21st century business dominace: 3 tips that are changing the stories of global businesses
Many years ago, if you needed to hold a meeting with business partners abroad, you had to be rich enough to afford sea travel. Today, all you need is just one click, and you’ll be in a conference meeting with not one but several business partners across different continents, all at the same time.
You can now shop for your favourite dresses from American stores, hire staff from Africa, and ship your products to the Middle East without leaving your bedroom. The world is now a global marketplace, and distance is no longer a business barrier. However, with the arrival of this new era, many people in business are faced with the challenge of growing their businesses in a global economy. Not to worry, below are some useful insights for you to grow your business.
Pay attention to Financial Markets
Before you expand globally, you need to get familiar with how the global business and its financial systems work. Having such knowledge will equip you to make important investment decisions. In the context of a worldwide economy, events like politics, war, and natural disasters occurring abroad can significantly influence market movements. This may potentially lead to gaps in the S&P 500, Dow 30, and NASDAQ 100 indexes.
To monitor financial market trends across the world, leverage economic indicators like the SP 500 futures, which is a live representation of the health of global economies like the US. However, while the futures chart can be used as a tool to get more information on market activity, the futures market is primarily about speculating on future price movements.
Following S&P 500 trends can help you predict the future value of the S&P 500 index by investing in ES futures and possibly making a future profit. Likewise, an understanding of global financial markets is very important for your business because these markets play an important role in mitigating risks, facilitating cash flow, and controlling the price of assets.
Assemble and Manage a Strong Team
The competitive edge of any international company hinges on its capacity to bring together essential resources and information from various parts of the world. One effective tool for growing your business in a worldwide economy is a global business team.
These teams consist of people from different countries, working in various cultures, industries, and roles, collaborating to manage some aspects of the company’s global operations. Apart from assembling the right team, you’ll also need to master and understand how to manage global business teams.
A multinational corporation cannot fully harness the advantages of global scale and scope, optimise knowledge transfer, or nurture a global perspective without a solid grasp of global business team management. To build a strong team, you have to structure your business processes, effectively communicate the roles of each team member, organise your schedules to accommodate time zone differences and use technology to streamline your team-building efforts.
Innovate constantly
Building a business where innovation thrives requires strategic and creative efforts. According to McKinsey & Company, eight essentials of innovation differentiate innovators from the rest, most of which are strategic and organisational factors. Innovation can be a catalyst for the growth of a global business, especially when you want to scale.
Innovation often may require the exploration of emerging technologies, the use of data to make decisions, and the development of creative ideas. Businesses can innovate their processes, products, or business models. Bear in mind that innovation is a complex process that may require several iterations of processes and practices to produce the most refined version of it.
Conclusively, with the right mix of a strategic plan, a great team, and a knack for innovation, you can grow your business in the global economic landscape of today.