As the year comes to a close, you may be reflecting on some of the key themes discussed in your boardrooms as you made critical decisions for your business.
We present you with five themes that you focused on this year with our highlights and predictions for the New Year.
Innovation & Risk
To remain relevant and competitive, businesses must remain nimble and adapt to the changing global environment. Finding new and innovative ways to solve problems and offer new solutions, while managing risk is essential.
With Latin American politics in flux, expert Sergio Guzman, of Colombia Risk Analysis, offered his advice for foreign investors in the region.
As geopolitical tensions flared, inflation rose to alarming levels, and Russia’s attack on Ukraine persisted, did you think about ways to recession-proof your organization?
In our interview with BIO’s global healthcare expert, Phyllis Arthur, you learned how advancements in biotech and investments in vaccines continue to dramatically impact healthcare innovation.
2023 Prediction
Customers will continue to press businesses to offer increasingly innovative, cost-saving solutions while business risks from cybersecurity to intellectual property will persist and gain in focus and become top priorities for organizations.
2
Nearshoring
The pandemic proved that the global supply chain was more fragile than we thought. With geopolitical tensions on the rise, you found yourself looking for ways to produce your goods closer to home and nearshoring became a priority.
Colombia is a prime example of the nearshoring opportunities that exist for Western companies seeking to bring operations closer to home and save money, as ProColombia USA Director Ricardo Pedroza shared in his interview.
2023 Prediction
Nearshoring will remain a key business strategy for many companies, resulting in higher revenues, customer acquisitions, and cost-savings. Mexico, Thailand, and Vietnam will continue to emerge as key alternatives to China.
3
Culture
Carefully researching the culture, customs, and traditions of a new market before conducting business there is a key to your success and often overlooked and underestimated. Embracing the local culture will always be important to building long-standing international partnerships.
Even some of the world’s most well-known brands failed to embrace culture in their expansion projects – from Starbucks’ flop in Australia, to Walmart and Amazon’s failures in Asia.
Having an “Asia Strategy” is nonsensical, as you learned in our interview with financial executive Aseem Goyal.
2023 Prediction
Cultural mindfulness will emerge as a top priority for executives who recognize that in order to achieve international success, their staff must be properly trained to work in other cultures.
4
Africa
By 2032, most of the the world’s labor force will live on the African continent. How will you leverage the talent, natural resources, and other incentives in Africa? If you don’t have a strategy in place, now is the time to consider one.
In our interview with African expert, Rubby Golo, you learned of the opportunities for fintech, agriculture, healthcare services, and energy companies; and that THE TIME IS NOW for Africa.
These four fast-growing markets in Africa are ripe for investment and growth opportunities. What’s your Africa strategy?
2023 Prediction
While corruption and energy infrastructure matters will only slightly improve in Africa, the region will gain new attention from foreign investors as the cost of goods and labor continues to increase elsewhere, and while geopolitical tensions persist in Asia.
5
Global is Good
Amid uncertain economic forecasts and geopolitical concerns, our research shows that executives remain positive about doing business internationally. While global risk will unfortunately always exist, what is the risk of inaction?
Global is Good but what type of international company are you? Identifying your international approach from the start is critical. But, while going global is exciting and opens up new business opportunities, it’s not for everyone. Is it for you?
73% of business executives maintain a positive global business outlook, according to our biannual Factum Global Business Sentiment Survey. Despite uncertainties, companies are continuing to operate internationally, forming new strategic partnerships, and using innovative means to remain adaptable and competitive.
A few final reminders on your international business etiquette. Do your homework before you leave. Knowing how business is done locally could make or break your deal.
