Competitive Advantage in Business for Global SMEs

Today’s Small and Medium Sized Enterprises (SMEs) operate in difficult circumstances. Economic globalisation, empowered consumers and constantly evolving technology makes competing with rivals even more challenging. Overseas expansion is one way SMEs are looking to increase market share.

However, selling products and services in new markets brings a host of challenges to be overcome. One of these is unfamiliar competition in new regions. It is critical global SMEs are confident of competitive advantage prior to entering a new market to increase their chances of success.  

The more detailed picture you can paint of your overseas target market, the more successful your competitor analysis is likely to be. Build a detailed buyer persona for your customer in your new market that contains:

• demographic information
• responsibilities
• challenges
• where they get their information

This data should be based on fact as much as possible.

One of the most common advantages in our globalised economy is that of cost leadership. This is where a business offers similar value at a lower price. This is usually achieved by continually optimising operational efficiency at each stage of the supply chain from production costs right up to after sales service.

No matter which form of competitive advantage sets your SMEapart from the competition, when expanding overseas, having a strong full-time human presence in the region is extremely valuable. Sending domestic employees on expat assignment to a new region enables your SME to highlight unforeseen opportunities, monitor your presence on a day to day basis and to adjust plans if necessary.

Protect employees while they travel on expat assignment or for business with international health insurance so they can access medical treatment around the world. With our modular international healthcare plans for small and medium sized businesses you can build your plan to suit the needs of your employees and your budget.