Global Business 101
As global business leaders and citizens, you have an influence on the economy of the world. Your actions, as well as those of your colleagues whether in the boardroom or in the garage determine the future of nations and businesses across the globe. Global business is the finest example of this, as it encompasses both the opportunities and obligations for businesses that operate across national boundaries.
A global company is present in a number of countries via direct sales subsidiary or joint ventures as well as exports to foreign markets. It also adapts products and services to the cultural environment of each market. It is also likely to be familiar with the laws or policies of other countries that affect its ability to do businesses there.
A business must be knowledgeable about the economics of every country. This is in addition to the legal and political aspects of doing business. It is important to learn to use data and metrics to analyze a country’s economy and its competitiveness as well as potential for growth.
The key to successfully expanding into a new market is to build trust with local customers. That’s why it’s essential to have an office or store in the local market, for example, having an office or store hiring local employees and developing relationships with local suppliers and partners. Companies that have a presence in the local area have a better grasp of the local culture and business practices. This will allow them to design strategies to connect with their customers.