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Expanding internationally presents substantial growth opportunities but requires diligent planning and proactive risk management. Establishing clear contracts, understanding local regulations, protecting intellectual property, managing currency risks, vetting reliable partners, and carefully planning logistics are foundational.
Before pursuing new opportunities, it's crucial to define what business development means for your company. In a startup, business development focuses on acquiring new clients, entering new markets, and building brand awareness. In a mature business, the emphasis shifts toward strengthening existing client relationships, maximizing account value, and expanding services for long-term retention.