Global Business: Playing on the World Stage

Multicom CEO Sherman Miller imports from Taiwan and China and exports to Latin America. [Photo:Gregg Matthews]

“I keep a pulse on that very closely. I’m always thinking about globalization and how it can help or affect my business,” says Miller, a stick-to-the-basics entrepreneur of 74 who relies on market diversity, new products — like a new voice-over-Internet protocol (VoIP) service — and customer satisfaction to keep his Florida business well protected in a changing global market. “If we keep our customers happy, and get a few more from our competitors, we can fight any trend.”

As Fitzgerald and Miller have found, doing business in a global market can pay dividends for companies that take the time to learn how to tap the wants and needs of international customers. That means studying target markets and having the capital to expand without damaging the core business.

Competing in a Global Market

Keep up with world news. Market conditions can shift quickly, so it’s vital to monitor political and economic developments in countries of interest. Trade associations often have regular updates of industry changes around the world. Regular reading of publications like The Economist (economist.com), Financial Times (ft.com), the Wall Street Journal Asia (wsj-asia.com) and BBC News online (news.bbc.co.uk) will give you an edge.

Research your specific market. Talk with a trade specialist at one of Enterprise Florida’s six field offices or the U.S. Export Assistance Center nearest you (export.gov).

Find out about non-U.S. businesses that are potential competitors in Florida or overseas. Enterprise Florida (eflorida.com/ForeignCompanies.aspx) has an interactive map and database of foreign-affiliated companies in the state. The database is searchable by industry, country of origin and location in Florida.

Brush up on language, culture and international etiquette. If you are going to do business in Latin America, speaking Spanish is a plus. Even if business communication is in English, it’s important to know the do’s and don’ts of negotiating, business dress, gift giving and entertaining. Check out Executive Planet’s guides to more than four-dozen countries (executiveplanet.com).

Tags: Florida Small Business, Entrepreneur