Thriving in the Volatile Global Marketplace

Sometimes a company’s past success can be the reason it struggles today. American businesses have led the world in innovation and have set trends for production, development, and technology. Some entrepreneurs have become fat and happy, and fallen into the trap of expecting everything to come easy.

The world has changed and will continue to change. Technological innovation has shortened the distance from Dallas to Delhi. Countries such as China, Russia, Brazil, and India have become major players in global markets. New free trade agreements between nations have made international trade easier than ever before.

Business customers now have seemingly infinite options from which to choose. The companies which sell products and services no longer have the upper hand. The power is now in the hands of buyers. Customers take advantage of their new found power by telling suppliers what they want, how soon they need it, and how much they are willing to pay.

Corporate adaptation requires managers to work not only harder, but smarter. Working smarter requires managers to come to grips with the notion that their current processes might be off base.

Improving Business Processes

Managerial innovation has a few simple premises:

1. Innovative managers don’t fear change. They recognize the opportunity provided by the tech-savvy, dynamic, and global marketplace.

2. Innovators must be forward thinking. The massive shifts in the marketplace over the past twenty years, are just that – a thing of the past. Managers must recognize the rapid pace of development and continue to ride the wave.

3. Managers must shift their focus of their companies from the traditional pyramid structure, and think beyond the simple division of labor.

To say that managers must be able to “think outside of the box” would be exercising an overused cliche, but the point must be clear: managers in today’s world must be creative and flexible to adapt to, and thrive in, the global marketplace.

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