Is Global Business Making It Harder or Easier to Manage?

The impact of global business growth on companies is both positive and negative in scope. On the one hand, emerging markets and the easy reach of the Internet offer opportunities for expansion. At the same time, dealing with regulation, human resources, cross-cultural communications, and a plethora of other concerns can increase the effort required in business management.

A New Jersey-based pharmaceutical company recently released a white paper that discusses the fast-paced growth in the emerging Brazilian market. The company, which has experienced stagnant sales, is turning to global business for new markets and additional opportunities. But the benefits of globalization are not limited to pharmaceutical companies; whatever your industry, you may be able to cash in on a wider audience to bolster sales. Thanks to the geographical blindness of the Internet, even small businesses can increase their reach, particularly companies that offer virtual services such as content, online marketing, Web development, or Web-based consultation.

Global business involves crossing boundaries. You might dislike the bureaucracy and paperwork involved in selling across state lines, but when you involve more than one country, you're faced with an entirely different set of requirements. Nowhere is this problem more apparent than with regard to regulatory compliance. Organizations that operate in fields such as finance, healthcare, and even manufacturing have to live up to local, state, and national requirements. Adding an overseas customer or workforce changes the game, adding and detracting from regulatory requirements in what can feel like a game of musical chairs. In such situations, you might find it helpful to have in-house or consulting experts on your team who understand the nuances of international trade and labor laws.

The impact of global business doesn't just hit sales, product, and regulatory departments. Human resources, one of the cornerstones of business management, must also meet the challenges associated with the global marketplace. Even if your organization doesn’t hire overseas, if you deal with customers worldwide, you need to hire people with specific skill sets. Your staff may need to be bilingual, understand various business cultures, or be well versed in global trade. Universities recognize the growing need for global outlooks in the HR field, as evidenced by course offerings such as "HR Challenges in the Global Marketplace" from the University of Denver.

Don't let the rigors associated with global business scare you away from the opportunities associated with emerging markets, global trade, and a worldwide virtual market. Find out how other business managers are handling similar challenges and share your success stories with the management community at Nexxt. One of the benefits of a global business environment is that you can learn and brainstorm with people from all backgrounds, giving you a chance to see information from many perspectives.

While global business may make it harder to manage some areas of day-to-day business, for many companies, the widening market offers obvious wins. As long as you are willing to do your research and take new risks, global business may be the best thing that ever happened to your company.

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