Select genuine customers who support your long-term vision, says Deloitte Fast 50 leader Matt McKendry.
Our product has won awards overseas, and hence international markets are opening up for us. If we say yes to all these markets, we don't know how we are going to be able to fill all the orders and maintain a healthy cash flow. Who do we turn to to help us?
Awards are one thing, but genuine customers that support your long-term vision are more important. Many businesses get excited when the international orders start to mount up but then start to get nervous when the cash-flow challenge follows. Our advice is to firstly hold back. If the orders are genuine and your product is strong, the customers will be patient.
Take the time to select partners who can help with market support - and potentially funding - because they share your vision for your product and brand in the market place.
We are growing at 200 per cent each year. How do we keep everything on an even keel, from staff numbers to customer service?
A key insight from the Deloitte Fast 50 companies is that they wished they had focused more on establishing good systems and processes to support the growth of their business. A key tool for this stage is improving your governance and support of the business' CEO or owner. Any business owner needs to be able to draw on a regular support network, whether it's a formal or advisory board. The board should set the strategic direction, monitor performance against the strategy and steer it back on course if necessary.
We have requests for our product from North America, Africa and Europe. How do we choose which country to service first? Do we need to have someone on the ground in each place?
Selecting the right market is an art form and it's often only in hindsight that you know the right answer. It is rare that a Kiwi business can service a wide range of markets and channels effectively. They often do not have the skills, connections or capital to take multiple markets at once. Our advice is to link any decision about moving into a new market to the business's strategic plan. If the target market isn't in line with the strategy, it is not the right decision. To help with developing the strategic plan, you need to have a clear view of the market environment, the rules and regulations for getting the product into that market, the competitive environment and any factors that may make you stand out in the crowd.
How can awards help our business as we introduce ourselves to new markets - how can we leverage them?
You need to devote some resources to leveraging any success. Any credible awards should have a supporting public relations programme for winners to make the most of their success. It's also important the awards programme is aligned to your business goals and has an appropriate level of status in the marketplace.
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Send your questions to Gill at: Southgill1@gmail.com.
