As business leaders and global citizens you have a direct influence on the global economy. Your actions, and those of your colleagues, whether in the garage or the boardroom influence the future of economies and businesses worldwide. Global business is a prime example of this dynamic since it encompasses both responsibility and opportunities for companies that operate across borders.
A global company is present in a variety of countries via direct sales, joint ventures or subsidiaries, as well as exports to foreign markets. It also adjusts its products and services to the cultural environment of a specific market. Furthermore, it might be aware of the laws or policies, as well as practices in different countries that affect its ability to do business there.
Alongside understanding the legal and political aspects of my link doing business, a company must be aware of the economics of a specific country. It is important to understand how to use data to study the economics of a country in terms of its competitiveness, as well as growth opportunities.
The most important factor in successful expansion into a new market is establishing trust with local customers. It is therefore essential to establish a local presence in the market, such as having a store or office hiring local staff and establishing relationships with local suppliers and partners. Businesses that establish a local presence within the market also have an understanding of local community and local business practices, which can help them come up with strategies to connect with their target audience.
