Your business has identified that there is an opportunity in a new market.
Broadly your business understands that it needs to be sure of what kind of opportunity is there, and that there may well be a gap between what you can do now and what you will need to be able to do in the future.
Let’s consider an example of how to implement.
Step 1: Discover and understand the nuances of the market you want to approach
For example, we have a supplier client that recognizes their model suits a country by country delivery. The supplier recognises that the world is shrinking and organizations are becoming multinational. Their customers are not necessarily “global” but certainly they have partnerships, manufacturing off shore, distribution centres, even head offices have moved to another part of the world. This is affecting how decisions are made on the client side, and questions are being asked around consolidating their purchases across multiple jurisdictions.
Step 2: Gather, assess and decide on one of a number of approaches to addressing the challenge.
There is no magic silver bullet. Each approach will have its merits and demerits. The point is to make a selection based upon the best evidence and thinking you can make at this time. Make a decision. This means that the executive team has to be able to agree that the chosen course is one that it will use, stick with until certain milestones can be reached.