Similarly, when it comes to global business and Microglobal in particular, there are only three things to remember….relationships, relationships, relationships!

Business doesn’t happen overnight and when you’re trying to conduct business overseas, that’s doubly true..

Business takes time and in other countries, much of business is built on relationships.

Be willing to invest yourself, your time and your energy into creating meaningful relationships with the people you want to do business with overseas.

What is Microglobal?

Microglobal is the concept that small business and micro-enterprise can enact in and be part of global commerce. Some assume that only large corporations and multinationals with cargo containers full of merchandise can be part of international trade. Microglobal supports the notion that even the smallest of business endeavors can have a global component.

Take your relationships to the global level

Now, admittedly, global business is no small task. Time zones and distance can seem daunting and may require some odd hours to make a Skype call happen.

Customs and culture can make it tricky to navigate certain situations, so educate yourself and find out a bit about the country you want to do business in.

You would be surprised by how excited your overseas connections become when they discover that you’ve done your homework and can actually recite a bit of information about their home country.

In addition, if you’re interested in doing global business, then you should be interested in travel. You may be fortunate, as I’ve had happen on occasion, when an overseas connection is headed stateside. You’d better believe I find a way to meet them while they’re here.

But I’m just as willing to head abroad as our business conversation develops.

Establishing trust can be difficult when it is done only via cell phone or email.

A trip overseas to meet in person can be the missing piece in your project development.

Of course, even after you’ve been abroad, depending on the country you are working in, things may still take more time. Don’t get discouraged, but also, don’t put all your eggs in one country’s basket (so to speak).

Maximize the resources and relationships you already have

As a Microglobal business, time and resources are often limited, so be willing to keep an eye on various projects and let them simmer a while as needed. Some get cooking right away, others need to marinate a long time before they’re ready – sorry for the cooking analogies, but you get the idea.

Relationships are key not only with your global connections, but also with the resources you will need along the way.

Get to know your local Small Business Development team, your Centers for International Trade, your Commercial Services officers, your bank, and your shipping agencies such as USPS, FedEx or other.

There are a lot of helpful services out there geared toward assisting small business in successful global transactions. You will want to have these resources on hand when things finally get underway. In order to get the best advice and the best assistance you need, you’ll want to build those relationships before you go global.

It’s all about relationships

Here are the top 3 things to consider as you prepare for global success:

1. In order to build relationships, you must reach out.

There are so many ways to get connected but it’s up to you to make the effort. Don’t let language or distance become unseen barriers. Go for it!

Through social media and networking sites, it really can be as simple as an email introduction to get the ball rolling.

Not sure what to say? Start with “hello” and a genuine interest in wanting to discover more. Let things evolve organically.

While you don’t want to waste anyone’s time, it’s also perfectly okay to start by sharing information or asking questions. Sometimes, something as simple as commenting on social media about someone’s product or service is enough to plant the seed of future relationships.

2. Once you start flexing your relationship muscles, you’ll want to keep on building them.

Don’t be afraid to ask for introductions and don’t be afraid to make introductions for others.

For the most part, we are all looking for ways to discover new connections and expand our network. This is an opportunity for you to do more than just make “the ask”, you can also offer something in return.

Perhaps it is an introduction to a colleague, a service provider or other support you can provide from your own network. Remember, the best relationships are built on reciprocity.

3. Remember that for any relationship to stand the test of time, you must put in the effort to maintain it.

Perhaps an introduction didn’t lead to a business transaction. That doesn’t mean you should let the relationship die on the vine. Stay in touch, even if it’s less frequently. Sometimes, something as simple as responding to or sharing a social media post from your distant connections can be a small way to show an ongoing interest in the relationship.

Stay positive and look for small ways to remain in contact, you never know when timing might change making your contacts ripe for collaboration.

But perhaps the most important relationship in all of this is the one between you and your business. That’s because you develop a stronger sense of who you are and what you’re capable of as you take your company out into the world.

It will teach you, it will challenge you but it will also create a stronger sense of who you are, what your business is all about and what you’re capable of out in the world. And that’s one relationship that will never let you down.

