How companies are boosting foreign sales--and cutting risk

PRUDENT INVESTMENTS

Rein in capital spending on new factories and acquisitions. Look for smaller, more focused projects.

BROADENING THE MARKET

Look beyond upscale consumers to the 4 billion people earning the equivalent of $1,500 or less a year.

LOCAL LEVERAGE

Where possible, use existing distribution networks and underutilized factories, rather than build from scratch.

CO-OPT THE LOCALS

Don't wait for a backlash. Involve local nonprofits, entrepreneurs, and officials in your project.

DON'T RUSH IN

Most emerging markets are liberalizing investment rules: So wait until the terms are right.

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