Importance Of Globalisation Of Business

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Globalisation of business has become one of the main focuses of many companies and institutions nowadays. For many companies globalisation of their business is one of the criteria of determining how successful they are. Usually the main purpose of globalisation tends to be the making of higher revenue, however other companies also consider fame, respect and the reputation of their company when globalising . Many companies aside from establishing their branches, go to the extent of buying off smaller companies just to avoid competition from them. One may ask “What is globalisation of business?” Well it is the change in a business from a company associated with a single country to one that operates in multiple countries. An example of a company which has become global is Barclays. It is a British multinational banking and financial services company with its branches located in over 50 countries.

It is important to note that, in the course of globalisation, companies in the process of implementing the principles of management such as planning, organising and controlling tend to go through several issues. They are expected to be well informed about the laws in the host country in addition to those at home and be prepared to face issues like unfair competition and the day to day differences in marketing and health safety regulation. Aside that
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For instance, the issue of labour right and environment pollution, it is expected of managers to go by these principle in order to make their globalisation worth while. However in instances where managers face the issue of bribery and corruption to get a business done, it will be in their own interest to find out if that act is acceptable or not in the host country. One of the sure ways of preventing issues such as bribery is for the company to perform its social

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