Have you ever thought about expanding your business overseas into an emerging market? Before you do, you'd better have a contingency plan. Many U.S. companies are unprepared for overseas instability. Should an economic crisis impact your business, here are some proven steps to take:
- Assess your financial capability. If you're able to endure a tough time, stay in the market. If you can't, get out.
- Obtain information on the local economy. Utilize the nearest U.S. Chamber of Commerce organization.
- Save your client base using a customer-retention strategy.
Â· Acquire legal representation-someone to help you collect payments owed you and walk you through breach-of-contract issues.
- Cut your extras-employees, marketing efforts, etc. If you can get by with a bare-bones operation, do it.
- Remain focused on your goals.