Assess and address the internal constraints
It is essential to work out what resources the company does not have but will need to carry out its emerging-market strategy. These may be financial, product-related or human.
Set high standards and benchmark against the best
Successful companies frequently ask themselves what ideal they are aiming at in emerging markets. They set criteria and then see what they can learn from the companies that are best for each criterion.
Understand that business in emerging markets is more time consuming
Everything takes longer than in the developed world. Dealing with local authorities, customs clearing or getting a simple licence can take days or weeks. Since time is money, companies should understand the pace at which it is possible to run the business and budget money and time accordingly.
Don't ignore emerging markets because you think they are too small
With low economic growth and increasing pressure (for most businesses) on profit margins in the developed world, emerging markets can offer higher margins and higher growth.
Never take your eye off the ball
It is really all about being thorough, and these guidelines are a goodstart. Companies that are not constantly alert risk failure and damage to their brands. If Mercedes had waited for its distributor to build a service facility in Moscow instead of taking control and building a facility itself, it might have taken years to recover from the brand damage the company would have suffered.
Additional advice from International Business Development Alliance on doing business in emerging markets is available here.