Here are a few practical tips that a Philippine MSME can consider to scale up and expand globally:
- Establish an online presence: A solid online presence is essential in today’s digital age. An MSME should create and maintain a website and social media accounts to promote its brand and products to a global audience.
- Research target markets: An MSME should research potential target markets in other countries to expand globally. The MSME should consider cultural nuances and trends, market size, competition, and regulations.
- Seek assistance from government agencies and trade organizations:
The Philippine government has several agencies to help MSMEs expand globally, such as the Department of Trade and Industry (DTI) and the Philippine Exporters Confederation (Philexport). These agencies assist in developing export plans, finding foreign buyers, and providing legal and financial advice.
- Build relationships with local suppliers and partners: A successful international expansion strategy requires building strong relationships with local suppliers and partners. These relationships will help navigate foreign markets’ complexities and help the company establish itself in new markets.
- Develop a comprehensive export plan: An MSME should create a comprehensive plan outlining its goals, strategies, and resources. The program should detail the company’s export products, target markets, distribution channels, pricing strategy, and marketing campaigns.
- Leverage e-commerce platforms: MSMEs can expand globally by leveraging e-commerce platforms such as Amazon, eBay, and Alibaba. These platforms provide access to millions of potential customers worldwide and offer tools and support to help businesses reach new markets.
- Invest in technology: Technology can help MSMEs streamline operations, boost productivity, and expand globally. The company can use cloud-based platforms, such as accounting or customer relationship management software.
Scaling up and expanding globally may seem daunting, but MSMEs can use these practical tips to navigate the complexities and reap benefits from a global expansion strategy.
More advice from Butz Bartolome:
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CHECK OUT the Philippines’ top mentor Butz Bartolome as he discusses business matters and SHARE THIS STORY with entrepreneurs and aspiring entrepreneurs who need advice.
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