{"id":3194,"date":"2021-03-31T06:21:41","date_gmt":"2021-03-31T06:21:41","guid":{"rendered":"http:\/\/usahawanasional.punb.com.my\/?p=3194"},"modified":"2021-03-31T06:21:41","modified_gmt":"2021-03-31T06:21:41","slug":"globalization-vs-localization-which-will-make-your-business-thrive","status":"publish","type":"usahawanasional","link":"https:\/\/www.punb.com.my\/ms\/usahawanasional\/globalization-vs-localization-which-will-make-your-business-thrive\/","title":{"rendered":"GLOBALIZATION vs LOCALIZATION: Which Will Make Your Business Thrive?"},"content":{"rendered":"<p>Managing a business is no\neasy feat nowadays\u2014economic and technological changes take place at an\nastonishing rate, meaning that the parameters for doing business also\nconstantly change, notes Neal Jenson, Managing Director of a Salt Lake\nCity-based consulting firm that has advised a range of businesses, from small\nstart-ups to Fortune 500 companies.<\/p>\n\n\n\n<p>If you are a CEO or an\nentrepreneur with your own business to look after, you are also in charge of\nnurturing and growing the business.<\/p>\n\n\n\n<p>The first step to grow\nyour business is to know how to make it thrive from its current state. One move\nthat business owners can make to expand their business is to take it to the\nglobal level. However, before venturing out onto the global stage, it is\ncritical to know if it is wise to take this leap, or to just stay put and\nconquer the local market.<\/p>\n\n\n\n<p><strong>Local or Global<\/strong><br \/>Today, with the world becoming connected and everything seeming to be a stone\u2019s throw away, many companies are entering the global arena. A survey conducted by Wells Fargo among American companies in 2016 found that an overwhelming 87 per cent were of the opinion that international expansion was vital for long-term growth. Be that as it may, there are still a handful of companies that see the benefits of staying local in order for their business to thrive.<br \/><br \/>Staying local does not mean having just one store in one location. What is meant by staying local is to concentrate your business on a particular city or region, even if you operate online.<\/p>\n\n\n\n<p>By staying local, your\nbusiness will have a more defined market, a clearer focus and a more targeted\nand personal branding. Staying local may also allow you to nurture the\nrelationship between your business and its customers, which is one of the most\nimportant parts of a business. On the other hand, going global results in an\nincrease in sales for your business as you open up your products and services\nto consumers from all over the world. This allows your business to not depend\nentirely on the local economy.<\/p>\n\n\n\n<p><strong>Knowing How to Decide<\/strong><br \/>To know which path will benefit your business more, you will have to know the deciding factor. The deciding factor for any business is its target audience, followed by the market for expansion in the industry.<\/p>\n\n\n\n<p>Social media is undoubtedly one of the best tools to find and to get to know your target audience better.<\/p>\n\n\n\n<p>With the aid of social media apps such as Facebook and Instagram together with analytic tools, you can easily collect important data, identify and resolve issues as well as plan the growth of your business\u2014all without costing you an arm and a leg. For instance, you can use the demographics data gained from a promotional video you created to identify the interest of your target audience, and thus make the necessary changes to your business plan in order for it to grow.<\/p>\n\n\n\n<p><strong>Going Global<\/strong><br \/>To determine whether to stay local or to go global, be sure to know your business inside out to secure a bright future for your business.<\/p>\n\n\n\n<p>What is the most\nchallenging issue for companies looking to expand globally?<\/p>\n\n\n\n<p><strong><em>37% &#8211; Knowing where to start<\/em><\/strong><\/p>\n\n\n\n<p><strong><em>34% &#8211; Finding the right local partner<\/em><\/strong><\/p>\n\n\n\n<p><strong><em>14% &#8211; Dealing with different government rules<\/em><\/strong><\/p>\n\n\n\n<p><strong><em>3% &#8211; Managing cultural issues<\/em><\/strong><\/p>\n\n\n\n<p><strong><em>3% &#8211; Others<\/em><\/strong><\/p>\n\n\n\n<p>As can be seen from the\nsurvey above, the issue that most companies often find challenging when going\nglobal is to know where to start.<\/p>\n\n\n\n<p>If you have weighed your\noptions and decide to go global, it is vital for you to fully understand the\nimpact this will cost your business.<\/p>\n\n\n\n<p>Bear in mind the words of\nDiego Caicedo, co-founder and CEO of_OmniBank: \u201cIt may be better to serve one\ncountry well than several countries poorly.