We all like to learn from the best. So when it comes to growth it’s tempting to take global high-performers like GE, IBM, Shell, or BMW as role models and look for opportunities outside the home markets.
The trouble is that these global role models are much easier to admire than to imitate. In an analysis of 20,000 companies in 30 countries, we found that companies selling abroad had an average Return on Assets (ROA) of minus 1% as long as five years after their move. It takes 10 years to reach a modest +1% and only 40% of companies turn in more than 3%.
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