Introducing the Five C’s: Factors Essential for Global Success
C1. Commitment: top management must be committed to global initiatives; this commitment must be unwavering. Global initiatives must be strategic in importance – – if global initiatives “flavor of the month management” they are doomed to failure.
C2. Communication: the role of global growth and its importance/role in corporate strategy must be communicated throughout the organization. This is especially true in organizations that are resource constrained and new to global markets because achieving global market success will take longer and be more costly than planned.
C3. Cohesion: the entire company must be behind the global market initiative; diverse departments must work in a unified manner if the company is to achieve global success.
C4. Comprehension: each manager and employee must understand the role of global market initiatives in the corporate strategy; employees must recognize he has the long-term strategic importance of the company’s global initiative to their activities as well as corporate strategy.
C5. Cash: the company must commit adequate resources – – managerial and financial – –to its global initiative. While it is fashionable for managers, investors and venture capitalists to challenge management teams by underfunding them, successful global initiatives require significant resources. Realistically, global market initiatives will require more financial resources, management, and time than originally budgeted. Anticipation and communication of these likely resource-requirement overruns are essential to managing organizational expectations and achieving success.
The Five Cs are essential for global market success. Vogel Management works with clients to ensure the 5 Cs permeate the organization and are an integral component of corporate culture.
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