What Are The Ingredients To A
Successful International Business
What Makes An International Business Sucessful? That is the question…
Being successful in the business world requires the collaboration of many different aspects. There is no set formula one can follow to build a prosperous international business, however, there are some tactful tips and tricks you can apply by looking into the mistakes and achievements of other successful and unsuccessful businesses.
When all the different traits of an international business are compressed and complied together there are seven main steps that any business and any industry must follow in order to achieve maximum profit. These steps are…
LETS GET STARTED!!!!
One of the most basic and simple tricks to creating a successful business is building a strong company culture, therefore forming a work environment that is more than just a place to earn a paycheque. Employees must feel as though they are growing as an individual and should be excited to go to work and collaborate with their fellow co-workers and supervisors. An example of a company that uses company culture to their advantage is “Dagwoods”. This food company is owned by Spiro Krallis, and according to Financial Post, is one of the very few businesses that have not gone bankrupt in this ‘cutthroat environment’. Mr.Krallis believes “The most common reasons young workers leave their jobs is lack of opportunity and mentoring.” In an industry known for its quick turnover rates, about 75 percent a year, Mr. Krallis ensures that these young employees get a lot of responsibility from the get go (Rubin, Josh). Another well-known example of a business using their corporate culture to their advantage is South West Airlines. The corporate cultural motto of Southwest is ‘dedication to the highest quality of customer service delivered with a sense of warmth, friendliness, individual pride, and company spirit’ and a little bit of ‘goofiness’. It is this very characteristic of a goofy and fun-loving environment that serves as a glue to the company. Southwest Airlines has had many recessions within the company that caused great damage to the corporation, however company management believes that the employees innovation, trust and loyalty is what keeps bringing customers in. That is why since 1971 to this date Southwest's employees have never gone out on strike (“Emerald for Managers Has Changed”). Despite its intangible nature, the role of a corporate culture is meaningful, affecting employees and organizational operations in excessive amounts. It gives a consistent and controlled environment and work ethic throughout the company. It’s basically the glue that fastens your organization together, and can be a big reason why people want to work for you or with you. Although corporate culture is one of the primary foundations to a well-run business, it is rarely the focus and priority of business leaders and so should be taken into consideration when formulating a business plan.
Making your business well known and marketing your product is important in order to attract customers. Marketing is essential because it deals directly with the customer and in order to survive as an international business you must have a great relationship with them. You must treat them as you would treat any other company asset. Advertisers pay millions of dollars to air TV ads that, by some estimates, more than a third of viewers skip over with digital VCRs, by switching channels or tuning out altogether. However, according to a study in Harvard Business School, repeating or "pulsing" brief images of a brand can significantly reduce the likelihood that viewers will “zap it” or to zone out during commercials. As well as altering commercials to mimic a pulsing strategy is a virtually cost-free fix for a significant payoff (Hanna, Julia). Marketing overall helps your business grow as well as give you clear sense of your products strengths and weaknesses. Although it is a tricky space to be in, with the intense competition and high prices for air-time, it can benefit your business to generate profits and help it become prosperous.
Since most business want to appeal to larger global customer base, they attempt to strategize their marketing policy by taking into consideration the various cultures, languages and sensibilities of different regions. Deutsche Welle, or DW is Germany's international broadcaster and has developed an impressive marketing strategy which appeals to the diverse customer base in the various regions that they serve. The service is aimed at the overseas market. It broadcasts news and information on shortwave, Internet and satellite radio in 30 languages including Arabic, Kiswahili, Indonesian, Urdu, Russian, Spanish, German and English. Although it exclusively talks about German and European news, they work hard to communicate with people from all backgrounds – and do so by addressing them in their native language and as a result they reach about 86 million people worldwide who value them as a reputable source of information ("Germany's International Broadcaster"). A little bit of effort on becoming a diverse company and being careful about other cultures can increase your consumer base by large amounts which will in turn increase profits as well as help governments of two or more countries benefit from the mutual trade being practiced.