\u201d If you feel that your business\nwill be better off staying local, then it is advisable to just stay put and maintain\nyour usual business. However, if you see the potential for launching your\nbusiness at a global level, then make it your target and take the steps needed\nto see it come true.<\/p>\n\n\n\n<p><strong>TAKING YOUR BUSINESS GLOBAL<\/strong><\/p>\n\n\n\n<p><strong>Take One Step at a\nTime<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Start\noff with one particular product or service to test the market.<\/li><li>Introduce\nthe next product or service if the results are positive and profits start to\nroll in.<\/li><\/ul>\n\n\n\n<p><strong>Create an\nInternational Business Plan<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Consider\nyour overseas audience and international business goals.<\/li><li>Clearly\ndefine your international business objectives and ways for achieving these.<\/li><li>Consider\nthe nature of your business, the intended target regions and projected returns.<\/li><li>Include\nany existing experience you or your employees have in international business.<\/li><li>Consider\nthe global economic outlook.<\/li><\/ul>\n\n\n\n<p><strong>Use Senior Executives\nas Leaders<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Reduce\nthe need to train new staff\u2014don\u2019t hire an entirely new team.<\/li><li>Make\nsenior executives with proven track records the leaders for your new team.<\/li><\/ul>\n\n\n\n<p><strong>Know Local Laws<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Be\naware of the legal requirements of the countries in which you are planning to\noperate to minimize and avoid unnecessary commercial risks.<\/li><li>Develop\npolicies, procedures and handbooks that take cultural and linguistic\ndifferences and the consumer habits of a particular region into consideration.<\/li><\/ul>\n\n\n\n<p><strong>Keep Local Employees\nHappy<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Create\nremuneration and benefit packages that are attractive to local staff.<\/li><li>Hire\na translator to help you to communicate better with local employees.<\/li><\/ul>\n\n\n\n<p><strong>Foster Good\nRelationships<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Develop\na strategy and model that will support the ecosystem of your business. Create\nalliances with other parties or develop a distributorship programme.<\/li><li>Form\nrelationships with suppliers and local marketing contractors in every new\nregion.<\/li><li>Form\nregional sales goals requiring the involvement of local parties to keep the\nrelationship active.<\/li><\/ul>\n\n\n\n<p><strong>Get a Helping Hand<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Get\nexperts on board, such as professionals that can help you navigate\nlegal\/compliance requirements.<\/li><li>Get\nin touch with organizations in your target countries that are set up to attract\ninvestments.<\/li><\/ul>\n\n\n\n<p><strong>Be Willing to Modify\nProducts\/Services<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Products\nor services may need to be modified to appeal to the target market.<\/li><li>This\nmay include product name or packaging.<\/li><\/ul>","protected":false},"excerpt":{"rendered":"<p>Managing a business is no easy feat nowadays\u2014economic and technological changes take place at an astonishing rate, meaning that the parameters for doing business also constantly change, notes Neal Jenson, Managing Director of a Salt Lake City-based consulting firm that has advised a range of businesses, from small start-ups to Fortune 500 companies. If you [&hellip;]<\/p>","protected":false},"author":1,"featured_media":3196,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","usahawanasional_tag":[],"usahawanasional_category":[1269,1135],"class_list":["post-3194","usahawanasional","type-usahawanasional","status-publish","has-post-thumbnail","hentry","usahawanasional_category-english","usahawanasional_category-idea-niaga"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional\/3194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional"}],"about":[{"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/types\/usahawanasional"}],"author":[{"embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/comments?post=3194"}],"version-history":[{"count":0,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional\/3194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/media\/3196"}],"wp:attachment":[{"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/media?parent=3194"}],"wp:term":[{"taxonomy":"usahawanasional_tag","embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional_tag?post=3194"},{"taxonomy":"usahawanasional_category","embeddable":true,"href":"https:\/\/www.punb.com.my\/ms\/wp-json\/wp\/v2\/usahawanasional_category?post=3194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}