Are you creating a strategy of business? If so then you might be considering the different factors that have changed strategic plans, such as the Digital Age. The Internet in particular has changed the form and function of strategic plans.
Another major change has been globalization. Here are some of the ways it has revolutionized the design, development, and implementation of business plans:
This industry disruption has been one of the biggest game-changers in the business world. From the Internet to social media and from mobile devices to cloud computing, tech innovations have changed the way business and a strategy of business are done.
That includes items including the creation and development of business plans. Today several software tools are available to create digital multi-media business plans. This helps to make a strategy of business eye-catching for investors, stakeholders, and anyone else who needs to view the plan.
There’s more! Tech advances have also changed the way people access the strategic plans. There are tons of channels including web, email, social, blogs, mobile, etc. to expand the online presence of the strategy of business plan. If your company is looking for new investors, for example, this is welcome news since it will be easier to fund your company’s growth plans.
Globalization has also made it easier than ever to expand your business. That’s true whether you want to open a new brick-and-mortar location overseas, or launch a new satellite website to feature your company’s products or services.
In the past going global was usually quite laborious and involved a great deal of red tape involving filings, regulations, and so on. Today, meanwhile, it’s quite easy to buy one or more web domains so you can share your company’s offerings via the Internet.
This isn’t to say that you should automatically include global expansion in your strategy of business if your company has achieved success in your home country. It depends.
You should consider various issues involving a foreign country’s political/economic stability, demand, competition, etc. before deciding whether or not to expand your business there. However, it’s certainly an option worth considering if the business environment is right there.
Yet another major effect of globalization on the business world is cost. Your business plan shouldn’t be a budget per se, but it should address how your growth plans would be planned.
Globalization has been a disruptor in terms of finding cost-effective ways to pay for company’s expansion. For example, many companies have decided to outsource work to emerging markets where there tends to be lower overhead costs and less red tape.
There’s recently been some global backlash in several developed countries about the effects of globalization on their countries. However, at the end of the day issues such as the laws of supply and demand are producing an environment where IT outsourcing, for example is flourishing.
These are some of the many ways globalization has been game-changer for developing a strategy of business. Should your company go global? It’s an issue your Yair Hamami business strategy should take up if you’ve already achieved sustained economic success in your home country.