As business leaders and global citizens you have a direct impact on the world’s economy. Your actions, as well as those of your coworkers, whether in the garage or the boardroom shape the future of economies and businesses all over the world. No area is more vitality more than global business that encompasses the potential and responsibilities of businesses that operate across national boundaries.
A global business has a presence in a variety of countries through direct sales, subsidiaries as well as joint ventures and partnerships and exports to foreign markets. It also adapts its products and services to the cultural environment of a given market. Moreover, it may be aware of laws, policies and practices of various countries that affect its ability to do business there.
A business must also be aware of the economics of each country. This is in addition to the political and legal aspects of doing business. It is important to understand how to utilize data to analyze the country’s economy in terms of its competitiveness, as well as growth opportunities.
The global business most important factor in success in expanding into a new market is establishing trust with local customers. It is vital to establish an presence in the local market. This could mean having an office or store, employing locals and building relationships with local partners and suppliers. Businesses with a local presence have a better grasp of the local culture and business practices. This will help them create strategies to reach their target audience.