There has never been a more challenging or compelling time to be a globally minded organization.

Recently, @Jackie Macritchie @Sara Vandeberghe@Dianne Lee @Jonathan Betts and @Renos Savva discussed the need to think and act globally.

We recognize that the global environment is changing quickly, and although there may be a trend to consider more national ways of working, we cannot ignore that the Life Sciences sector (and others) is inherently global, as it is working with investors, suppliers, customers, partners or employees in a worldwide ecosystem.  Organizations need to actively decide on how they will succeed in this global market where the sands are shifting, almost on a daily basis.

Developing markets are changing their business models to be truly competitive, and agility is needed to position products and services effectively and cross borders seamlessly.  Investors expect organizations to think about their global markets and investors themselves are geographically dispersed.

As organizations scale and expand into new geographies, this is an opportunity for leaders to lean into this change.  Whilst we have worked globally for many decades now, it’s worth reviewing what drives success especially in this changing environment.

Our key insights:

  1. Have a global vision and strategic priorities. The start points.  Everyone in the organization needs to buy in to this and to be clear about they can contribute to this vision. Continue to monitor the environment and adjust priorities as needed.
  2. Have global values that are lived locally. Common values are what bind an organization together, and how these are lived at a local level will be respectful of local geographical cultures and legislation.  Decisions are made based on the competitive reality of the whole world in line with these values.
  3. Be clear and set boundaries. Leaders need to be crystal clear and set boundaries ruthlessly.  Defining what is off-limits and what is negotiable will allow regions and people in the organization to drive success within their scope whilst contributing to global success.
  4. Listen. It’s critical to listen to all your stakeholders especially those who are working outside your local culture.  Understand their constraints, challenges and motivations and adapt your global ways of working appropriately.  If you are a service company adapting to your customers’ needs and expectations is essential.
  5. Focus on building trust. There are different ways of building business relationships across the world. Listening and understanding how people like to work and what is important to them supports building a mutually beneficial partnership.
  6. Don’t just cooperate – collaborate. Cooperation is good and being nice to others can be a good first step.  But it is collaboration that is key.  When true collaboration occurs, it is not just a more effective way of working, but a key to unlocking agility and innovation. Create a culture and approach to the rapid formation (and dissolution) of effective cross geographical teams in a world where teams don’t stay together long.
  7. Engage globally. Actively look for forums where global perspectives are heard and considered to understand what other countries can offer and how you can be part of a global ecosystem. This allows you to compete for capital across borders and articulate your value across your growth regions.
  8. Access global talent. Having people in your organization who understand different markets and different ways of working is critical.  Whether this is done by having footprints in different regions, acquiring companies or by having people on your (leadership) team who have global experience, these tactics give you a head start in understanding diverse perspectives and ways of working. A mindset of global integration rather than local optimization needs to exist.
  9. Build commercial business models for international markets. Manage distribution, supply chains on a global basis.  Pricing models and buyer systems are very different across the world.  New opportunities and challenges will emerge as the environment changes, and you may be making decisions about which regions to invest in and to sell to.  Your branding will also need to cross borders effectively.
  10. Operate with global regulatory and compliance standards in mind. Thinking about your scaling and global strategy as you design products can enable rapid deployment across markets more effectively.

In summary having a global strategy and culture is critical.  What else do successful global organizations do?

Thanks to @Liz and @James for their reviews