In the business world, time is money. Things need to get done as quickly and as efficiently as possible. In this day in age there is no longer any room for mistakes. Everyone is expected to do their responsibilities right on the first try swiftly and rapidly. Amazon has taken up the challenge and, according to BBC news, is currently testing out drones as an innovation in shipping and expediting. Chief Executive of the world's largest online retailer, Jeff Bezos says “The drones, called Octocopters, could deliver packages weighing up to 2.3kg to customers within 30 minutes of them placing the order.” Although it seems almost surreal and the excitement to see these robot transporters in action is overwhelming, the process could take over five years in terms of getting the government to approve. ("Amazon Testing Drones for Deliveries"). Nevertheless, Amazon is already promoting this new invention through articles and advertisements. They are readily responding to their customers’ needs by giving them faster access to their goods and becoming a bigger entity than it ever was before.
Social media is slowly becoming one of the most important techniques used to market one’s business and create awareness amongst their target market. It offers businesses a platform to interact with current and potential customers and can often provide us with feedback and new ideas. These staggering statistics are proof that you should use this medium as a powerful and cost effective marketing tool. Business integration is becoming easier as technology progresses. Syncing your data with multiple social media accounts makes advertising cheaper, faster and easier and more interactive. According to an article in Social Media Today around 50% of Facebook users are checking their profile every day. 23% do this 5 times or more. Businesses can use the traffic on these websites to their advantage and increase exposure about the products and services being offered. With 54% of marketers gaining a new customer through Facebook this year alone and 36% of businesses gaining a new customer through Twitter, it is essential for businesses to start using social media for marketing to stay relevant in the industry. LinkedIn is also a great platform for more professional network, with over 200 million members and 2 more joining every second. This is a great place to build business connections, hunt for potential employees and find out what other businesses are doing to stay ahead (Kiripatea, Phillipa). All in all, social media is becoming a large part of everyday life and businesses must take advantage of this cost saving and effective resource.
With increased awareness about the planet and our role in its protection, companies are beginning to take conscious steps to make their business more environmentally responsible. This is beneficial to the business in two main aspects, cost-saving and positive publicity. Implementing techniques that are greener alternatives can be costly, but save a significant amount of money in the long run. Simple practices like turning off lights when they are not in use and activating the sleep mode in workplace computers when idle save the company money. Using LED lights instead of the standard incandescent bulb can save up to $200 per bulb over time (Harrison, Kate). According to MSNBC, DuPont has saved ‘$3 billion from a nearly two-decade effort to dramatically reduce carbon emissions’ (Linn, Allison) By doing their part in reducing their carbon footprint, these companies have also begun to enjoy tax cuts from the local government as well as an increase in their customer base. Consumers and employees are happy to be associated with a brand that tries to save the planet, and encourages such practices.
It is important that businesses treat their employees as an asset, and ensure that they are taken care of as an integral cog in the machinery. Studies show that unhappy employees lead to less productivity and creativity a work. The American Psychological Association states people want contentment, love and happiness derived from meaningful work. According to this article, there are five life factors that need to be kept in dynamic balance to achieve and maintain happiness and productivity: Monetary benefits, interpersonal relationships, body, community, and spirit. (Tam, Marilyn) SAS, a software suite developed by SAS Institute for advanced analytics and data management, is well-known for its award-winning work environment designed to nurture creativity, innovation and quality. To ensure its employees satisfaction and contentment, SAS offers stand-out benefits including a competitive pay, life insurance, SAS retirement plan, paid vacations, holidays and sick leaves, training and development opportunities, fitness centres medical plans, paid day-care, adoption assistance, family medical leave, paid paternity leave, summer camp and college scholarships for children of SAS employees, and others. ("U.S Employee Benefits and Programs").With the company helping improve the quality of life and relieve the pressures they may face, employees can focus on their work, maintain job security and produce quality results .
The success of an international business is advantageous not only for the business owners and stakeholders, but also contributes to a mutually beneficial relationship between the countries involved. These businesses utilize resources from, and cater to a global market. This exchange of trade across borders also gives way to a peaceful and healthy equation with countries around the globe. By establishing and maintaining a positive work environment and corporate culture, marketing the product or service well, being sensitive to different cultures, focus on innovation and creativity, utilizing new trends like social networking to increase presence, implementing corporate social responsibility and attempting to satisfy employees, businesses can take specific actions towards being successful in today’s international market.
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