News from the Road ...

For anyone who travels frequently, you know there is a fair amount of strategizing when it comes to packing a suitcase. You don't want to pack too much, but you don't want to be left without your essentials. I think we all have our little traveling essentials, right? For me, especially when I travel to Europe, it is my comfy little black flats that go with any suit or outfit. I'm always running to my next appointment or trying to catch a train or a plane. Believe me, it is absolutely essential to have a great pair of shoes. I also have this great suit jacket that goes with anything - dress slacks, jeans - it's very versatile.

As you can probably tell by now, I take packing very seriously. Packing smart and thinking ahead means you're prepared (even for the unexpected). In fact, when I think about it, I have really been packing for this trip since mid-June (or really since last fall). Okay, so now you're really thinking I'm high maintenance! No, what I'm referring to is all of the planning and strategizing that has taken place up until now - all of the activities that go on BEFORE I pack my suitcase.

So I thought my first blog about this trip would be dedicated to the essentials. It is also a tiny peek into the process that we go through in preparing (or packing for) a business development mission.

1.)  Let your strengths be your guide.

Our primary strengths include our location, cost of doing business and workforce (among other strengths). Workforce is probably the most important. I always tell people that in Indiana, we make things and we make them well. Whether it's pharmaceuticals, vehicle engines or batteries, we have the manufacturing talent here that enables companies to be extremely competitive in the marketplace. So, we started with our strengths. Southern Germany is known around the world for its manufacturing base. The two German States of Baden-Wurttemberg and Bavaria (which basically make up all of southern Germany) are where Germany's major manufacturers are located -- including Daimler Benz, BSH Bosch, Siemens, BMW and EADS. High-tech companies account for nearly 60 percent of manufacturing employment in Bavaria alone. Though there are many large, global companies in this region, there are also a lot of small to mediums sized manufacturers that have not yet made investments in the U.S., or they may have a small sales presence only. These are the companies we want to engage.

2.)  Do your homework.

After evaluating our strengths and applying that value chain to a specific region, I then turn to our research staff. Our research department at Indy Partnership has several databases they subscribe to that track and compile data on companies around the globe. Their sources for a company's revenue growth, employment, recent investments and other important details coupled with their data analysis help me to develop a quality prospect list.

3.)  Leverage all resources and partners assets.

Partners are critical. Our targets and search criteria are less effective if we don't seek input and cooperation from other partners engaged in the similar activities with the similar goals. When working in Germany (or anywhere else outside of the U.S.), it is important to engage our state of Indiana partners with the Indiana Economic Development Corporation. Through their international office in Berlin, Germany, IEDC officials help us with outreach and securing meetings abroad. They also give us important, on-the-ground feedback about our targets. In addition to our resources at IEDC, we reach out to the private sector (our investors, stakeholders, existing industry base) and our world renowned universities who are also engaged with global players and global initiatives.

4.)  Bring something valuable to the table.

At the Indy Partnership, we like to pride ourselves on providing not just good information, but information customized to our customers and their needs.  This requires us to know a lot about our customers before we even walk into meetings. It requires us to find the messages and information that are specific and will be most important and compelling to our target clients. It also requires us to be good listeners and follow up in a timely fashion.

Any business development trip, whether it be domestic or abroad takes a lot of preparation and a lot of hard work. It is a continual process that you have to keep building upon.

European Trade Mission Essentials:
 

• Comfy black flats - $40;
• Stylish, Versatile Suit Jacket - $120;
• Flying to Germany with the peace of mind that you're prepared and ready to meet your customers - Priceless