The unique opportunities and challenges in the African markets make determining where to enter a new market and what strategy to use especially important. Your options will vary depending on your industry segment, the sophistication of the business environment, relative levels of risk and the amount of control that company management would like to maintain. Ideally, you should gather as much information as possible from a wide variety of sources and develop a clear plan for expanding into Africa.
Successful businesses know that their ability to compete in any market depends on the people they employ and do business with. If the opportunity exists, some companies may want to acquire a local firm or enter into a joint venture to gain access to the market. However, even if a company does not require a local footprint, it will need to work with reliable, local partners such as IntraDev Afrique that can assist in navigating the market to properly execute the company’s strategy. These “navigators” can provide significant advantages such as in-depth market knowledge; access to networks for financing, human capital, and other resources; and the ability to maneuver within local regulations and the unique operating environment.
Many firms providing support for entry into African markets . Business Partners in Africa advise that local partners can be critical to success, depending on the country and the type of business. And having a partner whose interests align with the company’s goals is essential. More often than not, the partner should be local and on the ground, but finding the right partner can be a challenge. You also need the right amount of incentive and alignment.
Local partners can be difficult for foreign companies to identify because foreign managers do not always understand the local market dynamics, and publicly available information is in short supply. Many local companies rely on more informal business practices that many international firms find difficult to assess such as verbal agreements rather than written contracts or the reliance on family members in the business. Inquiries through local legal counsel or other trusted local advisors may also help a company explore the suitability of potential partners.
If you’re expanding your business into other markets, you’ll need to navigate a range of new market requirements and challenges.
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Email: info@intradevafrique.com
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