Meet the Expert
Terry Mughan PhD
Director/Partner, CLIA Consulting
- Current research focuses on two main areas – cross-cultural competence and business internationalization, particularly medium-sized companies. Recent focus emerging from these two fields is new forms of open, collaborative, user-led innovation and their impact on business growth and social networks.
- Fluent in French and German and knows the institutional infrastructure supporting business entry in Europe's largest markets.
- Work exploits the links between foreign language competence, intercultural competence and international management processes.
- Led projects funded by UK government, the European Commission and the OECD, mainly researching small and medium-sized enterprises (SMEs). Currently involved in a European project looking at obstacles to SME penetration of the assistive technologies market.
- Consulted on exporting, business growth strategy, international HR strategy and innovation.
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International Expansion and Development into Europe
Director/Partner, CLIA Consulting
Overview
Myriad complexities face companies going to market overseas.
When that market is Europe, executives have to be aware of this: While Europe may be considered a single market, there are big differences among its nation-states that have to be considered, both strategically and operationally.
Companies expanding or developing into Europe will encounter language and cultural challenges, foreign regulations, and extreme local and regional variations that will determine whether or not their strategy is successful. They will also need to be on their guard about partnering with or hiring representatives who are not trustworthy.
Executives need to keep in mind that when they take on international operations, it affects the whole company. They need to make sure that audits are done that assess what skills and knowledge they already have in-house – often in surprising places – that can support the new venture. They also need to come up with strategies for creating and maintaining a knowledge bank so that information about the foreign market is shared and easily accessible for their employees.
If you are careful, do your research, and hire the right people, selling your product in Europe can do wonderful things for your company. It can diversify your risk, dramatically increase your revenues, and inform new product development.
It is also important to remember that if you don't take advantage of international markets, you risk making yourself vulnerable to losing market share to foreign companies who, because of trade agreements, can now export into your domestic market.
When that market is Europe, executives have to be aware of this: While Europe may be considered a single market, there are big differences among its nation-states that have to be considered, both strategically and operationally.
Companies expanding or developing into Europe will encounter language and cultural challenges, foreign regulations, and extreme local and regional variations that will determine whether or not their strategy is successful. They will also need to be on their guard about partnering with or hiring representatives who are not trustworthy.
Executives need to keep in mind that when they take on international operations, it affects the whole company. They need to make sure that audits are done that assess what skills and knowledge they already have in-house – often in surprising places – that can support the new venture. They also need to come up with strategies for creating and maintaining a knowledge bank so that information about the foreign market is shared and easily accessible for their employees.
If you are careful, do your research, and hire the right people, selling your product in Europe can do wonderful things for your company. It can diversify your risk, dramatically increase your revenues, and inform new product development.
It is also important to remember that if you don't take advantage of international markets, you risk making yourself vulnerable to losing market share to foreign companies who, because of trade agreements, can now export into your domestic market.
International Expansion and Development into Europe:
Overview
Expert Topic