Diving into uncharted territories and conquering new markets is a thrilling challenge, has required my full attention, and was done with care. I meticulously assessed each country’s potential and its relative potential. Once a call was made to set sail for a new country, much of the company had to come together to make the expansion a success. But, how should a company go about evaluating which country to potentially expand?
Creating a short list of promising countries requires a structured approach to ensure success. Here’s my battle-tested method for evaluating such an expansion. Typically, I create a dynamic spreadsheet brimming with criteria, diligently rating each country under consideration. Naturally, precision eludes us in many aspects, so I rely on relative scales of 1 to 10, 1 to 5 stars, or S/M/L for situations with elusive information. Moreover, the gravity of each criterion varies so consider assigning a weight to each of the criteria and prioritizing the criteria.
Below is a list of criteria I consider when scrutenizing a country. Not every factor may find its place in your list of factors, but consider this your starting point. Once your evaluation is complete, it makes the process of creating a shortlist of promising countries easier. Naturally, each shortlisted country will require detailed analysis but that’s the subject for another time.