Sensemaking: New tools for new markets

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It is a simple fact of business that companies need customers – whether they be in the domestic market or overseas.  Equally, it is a fact that people who work for companies who trade overseas are encouraging peace over fighting as sustainable relationships develop with their overseas customers.

A company can significantly increase its turnover and sustainability by thinking strategically about the options available to them.  Matching the key components for growth to match the buyer’s expectations of quality, cost and delivery is something that should be done before any resource is committed to accessing new markets.

It is obvious to many that the global trading environment is in turmoil.  We hear of supply chain delays, friction between the US and China, the UK change in relationship with the EU and of course, environmental challenges and drive to net Zero.  That said there are opportunities for those companies that have good quality products so the rewards can be substantial.

Of course, you would need to take into account your own skills base to control and monitor your exports and/or imports, this is imperative to compliance under HMRC.  You should learn about Incoterms, Commodity Codes, Tariffs and Preference requirements as a minimum.  But is there anything else you can do to make sure you are making the right move for the future? 

Creating a sense-making map would be an ideal business tool to supplement the well-known SWOT, STEEPLE* and, Competitor Analysis. Designed to capture accurate data on capability, capacity and competence it allows the author to validate that corporate aspirations for growth are achievable. This tool allows Managers and Directors to avoid challenges and leverage opportunities as they occur, creating an agile mindset as well as process.  It is a game changer.

*(Sociological, Technological, Environmental, Economic, Political, Legal and Ethical features of a new market)

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