Baiduri Bank, in collaboration with Darussalam Enterprise (DARe) under the Brunei Economic Development Board (BEDB), recently held a workshop titled ‘New Market Entry Strategy’ as part of the Baiduri MSME Empowerment Series.
The workshop, held at the bank’s enterprise hub was led by business strategy expert Kevin Legg, provided local entrepreneurs with practical tools and frameworks to expand into new markets. In today’s global economy, micro, small and medium enterprises (MSMEs) face challenges in identifying suitable markets and formulating effective strategies. The session aimed to address these challenges by offering strategic insights and tailored tools to assist businesses in confidently entering new markets.
Participants were introduced to a market qualification scorecard, enabling them to evaluate and prioritise potential markets based on factors such as market size, growth potential and regulatory environment. The workshop featured the introduction of Ansoff’s Matrix, a strategic tool for evaluating growth opportunities, allowing MSMEs explore strategies such as market penetration and diversification, aligning their growth plans with market conditions. They also reviewed tactics such as forming local partnerships, using e-commerce platforms and launching localised marketing campaigns, leaving the session with a practical action plan.
Baiduri Bank Head of Business Banking Mohd Isa Liew bin Mohd Amin Liew emphasising the importance of these initiatives said, “Supporting MSMEs in their growth journey is a key pillar of Baiduri Bank’s commitment to fostering local entrepreneurship. By equipping them with practical tools for entering new markets, we empower them to compete on a larger scale and ensure their long-term success.”
The workshop also included one-on-one clinic sessions with Legg, who provided personalised advice on refining market entry strategies. With over 20 years of experience, Legg helped participants translate strategic theories into actionable steps. “The goal is to ensure these entrepreneurs leave with a clear, customised plan of action,” he said.
