Summary of Unit 6 - Internationalisation of SMEs

Upon concluding this unit, it would be useful to go through the main points we discussed with regards to internationalisation. Despite the hidden costs and risk involved in this process, in a globalised market, it would be wise to consider approaching foreign markets. Entering a foreign market will not only give you access to a brand new clientele but also a wider range of suppliers and of course fresh knowledge and know-how for your company. Exporting has been reported as the most common way of internationalisation in Europe, which is the simplest form of entering a foreign market. Nonetheless, this is not the only form of internationalisation, so you have to consider carefully in what way you will enter the foreign market of interest and of course plan meticulously the steps you will follow from scratch, to avoid any unpleasant surprises that may arise in the process. Support is widely offered, especially on a national level. NIAs can give you a clearer picture on the advantages of a foreign market and government support agencies can be of assistance with regards to funding programmes. However, it is up to you to select the most appropriate strategy and amount of funds you will be allocating towards this cause, as most SMEs seem to operate this way. After all nobody knows your company and its functions better than you do.