Many small and medium enterprises do not have a global business strategy. They might do well to consider an international strategy. Of course many larger enterprises are already extended across the world.
Consider the reach of your business strategy. Deciding this strategy comes after reviewing various options. These will emerge from the issues raised during the SWOT analysis.
The world has shrunk to become a ‘global village’. This may sound like a tired cliché. However, the activities of competitors from far afield affect more and more businesses.
Some businesses and politicians adopt a kind of special global business ‘speak’. ‘We must become globally competitive’. We will ‘adopt world best practice’. We will achieve ‘international benchmarks’. Such overused expressions like these make many employees tune out.
There is more to a global strategy than adopting a few catch phrases.
Businesses that improve productivity, and encourage innovation, are better equipped for international success.
Do not get carried away with the 'global' part of global strategy!
International strategy does not mean a business works in every country.
Global strategy does not mean having company branches in many physical locations overseas.
Many different arrangements can help execute global strategy. These may include various forms of collaborating with others. These others can be international and in the home country. This collaborating may include government and other help with export processes.
What the SWOT analysis reveals may affect some of these decisions.
Why consider international strategy? Not doing so may leave you behind in the race for profits. You may have to leave the game all together!
You can find information, and access to training at the International Business Development Institute.
Additional resources on international business -
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