“Begin with the End in Mind”. This is habit 2 from Steven Covey’s “The 7 Habits of Highly Effective People” and although this does not really answer the questions I do feel it is relevant. Knowing where you want to be will help define the path to get there; in life and business.

Having a strategic direction or vision is paramount to the success of any organization in a global market. If a company, business unit or individual wants to be successful they must visualize success, devise a plan to achieve success and move towards success with purpose; failure to have a strategic direction leaves a company wandering mindlessly as so many of them do. That being said, some companies are successful in spite of themselves through either a niche market or buyer demand. Also, simply having a vision does not guarantee success and Management may succumb to the challenges of implementing its vision, however the chances of success are greatly improved with a vision than without.

To more fully understand the steps involved in creating a global plan I found the following: According to Ball, McCulloch, Frantz, Geringer, & Minor, 2006, the global strategic planning process involves these steps:

  1. Analyzing external environment
  2. Analyzing internal environment
  3. Defining the business and its mission statements
  4. Setting corporate objectives
  5. Quantifying goals
  6. Formulating strategies
  7. Making tactical plans

 

The take-away from my reading was this. In order to have a complete Global Corporate Vision, Management must exam the global market space for existing competitors, review local laws and regulations, understand the regional culture and work ethics, create obtainable short and long term goals and finally be prepared to reevaluate as the business climate changes.