The never ending story of Brexit, American protectionism, and the Yellow Vest movement in France represent rising political risks, impacting organizations around the world. As a consequence, business leaders have to deal with challenging social-political situations and rising political uncertainty in their home markets on top of changing economic conditions regarding employment, finance, growth, and trade. Investment and growth plans have to be continually updated, and recruiting staff can become more difficult, while the cost of inputs like workforce and resources rise. Foreign political developments have the potential to devastate GDP, supply chains, export rate, wages, and more. As an example, the US trade war with China has had a severe effect on business in several countries.
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Many businesses are seeing the advantage in undertaking expansions into global markets. But for businesses that have traditionally only operated domestically, making the strategic transition to access global markets can present a number of challenges. These commonly include, but are no means limited to cultural differences, local tax laws, human resources, and payroll.
Anyone can make a strategic plan, but executing the plan is the hard part. Creating tasks, setting KPI's and developing project plans are only part of the equation when it comes to leading a team or guiding a company towards success and growth.
When it comes to strategic planning, getting alignment and buy-in from your team are two ingredients that will help increase the likelihood of success and improve the overall environment in an organization.
This environment creates greater employee engagement and is hard to measure when it comes to bottom line revenue. When done properly, greater employee engagement translates into greater output, greater employee (and customer) satisfaction, and greater retention of skilled staff (which is getting harder and harder to come by and is a big cost saver).
When it comes to your business strategy or strategic plan, there's a strong emphasis that is put on the values of the company aligning with the values of the people within it.
As a small country (population wise), Canada needs to drive exports to support its economic engine.
While not every business is looking at the global market as part of its business strategy, I believe that every entrepreneur and leader should be aware of what's going on outside of their community, their city, and their country.
Recently SME Strategy was selected by Brussels Invest and Export to help educate Canadian companies about the benefits of expanding through Belgium in order to reach the European Market.