"Think globally”! Make your business's extroversion a priority

Are you thinking about opening up to the global market but still have a lot of questions? Start by reading this article

In a globalised environment where, via technology, national economies and cultures affect each other more directly than ever, today's entrepreneurs must think and plan for their business with an open mind.

Extroversion and exports comprise one of the main routes to growth that a business can follow, while ensuring, as far as possible, that the steps taken to achieve this are carefully planned. 
Despite advances in technology and improved international trade practices, many entrepreneurs shy away from entering new markets for a number of reasons, the most common of which are:

  • A limited budget 
  • Tougher competition in international markets
  • Language barriers and currency differences
  • Complexity of the process of expanding abroad
  • Bureaucratic hurdles and lack of sufficient information

Why export your products?

As demanding as it may seem, there are many reasons why opening up to a new market can be beneficial for your business:

  • Increased sales. If the operation of your business in the domestic market covers your operating costs and the costs of investing in extroversion can be absorbed by your business, the extra revenue generated by exports will increase your profitability.
  • Enhanced image and standing in the domestic market. When your company presents successful export activity, this significantly enhances its image in the domestic market.
  • Risk mitigation. As strange as this may sound, targeting new markets – especially if a manageable budget is invested – increases the geographical dispersion of a business's sales, which means that the potential risk from the impact of an adverse development in a single economy is reduced.
  • Inspiration for innovation. The global market provides access to know-how and new ideas. When reaching out to foreign markets, you encounter successful solutions and practices that can inspire you to not only implement but also develop them further in your endeavor to remain competitive. 

"Think globally”!  Make your business's extroversion a priority

Get to know the market in which you intend to invest

Before deciding in which country to expand your business, it's a good idea to be familiar with the broader conditions and market culture you'll be targeting. This will help your product be more easily accepted and reach the target consumers more effectively. Research will also give you a better chance of avoiding unfortunate moves, which someone who has studied the market will be able to identify from the outset as unproductive. 

Invest in your people

Even if you open up to a new market only online and don't need to set up an actual physical presence in the foreign country, it’s very important that you invest in your human resources so you can manage efffectively the new circumstances. 

  • Make best use of staff who have good foreign language skills or train your employees with fast-paced language learning programs.
  • Use talented employees who show agility in the way they approach situations.
  • Run workshops that will enhance customer service, as you'll have to manage various requests and ways of communicating that meet the standards of another market.

Take advantage of the free movement of goods within the EU

As a business trading in the European Union, you can benefit from the EU's single market, as well as specific trade arrangements with other European countries. Your goods can circulate within the EU with no additional costs or quantity restrictions.

Outside the EU

If you turn to a non-EU country, be sure to effectively monitor the legal framework and the taxation codes applicable there. Your legal advisor and your accountant can help you do this.

If exporting your products is something that you've often considered, but you're still hesitant, you can discuss the matter with a qualified professional, who can provide realistic and accurate information, such as one of our Business Advisors

NBG offers comprehensive Transaction Banking and International Trade services, with expert staff who have many years of experience and know-how, qualified to provide you with the necessary guidance, support and information at every step. For more information, contact the bank's expert Transaction Banking team at  [email protected] including your contact details, and an NBG representative will call you as soon as possible.