Hardeep Girn, founder of local brand Know My Business, sponsored the “Going Global” themed event.
With over 70 guests and a powerful panel sharing their strategies for getting a global business up and running, the event was a goldmine of information for any small business thinking about expanding into international markets.
Panel facilitator Nicole Baines, GM of Operations and Business Development for Know My Business extracted advice from each panel member and urged the audience to consider ideas from the event as seeds that could reap a bountiful harvest for any business that successfully moves from local to global.
Panel members included Mr Girn who is expanding operations into the USA and UK in 2016, Neal Cameron, Head Brewer at Australian Brewery and currently exporting around the globe, Robert Hossary, General Manager NSW/ACT of the American Chamber of Commerce (AmCham) and Monica Sweeney, Vice President of the Australian Brazil Chamber of Commerce (ABCC) and CEO of Quantum Expats Global Mobility.
Hardeep Girn encouraged businesses to first establish a successful local business and undertake extensive market research before launching internationally.
“When you realise your business is succeeding here, it may be time to think about whether those services and products may be in demand elsewhere. The most important thing is to reinforce your own brand, research the need, and test the waters before you commit. It’s great to have aspirations but you must have a solid business case to put forward,” said Mr Girn.
He also recommends “a good knowledge of local cultures and behaviour” as being critical to starting a business off on the right foot abroad.
Support for businesses wishing to go global comes in many forms, with Mr Girn pointing out that “your first port of call should be the local Chamber of Commerce or council, as these can provide valuable information, and facilitate and connect business owners to relevant contacts in the new market.”
Mr Girn will be testing the waters in January as he heads off to the UK and USA to promote the Know My Business portfolio, connecting with contacts he has made in both locations through local connections.
Neal Cameron explained that a global business was always part of the plan for Australian Brewery, and had been a key factor in the naming of the business and the brand story that has been created.
Australian Brewery’s mission statement is perfectly aligned with a global business, being “our mission is to brew 100% Australian craft beer in Australia, for Australians, and then showcase it to the rest of the world.”
“Going international is not a recent idea for us – this was on our agenda when we set the brewery up. Beer is a universal language, but you have to work incredibly hard to get into new markets,” said Mr Cameron.
Neal and his team currently sell their hand-crafted beers in Japan, Singapore, Dubai, Hong Kong and Canada.
AmCham help connect Australians doing business in the USA and Americans doing business in Australia and representative Robert Hossary echoed earlier sentiments, advising aspiring global entrepreneurs to carry out due diligence on markets they are looking at expanding into, saying that many businesses underestimate the size of their potential overseas markets.
“Expanding too fast and not being able to maintain supply in large external markets puts pressure on a small business to maintain the cash flow, manpower and resources needed to deliver to a large global market,” said Mr Hossary.
“This can be extremely detrimental not only to the global business but to the successful local business,” he warned.
Ms Sweeney’s explanation of the opportunities available in South America came as a surprise, with few realising that the Brazil and Australia energy markets are so similar, due to their rich energy and raw material supplies.
“Since Brazil has opened up for trade, there are exciting opportunities for growth and partnership with Australian businesses,” said Ms Sweeney who assists businesses to relocate or establish offices and teams around the globe.
Other hot tips included the need for confidence to back yourself and cash flow to fund the setup phase, timing expansion carefully, utilising agencies such as Austrade to assist with advice, due diligence and even funding initial overseas operations in some cases.
To find out how Know My Business assist in brokering introductions to other businesses and opportunities in Australia or internationally, visit www.knowmybusiness.com.au or call 1300 046 876
