Business opportunities are abundant in global markets and New Zealanders need to go out there and grab them, says an industry expert.
But going global is not always easy says chief executive and senior partner of PwC, Bruce Hassall, particularly for businesses trying to break into the Asian market.
"There are many opportunities in Asia, America and the Middle East however, lot of the recent growth and export activity has very much been directed towards Asia," Hassall says.
"The key thing that we tend to find when companies are looking to go to Asia, looking to go global and looking to export is that they don't fully understand the market place they are going into.
"They tend to think just because they have got a good product in New Zealand that somebody will want to buy or want to use their services."
Things work differently overseas, Hassall says, because the markets, their customers and their choices are different.
"A big issue is understanding local customs and regulations. In some respects, many Asian territories are much more regulated but the regulations tend to be much more local and city driven than as a pose to nationally driven," he says.
"There are less regulations at a country level but if you go into a city or into a region, they will have very specific rules and they can also change overnight."
Fady Mishriki, co-founder of PowerbyProx, will deliver the keynote speech at the PwC Herald Talks seminar on going global. Photo / Dean Purcell
A key component in international business success in the Asian market is having a local partner to help navigate the local rules, regulations and local customs, Hassall says.
"You build trust, you get to know people, you build strong connections and you leverage off those.
"It is not uncommon to hear of New Zealand companies that go up there for one visit and then they think 'well why aren't they buying my product' but you might go back four or five times and keep reinforcing what you are doing and then all of a sudden you start establishing a track record," he says. "That is the cultural difference of doing business."
Hassall says the opportunities for New Zealand businesses looking to go global are endless but it can be hard work.
"The opportunities are enormous but you shouldn't underestimate the challenges if you haven't done your homework, done your groundwork, don't understand the market or the customers.
"The thing businesses have to realise is that in Asia, that is where everyone else has been, not just us, so every country in the world is trying to sell their wares into Asia."
But rapid advances in digital technology has put New Zealand on an even playing field to other countries competing in the global market, Hassall says.
"Traditionally, New Zealand's distance from global markets has always been the tyranny of distance, we are a long way away from everything, but the world of digital creates an enormous opportunity and that digital online world basically levels everybody out so everyone operated on the same level," he says.
"It has taken down distance so we can complete with anyone in the world."
Hassall says the biggest constraint for New Zealand is not a lack of opportunities in the global market "but it is around having the aspiration to go out there and grab these opportunities and having a mind-set to grow internationally".
"We, as a country, need to back ourselves and go after it. The opportunities are everywhere," he says.
A PwC Herald Talks seminar on going global will be held of August 26 with keynote speeches by co-founder of PowerbyProxi, Fady Mishriki, wine magnate, Erica Crawford and global chair of KEA New Zealand, Phil Veal.
• Understand the market, the customers and their choices.
• Find a local partner to help navigate the local rules, regulations and local customs.
• Regulations in Asian countries are region and even city specific.
• Be aware that regulations can change overnight with little or no warning.
• Building trust and relationships is paramount to business success in overseas markets.
• Keynote speaker - Fady Mishriki, co-founder of PowerbyProxi. • Others speaker include Erica Crawford, Loveblock Wines and Industry Mentor, and Phil Veal, Rangatira Fund and global chair of KEA New Zealand. • SkyCity Theatre, 7am, Wednesday August 26. • Tickets $89 from iTicket.co.nz
