The value and importance of capable managers in international businesses
There is no better time to call the digital age a global one. With businesses adopting remote working set-ups, it has become easier to find international clients and expand overseas.
Even new start-ups can consider setting up an overseas office today in complete contrast to an earlier decade where overseas expansion was considered a rarity.
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Global businesses are becoming the norm. However, this trend brings its own set of drawbacks. Companies have to look for capable executives who can nurture company growth in a new location as easily as they can in their home countries. The importance of management in business therefore becomes imperative.
The expectations of businesses from a global perspective have increased exponentially and managers therefore need to boost their skills to meet these demands.
There is no doubt that an effective manager can be valuable to an international business—but if so, how can you quantify the value?
Read ahead to explore some ways that capable managers are adding value to an international business.
- Managers can further work efficiency on a global scale
Global managers trained in international business management are the best candidates to improve the global-scale efficiency. They understand how global businesses operate and therefore are the best agents to improve or expand company operations overseas.
Apart from handling company operations, managers can also serve as a strategist or growth architect for the company. By being aware of the defects in logistics and operations, they can create accurate road maps that can drive company growth and improve general productivity.
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A great example of this is the case of Leif Johansson from Electrolux, a Sweden-based company. Johansson had to take over as global manager for a random mix of companies, each with their own products and market positions.
Johansson’s management background allowed him to create an effective global strategy that could tie all these companies together under a single roof. His efforts led Electrolux to become a market giant for a wide range of products and services.
- Managers can help the company consider local markets
International business managers aren’t just hired to achieve operational efficiency at a global scale. They are also responsible for helping companies respond to the local markets too.
When an international business enters a new market in a foreign country, it not only competes with other global players but also local businesses. Therefore, failure to take cultural differences into consideration can cost a lot of business.
Qualified international business management graduates are often well versed in local market conditions. Therefore, they can identify local opportunities and threats much faster and be active contributors towards the company growth.
The management of companies like Unilever or Proctor and Gamble (P&G) are prime examples of success. Unilever creates unique products for different countries depending on the target audience and often hires business managers from the respective countries to oversee the production and sales. This helps the company to maintain its relevance in the global market.
- Managers can focus on company growth by promoting collaboration
In most MNCs, product development or service dissemination is often the culmination of a large number of teams spread across a lot of countries. Inter-departmental collaboration can promote employee engagement and bring in fresh perspectives and ideas.
International business managers can promote collaborations between different teams and help mitigate differences in opinion.
Apart from these responsibilities, qualified managers can help companies ensure optimal usage of available resources and reduce their operational costs.
Becoming an effective manager, especially for an international business requires extensive training as well as specialist knowledge of your industry. While working in a management role can help you learn a lot, you might also get a lot from acquiring a formal management degree.
Invest in an appropriate management programme from a reputed university today to secure your career as a successful global business manager.
– This article was written by Sweha Hazari.