9 October 2024
As global citizens and business leaders you have a significant impact on the economy of the world. Your actions, as well as the actions of your colleagues in the garage or in a boardroom influence the future of economics and businesses around the world. No area is more potential more than global business that encompasses the risks and opportunities of companies that operate beyond national borders.
A global company has presence in many countries through direct sales or subsidiaries, joint ventures or partnerships as well as exports to foreign markets. It also adjusts its products and services to fit the cultural environment of a specific market. It might also be familiar with the laws or policies of other nations that affect its ability to do businesses there.
In addition to knowing the political and legal aspects of doing business, a company must be aware of the economics of one particular country. It is crucial to understand how to utilize metrics and data to evaluate a country’s economic situation and its competitiveness as well as potential for growth.
Building trust with local customers is essential to a successful expansion into a new marketplace. This is why it’s crucial to establish a local presence in the market, including having a store or office hiring local employees and developing relationships with local suppliers and partners. Companies that develop a local presence within the market also have an understanding of the regional business culture and the local business practices and are able to develop strategies to website link reach their targeted market.