FINAL WORD
The problem , of course , is where to start . Reaching out to US companies who look relevant can bear fruit but building a broad contacts list and effective networking is likely to create better opportunities .
Don ’ t forget that the US is a massive market , so many businesses based over here find it ’ s useful to build both regional and national partner networks .
Don ’ t lose focus on core business
Replicating domestic success in new markets is among the most exciting challenges any business can take on . This is particularly true for organisations focused on growth in the US , where building momentum really means the sky ' s the limit .
It ’ s important , however , to recognise that business expansion of this kind takes a massive amount of commitment and resources . This doesn ’ t just mean financial investment , it ’ s also about the time required of organisational leadership and key members of the team who are tasked with supporting growth .
Don ’ t go too big too early
One of the biggest mistakes a European business can make in focusing on the US is running before they can walk . Implementing a growth strategy for such a huge market is an attractive proposition but getting it wrong at scale can be disastrous . Instead , starting with more manageable , smaller goals may result in slower revenue growth but can allow the business to learn valuable lessons over time without the danger of overextending itself or running out of resources .
Seek out help and support
For SMEs , it ’ s particularly important to seek out advice and guidance , which can play a pivotal role in helping avoid mistakes and to explore the practical and financial support that is available . There are many useful sources of advice and support for UK businesses who want to target markets in the US , some of which include :
• The Department for International Trade
• The US Embassy and Consulates in the United Kingdom
• BritishAmerican Business
In doing so , businesses must not fall into the trap of neglecting their core market , customers and their wider ethos . Leaders must never lose focus on the reasons that drove their domestic success and balance their ambitions to grow against the need to remain grounded .
Building these considerations into planning and preparation can help businesses on this side of the pond put a solid foundation in place for success in the US . Success is hard-won , but the returns have the potential to be greater than anywhere else in the world . x
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