Top tips for supporting your business as it moves into a new market or geography.
At this weeks Life Sciences Manufacturers Forum, we discussed how the credit function could be more active in supporting their businesses as they plan to move into a new market or geography. Something that is very relevant to not only the Pharma sector.
Some of the Top Tips included
- Be at the table early where the discussions are taking place and the decisions are being made.
- Input to the “Go to Market” strategy
- Define who you are going to do business with.
- Is this a difficult geographic region to do business? What is the culture?
- Who will you partner with? KYC is very important.
- Get an Economic study
- What are the payment habits?
- Understand the legal rules
- Should you outsource, can you get credit insurance?
- How will the supply chain work and what are the difficulties?
The above is just the beginning of the list of tasks but these were seen as the key top 10.
What have we missed? What can you add to the list?
We are planning to deliver our forums on a Hybrid basis. That means you will be invited to our “Face to Face” forums. However, if you are unable to attend for whatever reason – such as based in another country, have other commitments – then you will be able to join the forum meeting virtually using Zoom.
We are doing some trials to ensure we deliver the meetings to acceptable quality levels and ensure a high benefit experience.