As the world changes rapidly around us, we have more access to information and we can reach a wider audience. It seems as if whatever information you want to find out can easily be found online. This can be considered both a positive and negative thing when it comes to global business.
Biggest challenges companies face today
Since things change so rapidly, the main challenge companies face today is being able to adapt to all the new ways of running a business overseas. The internet has revolutionised how businesses work and this, to their benefit, can bring in more clients. However, maintaining a balance between current trends and needs, as well as keeping a good reputation, can prove to be quite a time-consuming challenge.
Maintaining a good reputation online
This is one of the most important factors international businesses need to take into consideration. Brand new ways of communicating are being developed on the web and social media platforms, which means that companies need to be aware of what their target audience is using, and learn about the benefits of acquiring new channels. These new media allow companies to have a bigger reach and attract clients from all corners of the world, which will result in the company expanding and standing out from their competition.
Be aware of ever-changing regulations
Along with new ways to engage customers across a variety of platforms, global businesses need to be aware of the ever-changing regulations, especially as we have seen a massive change in GDPR across Europe. For existing and past clients, this is a very important aspect to consider. Companies should retain clients and staff through deeper engagement and loyalty in order to build trust in the business. Even Business Schools need to adapt to meet current and changing demands.
Strong teams need to be created
Ultimately, for a company to succeed, strong teams need to be created to handle each area of modern international businesses, from a great marketing and social media team, to outstanding customer service staff. Flexible working, satellite offices and utilisation of global talent often require cross-workers to benefit from different perspectives and culture expertise. Localisation and knowledge of new markets are crucial for operating globally and developing new markets.
Communication is key
Within global business, you will need specific skills to be successful and face the challenges you’d encounter. One of the top skills you should master is learning how to communicate with people from different cultures. When talking to people from different countries, there needs to be a certain level of consideration for the religion and cultural etiquette so you don’t offend those you interact with. Being mindful of what is offensive to someone from a completely different culture will show them respect and will make you gain trust, allowing you to expand your network over time. Not only do students have a comprehensive international experience at GISMA studying with students from over 37 nationalities, they also get a chance to study in Germany which is the most popular option for international students based on an annual survey by ICEF.
Networking is another major skill you will need in the world of business
Without a strong network, you will not be able to take your global business ideas and plans far or even get help in obtaining more knowledge on how to make a difference. The reason people say this is an extremely important skill is because the more people you know who are in the positions you want to be in, the more chances you have of learning from them and growing as a person, both personally and professionally. In turn, you can also help someone who could learn from you and potentially even enlist those in your network to join you in what you do. Our Careers Centre at GISMA works with students in making connections between their academic experience and chosen career path by building strategic partnerships with local company associations and organising networking events for companies and students.
Another skill you need is to be able to collaborate well with people
This includes having emotional intelligence and resilience to face the challenges the ever-changing economy can throw at you. Business is all about who you know and how to come across as the best version of yourself. Mastering these skills can lead you to triumph over your competition.
Are you looking to study a postgraduate degree? Find out about our International Business Management MSc, awarded by Kingston University. Gain international exposure, benefit from strong business links with corporate organisations based in Hannover, along with developing the theoretical knowledge to successfully operate in an international business environment. Hannover supports a range of industries, including automotive and tourism and has been home to the World EXPO in the past, enjoying a global industry reputation and earning the nickname ‘EXPO City’.