Thursday, 28 January 2016
“A Blueprint to Build Your Global Business Empire Successfully” ―Professor M.S.Rao
“If you don't build your dream, someone else will hire you to help them build theirs.” ― Dhirubhai Ambani, Against All Odds: A Story Of Courage, Perseverance And Hope
It is a well-admitted fact that some businesses succeed while some fail miserably. There are a number of reasons for both successful and unsuccessful enterprises globally. In this regard, we will discuss some sutras and strategies to build your global business empire successfully.
To build a successful business empire, you must have a blueprint with vision and viable execution. It is essential to ensure alignment of your products or services, customers, financial institutions and above all, employees. It is ideal to follow the philosophy of ‘employees first, customers second and shareholders third’ to last your business empire beyond your lifetime.
A Blueprint to Build Your Global Business Empire
"Ideas attract money, time, talents, skills, energy and other complementary ideas that will bring them into reality." ― Mark Victor Hansen
The business leaders must find out the products and services that will be in great demand in future. They must see whether there is longevity for those products and services. They must approach financial institutions who can provide capital with low rate of interest, and be with them during the test of time. They must hire the right people for the right posts emphasizing organizational culture because organizational culture brings the people together and connects them emotionally into one platform. When you look at Alan Mulally, he created ‘One Ford’ slogan and connected all employees emotionally to turnaround Ford. Once there is a healthy organizational culture, it is easy to motivate employees to produce goods and services as per the tastes and temperaments of customers and clients.
Peter Drucker once remarked, “The purpose of a business is to create a customer.” Hence, the business leaders must create customers and clients for products and services. They must reinvent regularly to keep pace with the rapid changing business environment. In this internet world, more competitors come up quickly to copy and start the business. Hence, the business leaders must develop niche areas to stand out from others. They must regularly create new products and services with an emphasis on innovation. Apple is an inspiring example for innovation. It stood out from other global companies because of innovation. It could beat cut-throat competition due to constant innovation. B. C. Forbes rightly remarked, "If you don't drive your business, you will be driven out of business."
During the course of execution of strategy, the business leaders encounter lots of challenges internally and externally. It is essential to have alternative plans ready to resolve them. The internal challenges can be handled easily while the external challenges cannot be predicted but must be handled with patience and perseverance.
Agility and Adaptability
“The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.” ― Henry Ford
Competition is cut-throat globally. Customers and clients are demanding more than what they pay and deserve. Hence, it has become a big challenge for businesses. To beat competition, the enterprises must be agile and adapt to the business environment. They must constantly change their strategies, and tools and techniques to do business because what worked in a particular scenario might not work in another situation. They must be ahead of the race. And to stay ahead of the race, they must keep an eye on the developments, and do research regularly and anticipate the expectations and aspirations of the customers. Only then will they be able to survive and succeed in the current dynamic global scenario. Several companies became obsolete as they failed to anticipate the developments and adapt. Hence, business leaders must make a note of these aspects while doing business.
Jack Welch once remarked, “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” Set a vision and execute it effectively. Emphasize on strategy and culture. Manage internal and external challenges successfully. Learn, unlearn and relearn with the changing times. To conclude, there is no one-size-fits-all blueprint to build a successful business empire globally. This is a basic blueprint to build your business empire. You can customize it depending on the size, scale, type of industry and country you do your business. Good luck to building your successful global business empire!
“If you build that foundation, both the moral and the ethical foundation, as well as the business foundation, and the experience foundation, then the building won't crumble.” ― Henry Kravis
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Professor M.S.Rao, India
Founder of MSR Leadership Consultants India
Recipient of 10th International Prestigious Sardar Patel Award―2015
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