Small to mid-size Japanese companies require specialized assistance that is not readily available, accessible or affordable when seeking to do business internationally. The same is also true for smaller U.S. firms seeking to do business in Japan as well.
In the prosperous years with large numbers of Japanese firms sending a multitude of workers to the U.S., a whole host of enterprising Japanese companies were formed to cater to the needs of these companies and their workers. But with the long recession came downsizing of offices and closures and fewer business opportunities for these companies.
How are they coping? Are they still trying to cater to that specific Japanese market and seeing their revenues and opportunities shrink year after year? Are they branching out and offering services to non-Japanese firms? Is diversification in product/service offerings part of their business strategy?
The hallmark of any business and especially a small business is its ability to adapt to changes as they occur. Due to their size and spirit of entrepreneurism, small businesses are better capable of keeping abreast of what is happening in their particular niche. It is easier to identify issues and accommodate changes in the marketplace in order to keep profitable and keep growing.
Are they doing so? What methods are these firms employing to survive in today’s global business environment? What are the resources available to assist them?
Japanese and U.S. small businesses not only need to ask themselves certain questions on a regular basis in order to keep ahead of their competition and increase their chances of survival and profitability in their existing markets but also to expand internationally. International business is no longer just for large companies.
Smaller firms need to jump into the global business arena now. How? In many ways it is simple. We live in a business world today that is ever changing. Both Japanese and U.S. smaller companies need to be innovate, jump in and take a chance. Take stock of their current business and create new ways to make money. In other words, they need to REINVENT themselves.
7 questions that Japanese and U.S. small businesses should be asking themselves:
By determining the answers to the questions, companies will gain a detailed view of their current state of operations and thus be able to define steps for moving forward in attracting new opportunities both locally and globally.
On Friday, we will begin an 8 part lesson series over the next two and a half weeks that although applies to all firms is essential for smaller to mid-size Japanese firms and U.S. firms that want to do business with each other.
Note: This lesson series will be republished in Japanese once our Japanese Language version is launched in a couple of months.
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