In order to expand their business in United States and in other
global markets, a businessman in Senegal has to do the
following:
- Identify products and services which can be produced or
delivered from Senegal and which is of good quality that is in
demand elsewhere.
- Engage in market survey and research in these markets to
understand consumer preferences.
- Set up alliances or joint ventures in foreign markets to make
market entry along with partners who understand the local
markets.
- Focus on increasing efficiency and reducing costs such that any
cost arbitrage which exist due to low cost of production and
service delivery can be leveraged fruitfully.
- Strengthen the supply chain and plan logistics and set up the
distribution network for ensuring that products move through the
international supply chain in a smooth manner and customer
requirements are fulfilled.
The regulations that needs to be followed are:
- Comply with local tax laws and foreign tax regulations.
- Comply with necessary labor regulations present in foreign
countries.
- Ensure that sourcing is ethical and conforming to legal
standards. This is to ensure that products manufactured through
following these steps are up to the mark and can be legally sold
and consumed in foreign countries.
- Ensure that remittances from the country and to the target
country meets the stipulations set by the central banks of the
respective markets.