The need for global perspective in today’s business landscape

Posted on 22nd May 2018

Posted in Business

The need for global perspective in business
The need for global perspective in business
The need for global perspective in business

It’s vital for business leaders to maintain a global perspective when making decisions in business.

Whether you work for a local, small-medium or a multinational organisation, managers and owners need a global perspective and understanding of the regional and international economy to identify drivers for business sustainability and competitive advantage.

Do I really need global business perspective?

The fact is that whether you like it or not, businesses - large and small - are competing on a global scale. Sitting in the corner and ignoring that fact is only going to lead to failure in business.

It takes patience and real understanding to keep that global perspective when weighed down by the daily pressures of running a business.

However, understanding the nuances of other markets and deciphering the impact of the economy when there are cultural differences is never easy. It takes patience and real understanding to keep that global perspective when weighed down by the daily pressures of running a business.

The benefits of a global perspective in business

Having a global perspective enables you to learn from others, and can open up your business to new opportunities. It can also help you grow in new ways.

Further training to ensure that business leaders can effectively make decisions within a leadership role is top of mind for management, according to research.

A Deloitte report titled Global Perspectives for Private Companies found that 16 per cent said that strengthening the management team is one of their top two growth strategies for the year.

Bolstering management skills

The report, released in December 2017, also found that bolstering the skills of managers rated higher than developing new products and services, and growing existing markets.

It’s promising that private companies are beginning to focus on bolstering their leadership ranks because it shows a maturing approach, according to Denise Moulton, who leads mid-market human resources and talent research for Bersin by Deloitte.

Moulton says that companies that develop talent internally have senior leaders who devote a significant amount of time ensuring that their organisation’s talent pipeline is fully stocked. They take a far-reaching view of succession planning, identifying workers for roles that are three or four steps up from their current position.

“At times like these, when business is consistently growing and there are no expectations of slowing, companies can fall into the trap of thinking that they have to hire fast. But these companies are recognising that often the answer is looking under the covers and developing the talent you already have,” Moulton says.

Study an MBA Global to safeguard your future

This research from Deloitte proves that taking the initiative to study an MBA can set you apart from other business leaders. In fact, one of the best ways to learn how to maintain a global perspective so you can run a global business is to undertake further study. Being adaptable will help you see new opportunities knocking on your door.

Further training to ensure that business leaders can effectively make decisions within a leadership role is top of mind for management, according to research.

A Master of Business Administration Global from James Cook University can open your eyes to new tools, approaches and filters to see the global picture, which can in turn help you to be a far more effective and efficient leader.

Gain global perspective to help drive your business forward with an MBA Global from JCU Online. Contact our Enrolment team on 1300 535 919 to find out more.