Many international companies are leveraging
their business activities in various parts of the world to find new markets as
well as new sources of supply of products and services. In some cases, while
these new establishments will produce new customers, businesses must also be
prepared to overcome designed challenges.
With proper research and risk analysis, companies are able to mitigate
foreseeable threats, ultimately aligning themselves and their customers for
success.
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| Essential Qualities of a Global Leader |
With global expansion in mind,
this propels diversification into untapped customers’ base. Integration with local leaders is paramount
at the unset, as this brings about trust and a sense of ownership among the
citizens. Said trust is important, particularly in circumstances of
unestablished brands. This should be viewed positively as it allows a new
entrant a chance to give their product a fresh look and to potentially establish
a marque among deserving buyers.
Companies are often well rewarded
when continuous training and development of their leaders are integrated into
long, medium and short-term cycles. Yes, leaders come in with premanufactured
skillsets, but understanding individual market dynamics and implementing such
formulation for continuous growth is well worth the investment. Today this can
be accomplished through virtual training, teachings on site and even via
executive education offered by top universities around the world.
Here Ellen Corkrum shares tips for cultural integration, communication
and relationship building; attributes she’s integrated in her personal
practices which have proven successful.
Cultural Integration: Prior
to traveling to a new location, I usually hone in on my military security and
cultural training where, among other things, we were taught to consult with
other leaders from the region, read up on common dos and don’ts, practice typical
pronunciations, and learn proper greetings. Today, anyone can find this information
on sites such as the US State Department’s website, and the particular
country’s embassies sites. It is important that we all take notes on how to
govern ourselves, especially when away from our home
countries, as a seemingly benign practice at home, may be punishable in another
country.
Communication: In general,
people communicate all the time, whether verbally or non-verbally. To this, it
is important to pay keen attention to not just what and how we say things, but
also to our attitude, body posture, and gestures. Proper and timely
communication is critical to the success of our intended goal in the global
business setting. An inadvertent misstep by either party can sometimes be
misjudged and lead to failures before we really even get started. This can be
circumvented by adhering to some of the steps discussed earlier; essentially
doing our research on cultural norms before entering into a foreign arena.
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| Key Characteristics of a Global Business Leader |
Relationship Building: Entering
a new market can be daunting, particularly when it is outside of our normal
practices. We can mitigate this somewhat through integration of our current
relationships and ultimately through the relationships we develop on ground.
Seeking guidance and mentorship from those already familiar with our intended
territory can give us an advantage and better insight before we meet our
foreign partners and counterparts. I have found it useful to continue my
relationships with those I’ve worked with abroad, even years after a particular
deal is concluded. This has allowed me
to keep my pulse on potential market options in the future, both in that region
and in other parts of the world. Sometimes the conversations may simply be on
family events or political developments, but this continued rapport fostering
has harnessed relationships years beyond a business deal.
We have the option to stay within our immediate comfort areas or
explore more by venturing out and being a part of an ever-changing world. I
urge you to embark on the latter. The
impact you may have on a market, thousands of miles away from your home, may
bring you the biggest rewards.
