To build an international business, it's about growing better, not faster
To really succeed in international expansion, a business needs to be customer-obsessed, not self-obsessed.
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STARTING a business has never been easier, but scaling one has never been harder. For those that do succeed in their home markets, formulating plans to expand overseas is often the next step in scaling up. After all, slowing growth in any one country is common - even inevitable - once a business has successfully penetrated the market. Yet international expansion is no easy feat.
Minister for Finance Heng Swee Keat addressed the challenges faced by startups and SMEs in recent Budget announcements for 2019, stating that ambitious Singaporean businesses "can only thrive if they scale up, and venture into new markets." He also revealed plans to support aspiring, high-growth local firms via better financing options and technology adoption.
But financing and technology is only part of the recipe for international success.
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