It Appears We Are Late to the Market - Show #88

Ken Wasylik, founder and owner of E.M. Wasylik Associates, has over 25 years of experience in helping companies expand across borders. The biggest challenge they have is deciding what market to enter.  He says that after entering 2-3 markets it becomes a “process rather than an adventure”.  Which market to enter first takes a little research and insight.   He helps companies look at variables such as:  Strategic plan – how to make the expansion meet the goals  Internal resources – the ability to serve time zones, connect across languages, and understand cultures  Logistics – how heavy are the products to ship  Opportunities – where are the greatest options  Competition – where is the least competition  Returns – how to get the biggest return on export investment  When they work with a company, the look at 50 countries across 20-30 variables to make sure the choice makes sense.  Once the countries are prioritized, they begin the work of developing a market entry plan. Over time, the process is replicated across each country as they become a priority.  He is clear in that it’s too much to try to enter multiple countries at the same time, especially when the company is new to exporting.  With all the opportunity in the US, I asked Ken why he’s such a fan of exporting.  He explains that successful business is about mitigating risks and optimizing profits.  Global companies are naturally diversified so when one economy drops, others are rising. Back in 2008-2009 when the US economy faltered, he saw that companies that exported grew.  And, companies that export have higher profitability since US goods are in demand.    In the podcast, he gives examples of companies and their process for deciding what countries to enter.  It’s fascinating to hear how the coolant cleaning company went to Canada, while the medical device company went to the Middle East.    Of course, I always like to hear about language translation and international expansion.  He said that even though many senior executives are bi or tri-lingual, all the other managers, especially the local ones may not have English proficiency so it’s important to have language skills to support your expansion efforts. He told the story about an US businessperson responding to a question that meeting their needs would be a “piece of cake”.  Shortly thereafter the in-country CEO offered lunch.  Since it was still morning, the team was surprised.  Luckily, they figured out that he thought they wanted cake to eat and were able to explain the idiom of “piece of cake” meant easy to do.  This is another good reminder to use clear language when speaking to people who don’t share your native language.  As for why a company would hire him instead of accessing the Department of Commerce or State Export Center resources?  Ken explains that the government resources offer introductions, grants, and general country research.  E.M. Wasylik Associates offers implementation, boots on the ground, and specialty research.    His advice – travel the world for great life experiences.  His favorite foreign phrase – No problem.  It’s hysterical to listen to all the languages he knows that phrase in and the various meanings it holds!      Links:  E.M. Wasylik Associates LLP - www.emwasylik.com     Connect with Wendy - https://www.linkedin.com/in/wendypease/  Connect with Ken:  LinkedIn - https://www.linkedin.com/in/kenwasylik/  Ken’s Email - [email protected]  Ken’s Phone Number - 608-850-5643  Music: Fiddle-De-Dee by Shane Ivers - https://www.silvermansound.com