“Business firms should continue to prioritize markets”

Business firms should continue to prioritize markets by weighing their opportunities in particular countries against the cultural, administrative, political geographic and economic distances between them, said hSenid Business Solutions, CEO, Sampath Jayasundara said.

Addressing a webinar organized by Sri Lanka Export Development Board (SLEDB) under the theme, ‘Globalization of Sri Lankan IT Services’, Jayasundara gave insights on how to carry out a global market segment , organizational commitment to develop global markets from learning and success stories of hSenid.

He said further firms with marginal competitive positions aboard are especially vulnerable, hence it is important to avoid the temptation to respond to each short- run developments.

“Whether your company has a long - term path to sufficient advantages over its competitors to stay in the game; it is essential to leverage scalable assets across countries, at the same time exploiting differences or adjusting to differences,” Jayasundara said.

Noting that product readiness, pricing and statutory limitations affect the services of any local businesses in the international market, Jayasundara said in order to determine product potential in the international market , it is important to examine domestic market success, access unique or important product features, international market research and so on.

“Moreover, if your company changes its competitive strategy or its geographic footprint; adjustments to its organizational architecture may need to follow.

It is also essential to strengthen R &D function to give a technological edge. Moreover, boosting adaptation, on the other hand usually implies fortifying the roles of in- country leaders abroad and also shift in company’s geographic footprint has knock on effects for reporting and decision making structure.”

Speaking further he cited lack of export business plan, low commitment to exporting , neglecting export customers for local customers , reliance on inadequate partnerships , failure to modify products and methods to accommodate foreign regulations and preferences are some of the key export mistakes.

Jayasundara added that world’s largest multinationals ranked by foreign assets, sales and data make about 60% of their revenues in just four countries and prevailing policy trends point to selective changes in country’s openness to international business.