What challenges come with managing a global corporate strategy?
Many companies are now operating on a global scale, with even smaller businesses and startups looking for ways to expand overseas and make the most of new opportunities.
While this is a sensible strategy, there are significant challenges that come with operating a global network of offices. Company strategy is just one area where there is potential for miscommunications between different arms of the same organization.
While the language barrier might be the most obvious difference, cultural factors and the lag in communications between offices can make it harder to pursue a uniform approach for a global business.
So what options do companies have for ensuring they have a uniform strategic approach across different countries, or even continents?
The first thing to consider is how different technologies might be used to achieve these outcomes. Many companies that operate across different countries are using tools like cloud-based strategy software in order to create a consistent attitude to different business sections.
By choosing a highly visual approach, organizations will also be sure they are presenting information in a format that users around the world can contribute to easily, helping to further break down the language barrier.
While integrating a cloud-solution into your strategy is a good way to start, it is also worth thinking about broader cultural factors that might affect the implementation of company strategy. For example, some organizations may find it harder to engage employees with company strategy when it is coming from an overseas head office.
Overcoming these challenges will require a unique engagement strategy that is tailored to the variations across different aspects of your operation.
Finally, an overseas perspective needs to be considered when strategy is at the planning stage. Even if your overseas branches are very small, a local input will be essential for setting goals and KPIs that are relevant for an overseas market.
By taking control of these different aspects, companies will be able to make the most of their expansion into foreign markets, while also developing strategies that can apply across borders.