As global citizens and business leaders have a direct influence on the economy of the world. Your actions, as well as those of your colleagues, whether in the garage or the boardroom determine the future of our economies and businesses worldwide. Global business is the finest illustration of this dynamic because it encompasses both responsibilities and possibilities for companies that operate outside of national boundaries.
A global company has a presence in a variety of countries through direct sales, subsidiaries or joint ventures as well as exports to foreign markets. It also adapts products and services to the specific cultural environment of each market. Moreover, it may be aware of the laws and regulations of different countries that impact its ability to do business in that.
A company must also be aware of the economics of each country. This is in addition to the political and legal aspects of conducting business. It is essential to know how to utilize data and metrics to evaluate a country’s economic situation competitiveness, as well as opportunities to grow.
The most important factor in success in expanding into a new market is to build trust with local customers. It is therefore essential to establish an established presence in the local market, including having an office or store, hiring local people and establishing relationships with local suppliers and partners. Businesses with a local presence have a better grasp of the local culture and business practices. This will allow them to develop strategies to reach their target audience.