By Syed Adeel
Is your business failing to capture full potential of a lucrative market?
Does your “One size fits for all” strategy not working?
Have you got an organization structure which is aligned with latest trends and technologies?
Is your overall business strategy well connected with real world?
If you are a business executive, such questions would pop up in your mind almost on daily basis. Sometimes you figure out the answer and other times you find yourself in doldrums, struggling to find the right direction to channelize your resources. This is where you need the services of strategy consultants who will aid you in connecting and shaping your thoughts and vision with the real world through a game plan.
In Pakistan, the role of strategy consultants has long been neglected and as a result businesses often fail to scale up to their full potential due to absence of any clear tailor made strategy. But gradually, with businesses getting more mature and the market dynamics fast changing; executives are realizing that they need companions to help them sail through uncharted waters.
Let some of your brainy work be outsourced and go for a tailor made strategy to fit your vision and needs.
- New report identifies “softer” aspects of business expansions, such as sourcing new employees who support and enhance the brand’s existing culture, as a top concern
- Other findings include the desire to open new markets and gain market share as the main drivers for corporate expansions abroad
- A location’s level of taxation or skills shortages do not seem to be as much of a concern to companies expanding overseas as might have been expected
A new report released on December 3rd, by The Economist Intelligence Unit (EIU) states that bringing new people into a company’s culture and values is among the biggest challenges during international expansions. Corporate overseas expansion: Opportunities and barriers, sponsored by TMF Group, builds on a survey of 155 senior executives who have knowledge of the issues involved in their company’s expansion into foreign markets.
Among those interviewed for the report there was near-unanimous agreement that maintaining company culture while respecting local customs and cultural differences is a fundamental objective for a successful international expansion. By contrast, policymakers may have overstated the importance of a location’s level of taxation, as this seems to be far less of a concern in companies’ expansion projects than might have been expected.
The survey also finds that a desire to open new markets and gain market share are the principal drivers of corporate expansions abroad, selected by 59% and 57% of respondents respectively. This is especially the case for European countries, as sluggish growth in domestic markets has encouraged many European companies to seek stronger returns overseas. By contrast, the majority of respondents in Asia-Pacific (53%) are particularly driven by the need to find new sources of capital.
Martin Koehring, the editor of the report, said: “It’s clear from our report that once a company’s executive team has identified its scope for an overseas expansion, much of the success will rest on comprehensive planning. This includes ‘softer’ brand-authenticity elements, such as maintaining the company culture and values, that are in some regards more pressing—or perhaps more challenging to master—than ‘harder’ aspects such as currency hedging, integrating operational systems and ensuring compliance with local regulations.”
Read Corporate overseas expansion: Opportunities and barriers here