At the Technology Innovation Week conference yesterday, Wayne Norrie delivered a superb opening keynote. Apparently, only 188 companies account for 80% of New Zealand’s total exports. That’s a very small number and we need many more successes.
Wayne gave seven insights from watching over a hundred companies struggling and making the same mistakes when going global:
1. Get govenance sorted. Governance is about using experts to illuminate the future.
2. Focus on users and the market, not the product.
3. Sort out the ‘go to market’ strategy. Ask customers who they would buy from and invest time in supporting channel partners.
4. A ‘toe in the water’ approach doesn’t work. Going global takes focus and cash. Sort out cash flow first, perhaps in the domestic market.
5. Commit your best person or people to the global market. That means sort out resources, including tending to the domestic market, first.
6. Focus, focus, focus. NZ, with a small domestic market, allows a company to be everything to everyone.
7. Yesterday’s success is not tomorrow’s success. Don’t walk into the future looking at the rearview mirror.