There is great potential when taking your business global, but you need a strategy.

In the United States, more than 20 percent of the world’s total income is generated. With so much financial flow coming from America, it’s important to know international business strategy so your company can succeed.

For those looking for more information, check out these guides all about how to create an effective global business strategy.

Read on to learn more.

Remember to Set Goals

To be successful in global business, first set your goals. Try to be as specific as possible. Determine your sales goals for the next six months, year, and five years.

Ask yourself questions such as:

What will your customer retention be?
What is your timeline for return on investment?
How much time will you spend on expansion?

Don’t forget to set attainable goals. Start small and build upon your platform as you realize your objectives.

Check out the life science industry for more information.

Determine Your Service or Product

Next, determine your service or product. Do you have just one thing you will offer, or is it an extensive list of services and products? In the case of the latter, choose to focus on which ones to bring international first.

Is your product or service in demand? Where can you find customers? How are you going to get paid? Do you need to consider shipping goods?

Research Your Competition

Perhaps most importantly, remember to research your competition. In what ways is your competition succeeding and failing in international business.

Our competition is one of the biggest learning tools we have to navigate the world of globalization in business. Look into multiple markets to better understand international business strategy.

Don’t be afraid to utilize the expertise of trade professionals around the globe. The U.S. Commerical Service offers more than one hundred consulates in embassies across over seventy-five countries for your benefit.

Consider contacting the U.S. Export-Import Bank and Small Business Administration for the best chance of success in the globalization of business.

Decide Your Distribution Strategy

Decide your distribution strategy. Are you going to explore a new foreign market or rather try an export sale?

Whatever you choose, going global will allow you to access more than 95 percent of the globe’s consumers, all of which reside outside of the United States.

Consider where the demand is and the profitability. Think about the potential fluctuations in the economy you will expect to face and how they will affect your profitability.

Remember to assemble a strategy document. Write down your plans to guide your organization going forward to keep you and your team on track.