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What Is Globalization in Business?

• 22 Jun 2021

As technology and transportation have advanced, business has become increasingly global. In addition to new challenges and international tensions, purposeful expansion has brought new jobs, customer audiences, and economic opportunity.

What Is Globalization?

Globalization is the increase in the flow of goods, services, capital, people, and ideas across international boundaries, according to the online course Global Business .

“We live in an age of globalization,” says Harvard Business School Professor Forest Reinhardt, who teaches Global Business. “That is, national economies are ever more tightly connected with one another than ever before.”

Whether you’re looking to learn more about your international company or thinking of expanding your business into other countries, you need a strong foundation in the basics of globalization in business. Here’s a primer on what it means to be an international business, factors to consider when approaching the global business landscape, and how to build your knowledge.

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What Does It Mean to Be an International Business?

An international business is any company that operates and produces or sells goods between two or more countries. There are three ways a business can be considered international:

• It produces goods domestically and sells domestically and internationally.
• It produces goods in a different country but sells domestically.
• It produces goods in a different country and sells domestically and internationally.

If your business falls into one of these categories, there are two types of international business models to consider: transnational and multinational.

Transnational corporations have offices in multiple countries, each responsible for a different facet of the organization. For instance, marketing may be based in London, research and development in Bogota, and software development in New York.

An example of a successful transnational corporation is Nestlé, which splits business operations for each of its brands by region. There are over 100 Nestlé offices worldwide with distinct responsibilities. For instance, the Nestlé Research Center is located in Switzerland, which acts as the hub that oversees each brand-specific research and development center, of which there are 23. All Nestlé offices operate under the company’s headquarters in Switzerland.

Multinational corporations also have offices in multiple countries, but unlike transnational corporations, each is a microcosm of the larger organization. This means each office has, for example, its own leadership, marketing, sales, research and development, technology, and human resources teams. An example of a multinational corporation is PepsiCo, which has 32 offices across 24 countries.

If you’re considering which international business model to implement for your growing company, know that each has its pros and cons. Transnational corporations typically have the benefit of everyone on a specific team being located in the same office, although this may change with the rise of remote work . Being in the same office can decrease miscommunication and reinforce the idea that each office is an integral part of the larger company. Multinational companies may not beget this same mindset, but they benefit from having someone from every team present in each office. This can enable them to collaborate and tailor efforts to the audience in their specific location without juggling time differences and language barriers to collaborate with other teams.

There’s no one-size-fits-all approach to globalization; only you can decide what works best for your business.

Related: Why Study Global Business? 5 Benefits to Consider

Facets of Global Business to Consider

Globalization doesn’t just refer to the location of a firm’s offices and customers—it also encompasses the nuances and economic factors of conducting business internationally and existing in a global economy. Even if your company operates domestically, globalization can influence the way you do business. Here are a few factors to consider when thinking about how global business impacts your organization:

• Politics and laws : International politics can color relationships between nations and regulate what products are allowed in and out of their borders. Keeping up with current events can help you prepare for the business impacts of shifts in policy and foreign affairs.
• The environment: There’s no global issue more pressing than climate change. Unfortunately, globalization can contribute significantly to its negative effects due to increased transportation of materials and products, business travel, and the number of factories. If you’re engaging in global business, keep sustainability in mind to avoid contributing to climate change.
• Macroeconomics: Principles of macroeconomics can allow you to compare countries’ financial health on a one-to-one basis and draw connections between trends. Some metrics to know include:
• Gross domestic product (GDP)
• Unemployment rate
• Inflation rate
• Degree of income inequality
• Currency exchange rate
• Human rights: Because laws dictating human rights—including labor laws—differ from country to country, operating as a global business requires research and critical thought to ensure you’re not exploiting people for labor, even if it’s technically legal. Ethics are required for making decisions that may cost your business money at the expense of protecting human rights.
• Cultural differences and language barriers: Operating a global business requires knowing and respecting other cultures. Without understanding the areas you do business in, you could unintentionally offend someone and harm your working relationships. In the case of language barriers, this may require you to hire translators and multilingual employees to bridge the gap.

Learning More About Globalization

If you’re interested in furthering your knowledge of the global business landscape, one easy way to do so is by reading international news. Try incorporating foreign cities’ local news into your daily intake to gain perspective on the state of their economies.

Additionally, consider taking an online course like Global Business . You’ll learn how to assess macroeconomic situations; gauge the short- and long-term effects of inflation, trade, and investment; and use insightful frameworks to plan the best global strategy for your organization.

Are you interested in exploring the nuances of the international business world? Learn more about our four-week online course Global Business and other Business in Society courses. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

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Designing a global business strategy

The digital revolution, together with global supply chains that now extend across the world, has opened doors for businesses hoping to expand their influence beyond the domestic market.

However, accessing international audiences and gaining footholds in international markets is no easy task. How have global companies approached this feat? How are business models scaled effectively to meet the demands of trade, and success, on a broader scale? Which marketing strategy is required?

Business leaders must design, implement and monitor global strategies to become successful in their endeavours. For that, they require individuals with the skills and know-how to take their products and services to the global stage.

