Open Economy Necessitates the Need for Global Business Management

With the ever changing global business environment dictating the way businesses are conducted today, managers need to consider the global environment when taking important decisions and making plans. Most of the countries follow open economy because the world has become a global village in itself. The expanding open economy demand better management and dealing in macroeconomic phenomena like exchange rates, balance of trade, tariffs, subsidies, and import quotas.

Understanding the global business needs is important so as to flourish better trade relationships. Proper understanding and better ties are required so as to understand the changes taking place in the world economy. One need to know that business is always conducted within a global framework, so there are always some key areas to focus in order to yield better results. Professionals with an exposure to global business can better understand government expenditure in importing and exporting goods & services from other countries. Also, they can develop better strategies to increase foreign investment and tourism opportunities.

With shortage of skilled global business management professionals, some of the well developed countries like Singapore and France are struggling to take full advantage of global portfolio capital flows. This calls for hiring experienced professionals with suitable executive education in the field global business management so as to meet the demand of global companies in time. The executive MBA’s are designed in a way to enable professionals to share and work on decision-making techniques with a group of peers. Right knowledge is imparted which is needed to work cross functionally within an organization and become more skilled in the basics of global business management. Following are some key areas where these courses are designed to work on:

  • International marketing.
  • International supply chain management.
  • International finance.
  • Strategic management.
  • Cross-cultural communications skills.
  • And many more.

These are core areas one need to work on with practical tools so as to develop insights into business specifics and stay abreast with the latest developments in the business world. The demands for managers with expertise in these areas are increasing. It has become important for the executives to upgrade their knowledge with time because the business environment is ever changing and dynamic. Reality based case studies and time to time participation in critical matters is required at each step of business expansion. No country can take chances, so professionals with strong background and thorough knowledge are required, that can contribute to the country’s economy in the best possible interest.

eFoods Global Business – How To Make Money With eFoods Global

eFoods Global are a network marketing company selling quality foods than can be kept in the cupboard for up to 15 years. These products can be life saving when money is a bit tight, or in face of a disaster. The products can set customers’ minds at ease, knowing that they will always have some quality food in the cupboard. By starting an eFoods Global business, you have the chance to earn a substantial income. You could be making thousands of dollars every month. But, only if you know how.

Making money with eFoods Global is not guaranteed. It’s true that you can earn thousands of dollars every month, but it’s also true that you can earn nothing. Many people have been highly successful, earning an annual six-figure income. But even more people who have tried to make money with eFoods Global have not made a single cent. The reason for their failure has nothing to do with the company being a scam. It’s because the reps don’t know how to run their business.

A classic mistake made by many network marketers is to host home parties. Home sales parties used to be all the rage. You would throw a party, invite everyone you know, and get them to invite their friends and family. Before you know it, you have a room full of potential customers who are giving you their undivided attention. But like I said, this used to be all the rage.

These days, home parties tend to be poorly attended. They usually end up being a waste of time and money. Today, if you want to make money with eFoods Global, then you have to get online. The internet is the most time saving device at your hands. With the right combination of SEO, PPC and social media, you can leverage your business and have hundreds of interested people contacting you on a daily basis. This saves you time and money- you’re not chasing after customers; they are coming to you.

To make money with eFoods Global, you need to stop hosting home parties, and start embracing technology. Get online, and start seeing the money flow in.

Global Business – Raising the Bar

The writing is on the wall. If corporations plan to maintain a leadership role internationally, employees have to acquire a global perspective. For years, executives have questioned the return on investment for soft skill education and in particular, scoffed at the idea of cross-cultural trainings. However, as our business world becomes increasingly interactive and internationally focused, culturally sensitive approaches are essential for professional and respectful communication.

Beyond raising corporate reputations to a more sophisticated level, cross-cultural education maintains profitable relationships. As many in global entities already know, one inappropriate email, comment or interaction can easily damage or even ruin an international relationship. Basic cultural education, such as the significance of color selection when sending a package to Tokyo, understanding email verbiage from Mumbai, how to properly return a banquet toast in Shanghai or how to better understand business norms in Cairo not only cultivates and strengthens relationships, but eliminates costly misunderstandings.

Strengthen your Market Position and Prepare your Company for the Future.

As global mergers, alliances and agreements become common practice, the need for cross-cultural knowledge will become increasingly important at all levels. But the clock is ticking and the likelihood that executives may have to learn cross-cultural awareness under extenuating circumstances is a growing concern.

For example, stories abound regarding Detroit-based Chrysler executives who struggled in Daimler’s corporate culture. Not only were seasoned American executives surrounded by another language, leaders were stunned by German corporate norms and many floundered in the new environment. It’s hard enough to adjust to a new corporate culture during a domestic merger, but when a partner is from another country, an entire new set of obstacles quickly becomes evident. It takes training and education for individuals, departments and organizations to progress down the cultural learning curve.

Global Education Increases Service Levels, Builds Stronger Teams and Maximizes Revenue Potential.

Companies who set aside ethnocentric tendencies and better connect with international partners and foreign investors will flourish and succeed. Managers who fully understand a range of cultural behaviors- from Japanese negotiation techniques and Chinese superstitions to Middle Eastern norms and South American communication styles – will become the visionary leaders of tomorrow. Additionally, future leaders will get a leg up on their competition by including outsourced workers (who typically provide customer service and reservations functions) into cultural trainings and global networks. Certainly all organizations can benefit from higher service levels, stronger teams, increased revenues and a unified corporate culture.

Standardizing Best Practices across Corporate Divisions will Improve Quality Control, Streamline Operations, Enhance Customer Service and Create a Unified Corporate Culture.

Another key to global success: Organizations with international sites should solicit and value input from all employees in all divisions. Although creating and facilitating international focus groups sounds like a simple task, the endeavor contains inherent challenges, including conflicting cross-cultural communication styles, differing cultural attitudes towards hierarchies, navigating levels of fluency and methods to overcome cultural norms that inhibit communication.

The best way to maximize quality input from a diverse cohort is to hire focus group facilitators based on their individual understanding of cultural dynamics. Or better yet, as recommended in the Harvard Business Review (11/06), contract the endeavor to an outside consultant (when dealing with multicultural teams, outside consultants do not represent a hierarchical threat and thus, focus group participation increases).

The time is now to raise the bar for global business. The formula for success is simple- quality cultural education and cross-cultural focus groups. Follow the lead of progressive companies like HSBC and Novartis– and get on board. Without a doubt, it’s one of the best investments you can make to position your company as a savvy and sophisticated leader.