The real question is not whether your business is global or not, but rather: How global is your business?
And how are you defining global? Is it by geographic region or market segment?
One company we recently spoke with has been around for almost fifty years, and still operates at a fairly local level. They know they need to increase their ability to serve clients across a wider geographic range…but not too far…
See, they understand their business and the logistics involved in their industry. And there’s a realistic growth strategy in place. With the resources currently available, there needs to be a prioritization of markets—in this case set in geography—but it’s a dilemma we see with many clients.
Even some of the largest companies we work with need market prioritization. One in particular provides a lengthy list of components to at least nine major vertical markets, so basically can be found almost anywhere.
It’s a fine line to establish a position in a market today, and give others enough attention so that you still exude competence, and are ready to capitalize on the recognition when the growth strategy is right.
Not every company will have the same growth goals or strategy; nor should they. Knowing your business includes knowing how global your business should and can be. Not all industries and markets are important across the world. You can’t run before you walk, so a strategy to become a global leader before you’ve mastered your local market is not a realistic goal.
Will the company in question ever be a worldwide entity, servicing customers in places thousands of miles outside their current comfort zone? Maybe… but for now, the focus is on what they know can reasonably be accomplished in the short term. Be sure you aren’t focusing solely on long term goals that your current customers in your comfort zone are neglected.