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Ensure Your Next Executive Is Savvy In International Business - Executive Leadership Articles

Ensure Your Next Executive Is Savvy In International Business

Executive Leadership Articles

Ensure Your Next Executive Is Savvy In International Business

Whether your corporation specializes in the field of finance, communications, medicine, or any of the other wide range of industries flourishing in today’s business world, it is crucial that your executives possess a solid background in international business. With modern technological advances, such as electronic communication, international banking, and global supply chain management, corporations must devise newer and better ways to keep up with competitors both domestically and abroad. Training all incoming executives to operate in the international business realm will ensure that your firm’s leadership is equipped to compete in a global marketplace and will make decisions that incorporate international business ventures. A strategy that includes crossing geographical boundaries can yield opportunities for increased revenue, a broader consumer base, and more aggressive competition with firms in your industry.

If you would like to capitalize on these opportunities but are unsure how to coach your executives in international business, start with these basic tips:

  • Study International Business – Incorporate formal classes and day-long seminars in an executive’s curriculum. Classes can provide an in-depth look at everything from cultural practices to decision-making and the local value system. Many institutions offer international business training online, so evaluate e-learning as one way to cut costs and streamline the educational process.
  • Hire Diverse Executives – By employing executives who originate from countries in which you currently do business or would like to capture additional clientele, you will be one step ahead of the competition. No one better understands the best business approach and protocol of a country than a local.
  • Support Immersion – Explore relocation (temporary or otherwise) as a quick way to educate an executive in the cultural and linguistic nuances of a country.
  • Seek Bilingual Executives – Those professionals who can speak both English and one or more foreign languages come with a ready-made competitive edge. While firms should not hire based on linguistic skills alone, take this into consideration when hiring executives. If you have not yet focused your business interests on a particular country, look for executives who speak languages that appeal to a wide market within your industry.
  • Research Non-traditional Options – While obtaining a formal education in international business can be helpful, do not limit your executives to this method of approach. Encourage them to explore other options, such as reading online articles about international business, or books written by experts. Get creative: search for terms like “international business,” “global marketplace,” “transnational,” “globalization,” “international management,” and “global networks.”

Remember that untapped revenue is lost revenue. By increasing your corporation’s opportunities through international business and training your executives to be savvy in a global marketplace, you will be on your way to beating the competition and building a stronger, more secure future for your firm.

 

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Ensure Your Next Executive Is Savvy In International Business - Executive Leadership Articles

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