Enter Foreign Markets with Advantage

Description
This note considers the challenges and opportunities for businesses when entering Foreign Markets. I use the term Foreign Market to describe any market in a new geography, which the business is unfamiliar with, so it could be an adjacent or remote City, County, State or Country
Starting to export or entering a new geographic market is in many ways like starting a new business, so whether you are starting up with an export orientation or looking to expand through exporting as part of your scaling program you need to know where to start? and how to approach it?
The Business Advantage Model™ (BAM™)as outlined in the book “Advantage” is one appropriate model, because it is organic, agile and dynamic in nature, while recognising there are sequences to be followed to minimise risk and maximise success potential. The benefit of the BAM™ is that it guides teams so they “Do the right things, the right way, at the right time” when entering foreign markets.
The BAM™ approach is organic in that it’s about learning, facts and information milestones, which inform specific actions and deliverables for moving forward through the levels of evolution of a business towards achieving it vision. It applies at all levels of the business and that includes Foreign Market Entry (Exporting). The model provides the framework and guides, for the entrepreneur and/or leader to follow the specific unique path for their business and market based on their advantage.
The process for entering new markets has 4 key steps’, this paper discusses each key step.