Possible Turnaround Strategies for the Business Essay

Possible Turnaround Strategies for the Business - Essay Example The paper tells with the understanding that the business operation is based on a quality product as the explanation, increasing the presence of the business in the local market would help to create a good name and a household brand which can be easily sold to outside world. With the brand now famous in the home country, it would be easy even to partner with the international companies and market the products since they would be acting as ambassadors based on the good name built in the local market. However, this would be a wise decision because of the local competition and the possible saturation of the local market. Increase competition or saturation of the local market would make the operation and expansion strategy difficult for the business. According to Audley, the other strategy can through going international at once. This is probably the most efficient way of expanding a local SME to attain international standard. However, this would be a tricky move also very involving. It w ould require proper preparation in terms of capital investment and also in terms of management. Going international for an SME is quite involving but very rewarding in case it is executed accurately. Having seen at the two possible turnaround strategies for the business, let us now look at the requirements that would help in the expansion process. First, it would require a huge amount of capital investment. This is needed in for licenses and business premises. Perhaps the most important thing to understand here is that the owner must first become conversant with the international laws governing international business. This is important in order to understand the terms of payment and transfer of money. The owner of the business needs to establish an account to receive all payments depending on the mode of operation. Having a sound financial backing is of crucial importance before venturing into international business as the business requires huge inputs.