Which area of building global business relationships do you need to focus on the most for your company’s needs?

The post The 3 things you must know about building global business relationships to go MicroGlobal™ appeared first on Trade Ready.

For example, you may find that somewhere within your existing customer base or through your online brand presence, you’ve already attracted interest from other countries, some of which are likely considered part of the emerging markets category. But have you ever really pursued these connections?

There is often an opportunity through a simple follow up with your existing connections to grow a rich dialogue that can lead to unique opportunities for conversation and collaboration.

So what, exactly, are emerging markets? As the name implies, these are countries where the economies are not yet front page news, but are slowly growing.

The multinational take on emerging markets

These markets are often seen as another form of competition, as global technologies and innovations enter the marketplace. Currently, typical examples of emerging markets include the BRIC countries – Brazil, Russia, India and China – already participating in global business at various levels.

In addition to products and services, these countries have emerging labor markets, something larger multi-nationals see as a resource to be tapped, along with an expanding middle class of new consumers, a customer base to be exploited.

How about changing that perspective? Big opportunities aren’t just for big businesses

But there is another way to look at the term “emerging market” and a different opportunity for the nimble small business owner. In my opinion, emerging markets defy easy explanation.

Rather, emerging markets, from the perspective of small or micro business, can be any foreign region with an untapped potential market segment.

For example, while the big cities in China regularly make headlines, there is a much larger segment of the population in rural China that has not had as much media attention – which one could consider a completely different “emerging market”. These “under the radar” segments of the population may very well house a viable labor market, able to support small business collaboration, and a unique opportunity to foster a new customer base.

This means that the potential for economic growth is just getting underway, and small businesses can create their own opportunity.

Your relationships are the key to emerging market success

Many emerging markets are occupied by small companies just beginning to expand their own entrepreneurial ventures and looking for meaningful ways to grow their business, identify new customers and connect with businesses from abroad.

This is where you come in. But why partner when your product or service is ready to compete?

The real question is: Why not?

Enter new markets by finding the right partners

First, in many smaller markets, customer loyalty to the understood local brand can be difficult to overcome. Finding a reputable retail outlet and distribution channels are another challenge in countries where the system may look quite different from what you are used to.

Why not look for more than just another potential customer base – why not look for unique ways to collaborate and create a business opportunity that can be mutually beneficial?

By aligning yourself with an existing or new business in another country, you can create a co-branded or cross-promotional opportunity that can get you customer recognition and more quickly establish credibility through the right associations.

Start with your existing contacts

One of the many examples of this technique being used successfully was promoting a family entertainment product abroad. With incoming interest from many countries, but a small staff, we followed up with the most promising and persistent inquiries; our contact in Trinidad being one great example.

When we looked into our contact in Trinidad, we discovered he not only owned a successful online store that was a perfect match for our product, but he was also interested in working with education – another arena our product had done well in. With his ability to meet directly with the Minister of Education, we were able to promote our product through Skype calls, emails and eventually, in-person visits. Our successful product launch overseas was as beneficial to our contact as it was to us and a lasting relationship was formed.

So, where to begin? You can start with the contacts you already have, via LinkedIn and other social media. Then assess like-minded individuals of similar interests and start a conversation.

There’s more than one way to grow your business – you may be surprised at how open small businesses in emerging markets are to hear from you, and you may just find a conversation turns into a unique collaboration.

Strong relationships will help outweigh the challenges

There are challenges to be weighed, without question – from political and legal environments, to banking institutions and credit-worthiness, identifying talent and maintaining quality control – but these need not be strict deterrents.

At the end of the day, any good global business venture starts with relationships and it is no different in emerging markets – in fact, one could argue, relationships are even more important in this realm.

A solid relationship with your emerging market contact can help you mitigate frustrations and give you an insider’s look at how business is done in their home country. With that in mind, allow yourself time. Relationships take time, as do the efforts of many entrepreneurial efforts.

If you are willing to invest in the time and effort, you may find it not only plays to your advantage, but it plays to the advantage of others as well.

Who are some of the contacts you have in emerging markets? How can you build those connections to discover potential partnership opportunities to break into emerging markets?

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