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Globalization Changes the Way We Run a Business

It is quite obvious that globalization changes some of the rules of the game. This is becoming more and more noticeable in such areas as risk evaluation, sales, etc., but also in international management. It is becoming clear that globalization changes the way we run a business. In this sense, if we look at the four functions of management, we will better understand what has actually changed. In terms of planning, the factors we need to consider are much broader. In a non-global architecture, each factor acted solitarily, while in a global business environment, we need to consider how these factors interconnect. If we take an example from Bank of America, planning in a global environment needs to consider possible risk scenarios that may occur in the next planned stage, so that the plan actually has something in common with reality. As for organizing, it is obvious that, in a global system, there are several issues to be considered.

Organizing the business locally, at US level, for example, also needs to take into consideration actions that may occur in Europe, on the currency or interest rate market, etc. Leading seems to be the most interesting component of management in a global

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environment. This is because we are now dealing with global leaders. A global leader will evaluate his subordinates in terms of several different variables, like nationality, beliefs or religion, and will be able to find a common denominator for all these different factors. A global leader’s job is to unite the diversified, but without letting the individuals lose their personality. Finally, controlling comes in a close connection with leading. Indeed, you cannot do one without the other. Controlling implies checking on the tasks and objectives that you have formerly set and evaluating progress on the work done. In a global system and a global business environment, this involves a high level of communication between the leader and his subordinates.

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