As the saying goes: “all roads lead to Rome” and certainly, for businesses to achieve their goals and be successful in international environments, there is not just one road but a million different paths. For women, however, often those roads tend to be longer and more difficult to walk. So, what do women in business need to do to ease their path and realise their ambitions to expand their presence overseas?

The role of women in international markets

Due diligence alongside a thorough revision of the business’ current stage is of essence but that is just the beginning. Understanding where the call for growth is coming from and whether the business is ready to take the leap into overseas markets, being ambitious but also realistic - as difficult as it might be - can provide clarity to female decision-makers and help them with tough decisions that would affect the future of their business, for bad or for good. For instance, has overseas expansions been part of the business strategy all along? Has the business organically overgrown its domestic market? Or are foreign markets pushing for expansion? (i.e. Is the business receiving orders/requests from foreign customers?) In the era of the internet, the latter is usually the most frequent case, even for start-ups. It is here, in the understanding whether a business is ready to start the internationalisation journey where a decision must be made, with facts and full comprehension of the benefits and risks.

Once it has been decided to move forward, the real journey begins, and while each step of the journey will need to be tailored to the specific needs of the business, in-depth market research must be carried out regardless: what is the target market and why? Choosing a market cannot be done without having evaluated it whole, all micro and macroeconomic data in detail.

When a market has been selected, a clear strategy will need to be established to ensure all potential barriers, as small as they might be, are covered. Of course, no two markets are the same, hence, the number of target markets must equal the number of market research studies done and the market strategies established.

What are the challenges?

Though it is not possible to list all the potential challenges a company must foresee, there are some that must always be taken into consideration. Just to mention a few: cultural differences, economic, political, and regulatory environment, affordability and sustainability, ESG, infrastructure, currency fluctuations, access to resources, intellectual property, access to talent, visa requirements, revenue and customs requirements, and finally, brand recognition - this might be especially difficult for companies in the services sector, due to the “intangibility” of their products.

For this reason, and because it is impossible to “know what you don’t know” it is especially important to seek expert advice in areas where a business might not have in-depth knowledge, and equally, to work on creating strong links with key players in the target market. Chambers of Commerce and the UK’s Department for Business and Trade are especially good at international networking as they can help build bridges with relevant partners domestically and overseas, a crucial step to succeeding in foreign markets.

Fundamentally, prioritising markets, developing strong market strategies, getting professional support, and leveraging global connections, will certainly help smooth the internationalisation path for women in business and lead to success.

This article was written by Elizabeth Skewes, Trade Services and Business Development Manager.