his business concept from the capital. Using the video, he has raised 3000 Million Indian Rupees for the development of the project. Ha has also able to convince experts from the industry to join his project.
Never settle for mediocre resources while planning for big businesses. One such element can bring the company down. Always insist on quality stuff. Being the founder, you should have a clear idea about what should be done by each expert.
To do that, clearly define your vision, mission, and values. From the fundamental values, create a value framework for your customers and how they will benefit your business. Most importantly, never compromise on these values. People tend to compromise on values as the company grows. It will end up in the downfall of your business. If you stick to your values, you will find a way to deliver your business, and such a business model will be unique and sustainable.
By learning about the different offerings available in the market, have a clear vision about the quality of products or services your company will establish. This quality policy shall be well defined and communicated with the internal and external team.
In the case mentioned above, one critical thing while planning a big business is the selection of supporting institutions. Right from business planning, strategy building, content making, branding, marketing communications, financial plans, organizational structure, legal support, systems and processes, hiring, staff training, bookkeeping, legal framework, compliance-related issues, business communications, marketing support, fundraising, etc. shall be supported by agencies who have expertise in such a project. Primary criteria for the selection of such agencies shall be their experience and proficiency in the field. Once you are filled with the right team, you will be able to build the organization with complete confidence.
Never discuss your ideas with people who don’t trust your capabilities to build such an organization. They tend to discourage you. It may affect your positive vibe, and you will end up closing the business project. Always be surrounded by people who have a belief in you and who support you. You encourage people who make constructive criticism; because constructive criticism is required to finetune your business concepts. Continue discussions even if you get a balanced plan. Because even if you are going with the balanced plan which you have already arrived, your thoughts will have better clarity with such discussions. You will be clear about where you are heading and where not.
You need a certain amount of money to start a global business. But it is no definitely the entire amount to start the business. To meet people, do the research, test technology, visit places, and create content, you need money. When you speak about a big business, you cannot ask money to bootstrap your idea. The funds required during the initial stage shall be a fraction of the total investment requirement. But if you move forward with such a plan with confidence, investors will buy your idea and invest in developing your business.
As I have referred in the case study example before, if you are ready with a presentation or video about the project, you can approach investors, mentors, experts, executives to join your project. Some of them may come to you directly as they heard about your project from others. Do communicate with them, have passionate discussions, and share your dreams. Even if they are not associating with your project, they will spread words about your dream to other potential people.
You will be listed all the global companies in the industry by this stage, i.e., current leaders in the industry or the alternatives, suppliers to the industry, buyers of the sector, third-party support of the industry, etc. You will be clear about how the ecosystem works. Now you can send emails to these companies for a possible association. You may have some significant associations that may be critical for your business to become a global business.
Suppose a big company in the industry is looking to expand their business to India, or they have been inspired to grow their business interests as they get a potential partner in the country; it will be a breakthrough in the entire process. It not only brings technology and expertise but will also bring culture and accountability into this business. A few decades back, when HCL started the computer hardware business, they came into an agreement with Hewlett Packard (HP). HCL agreed to a weak bargain agreement with HP those days only because they need to train their employees on the HP work culture so that they can compete in the global landscape. As planned, they withdrew from the agreement after one or two years and progressed in the business in their own way.
I’m not arguing about having a temporary agreement. It was just an example to showcase how such companies bring professional culture into our dream project. It is always better to have a sustainable and gentlemanly agreement in such joint ventures.
Make sure that you have enough credibility before moving on to such a big project. Credibility here never means credibility as an internationally successful businessman. But it means that credibility gained through your education, values retained in other business deals, success or failure in small business ventures, your critical connections, etc. All these items together or just one or two items shall provide credibility for a global business.
The entire process from ideation to establish a global brand can be done within five years if planned and executed well. While preparing for such a business with global competency, the entrepreneur should keep his ego apart and put the business at the forefront. Usually, entrepreneurs have two significant concerns while growing a business. The percentage of ownership and control of the business are the two concerns. The ratio of ownership doesn’t matter if the size of the circle is big. If the circle is big, the piece of the circle will also be big. Not just big, the slice itself shall be many times larger than the entire previous circle. Your importance in the business depends on your knowledge and contribution, not just on legal rights. If professionals are involved in the business decision-making system and are doing it better than you, what is the concern regarding the control of the business? If such a mechanism is not functioning well, the system will replace the faulty element. It will correct itself for better performance. You, the founder, will have a role in such a role change.
From the perspective of a consulting companyconsulting company, we are well equipped with many seasoned business experts ready to guide you to build a global business. ATBC is not just a consulting company but a group of six different organizations that provide expertise on various support functions of building successful business organizations. Log on to our website www.atbc.co to know the details of our service.
Benefits of hiring a business consultant are enormous, especially when it is a big business. The benefits of contracting a business consultant shall include lower risk for such high profile investments, risks shall be mapped, and risk mitigation plans shall be well defined, etc. Finding a suitable consultant for your business shall be tricky because you may find many consulting companies, but most of them shall not ideally fit your requirement, though they offer to serve you. You should first identify the importance of business consultancy services in your business, and you should be clear about their role in improving your business. Then have a meeting with your consultant to have a great conversation to know each other’s values and preferences better. You may be heard a lot about the advantage of consultancy services, but if it is not planned well, it will be an ordeal. If you are planning a high profitable business, let’s have a conversation first. We can support your business in many ways. You may find it helpful to associate with us for your business. Please do make a call to +91 99468 10000 to book an appointment with our team of consultants.
