Be fully prepared before venturing overseas

In an op-ed, SMU Senior Lecturer of Finance, Vice Chairman of the Executive Committee and Director of UOB-SMU Asian Enterprise Institute Ang Ser-Keng said that there are many reasons why SMEs in Singapore may wish to venture abroad, one of which is the small domestic market. He cited a number of key considerations which an SME needs to address if it wants to succeed overseas. These include conducting a thorough strategic review of itself, having a strong domestic business, clarity of the rationale for the overseas venture, having sufficient resources, finding a trusted foreign partner and protecting its intellectual property.