Globalization Strategy part 3: Toolkits(methode)
We have talked about how to adapt and design business globalization strategy. everything is easy to talk, but difficult to do. if we can utilize right toolkits to do something, that will greatly improve the effeciency and possiblity to do things right. so i would like to introduce some toolkits to help you design and implement globalization strategy.
No matter CEOs make business decision or consultants solve problem for CEOs, all they will do are three things: collecting information, analyzing information and innovating solution! it's also true for globalization strategy. I think there are 3 key factors to make a successful business globalization: information, persistence, resource.
1. information
it's easy for a local company to get local business information, but it's very difficult to get global business information. if you lag behind your rivals, the business chances will say goodbye to you. within the cycle of globalization strategy, information is the fundamental. maybe you can buy market report from professional market research company, but please don't forget the report can only give you a guideline and the report content always lags behind market changing. when you make decision, you definitely can't rely on these reports. what you need are the real-time information! how can you do? of course, you can recuit a consulting firm in every region. obviously the cost is very expensive. is there low cost way to allow you insight the globe? sure, turn to the web technology like web2.0. web2.0 emphasize user generating content! in other words, you can utilize crowd wisdom via web2.0. you can imagine if you can get realtime update from crowds in every world corner, what else will you miss? there are 2 toolkits to utilize crowds wisdom:
communication channel based on web technology: you should build a convenient and attractive channel to communicate with global internet users. don't forget reward the users who generate useful information. therefore, a positive cycle will encourage more wide and better quality information sources.
internal special analyst team: get the global information is only the first step. turning the information into company strategic information is the goal. so I suggest company should build a special team to analyze the collected information. this team only focus on analyzing the global information and delivering the analyzed information to special strategy team.
2. persistence
company executives should know clearly that globalization strategy is not temporary business solution but a strategy to design company growth roadmap. persistence is not only meaning CEO's determination, but meaning to continue the strategy cycle. globalization strategy is not only one time. any changes from global market will impact the current strategy. so it's very important to build a feedback loop.
internal special strategy team: this team continuously get information from analyst team, then responsible for fine-tuning current strategy and integrating into company other business strategy.
monitoring index: smart company will figure out some index to monitor global market change, then decide whether need to modify relative business strategy or not.
3. resource:
any company is limited by company resources no matter company is large or small. the only thing CEO can do is to distribute resource right and utilize external free resources as possible as he can. there are some tricks for CEO to access external free resources.
government policy: I don't mean your home country particularly. I suggest CEO should research every country's policy theoretically and be good at utilizing them. therefore, although some market may be not your ideal sales market, you should make an entrance if there are some policies in that market which can bring you far more resource benefit. this market can be called strategic resource market.
partnership or alliance: good partners are necessary and useful. accoring to self SWOT, CEO can build partnership to compensate self weakness and shortage resource. especially for small and medium firms, partnership is a way to act like big and expose gobally at home.
although these toolkits are not very detail action plan, I hope you still can be illuminated to come up with more ideas. of course, if you are not quite sure how to do, please contact us to get the support.
Related posts: Globalization Strategy part 2: operation instruction, Globalization strategy part 1: Change yourself, Consulting 2.0, business consulting + design=?, strategy is like walking, BG=building global fans club, Create business map, New usage of online job sites, welcome to this blog!
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