What is a global strategy?

A company with a global strategy is one that is following a strategic plan to compete in, and expand into, the global market. It’s a detailed business strategy designed by an organisation to plan targeted growth – i.e. increasing the sales of goods or services – beyond its international borders. Organisations with global strategies prioritise standardisation across different markets – a prime example being Apple and its product offering.

Global strategy is a catch-all, umbrella term comprising three core strategies:

International strategy 

This approach is taken by companies whose business aims relate primarily to their home market – and whose competitive advantage is developed with the home market in mind. At the same time, some objectives relate to overseas activities and therefore an international strategy is required.

Multinational strategy

Adopted by companies who are involved in markets outside of their home countries, multinational strategy requires distinct strategies for each separate market. As competitive advantage is determined separately from market to market – and, therefore, country to country – different strategies are needed to meet varying demands in customer demand, competition and other factors specific to local markets.

Global strategy 

In this context, the world is regarded, for the most part, as a single market. It is viewed as a single source of supply, with minimal local variation. Organisations that operate global strategies regard competitive advantage from a global perspective.

There is also transnational strategy , where companies operate in different countries and have operations and investments in both domestic and foreign markets. The key with transnational strategy is that leaders and managers in each discrete market have the power to make the decisions for the regions under their jurisdiction.

Therefore, the right marketing strategy for each organisation must be determined by their goals and objectives. In brief, building a global strategy involves:

• in-depth analysis of any new markets
• identification and distribution of organisational resources
• setting international objectives
• assessment of the international service or product offering, including pricing
• strategic management of the business on an international scale.

Advantages and disadvantages of global strategy

There are both benefits and drawbacks to global integration. While the business rewards are potentially far greater, so too are the associated risks.

Success in global markets can extend the long-term success and viability of a business. It can mean global, standardised branding that is instantly recognisable, and economies of scale with the ability to deliver more efficient operations and processes. As well as competitive advantage across a global market – and the profit and brand dominance that creates – a single product line with minimal changes allows businesses to scale faster and better streamline their operations.

However, typically, businesses require greater resources – in terms of branding and advertising, sales teams, intellectual property registration and patents, and manufacturing and supply chain capabilities – which many companies do not possess without a broader footprint and recognition. As well as going head-to-head with established, local businesses, it can mean taking a chance on brand equity and international appeal, transparency of supply chain and operations – which may not exist – and issues with localisation and the challenges tied up with marketing to foreign audiences.

McDonald’s – a case study of global corporate strategy in action

One of the world’s most successful and well-known fast-food companies, McDonald’s, is a titan of global operations. The ‘golden arches’, recognised the world over, reap the benefits of major economies of scale and scope, international operations, product standardisation and global branding – all of which are benefits of its effective, embedded global strategy .

So, what’s the secret? McDonald’s global strategy is underpinned by local strategies that are tailored to the international markets it operates in. Walk into 10 McDonald’s restaurants in 10 different countries and there will be variations in the experience. According to Professor Richard Lynch , an expert in global strategy, there are five key aspects that create this local variation:

• Tastes and customs . For example, cultural differences between countries mean that in different markets, meat – or certain types of meat – may not be desired by local audiences and so outlets must adapt the menu accordingly.
• Competition – McDonald’s positions itself against local fast-food chains to retain share of local audience and local market share.
• Government laws . For example, branches of McDonald’s in the UK cannot sell alcohol, but in other countries – such as Spain – they can. The brand must adhere to the different laws set out by different governments.
• Franchise operations . Not all McDonald’s restaurants are centrally owned. While some aspects are standardised – such as recommendations on the design of outlets, and standardisation of equipment – local marketing budgets mean outlets can tailor their local promotions and marketing activities to suit local consumers.
• Service quality . While certain standardisations regarding the products themselves can be issued by McDonald’s head office, the products are cooked locally by local employees, resulting in, for example, a local Big Mac and local fries, As Lynch states “global m
• ust be made, and delivered, locally.”

As a US-based company, McDonald’s leaders and marketers understand that a one-size-fits-all approach does not work outside the home country. As such, bespoke local strategies and local responsiveness – alongside global operations – forms an essential part of their global strategy.

Create a business strategy to succeed on the global stage

If you want to gain the skills to help organisations expand into foreign markets, choose the University of Sunderland’s online International MBA programme .

Successful global expansion requires leaders with the tools and abilities to evaluate, analyse and act decisively at the highest levels, navigating ever-evolving environments and taking advantage of business opportunities. The key operational fundamentals you’ll acquire – including international business strategy and trade, marketing, financial management, leadership and people management, and analytics – will help prepare you to succeed in senior strategic roles in global organisations.

What Are the Components of a Global Business Plan?

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How to Create a Business Plan & Where Should the Executive Summary Be Located?

How to write a business plan template for a cable channel, how to internationally outsource manufacturing.

• How to Write a Business Plan Outline
• How to Write a Business Description

Global business plans resemble local and regional business plans in format. Global business plans differ from other business plans by serving as a company's communications vehicle for its global operations. Components of a global business plan, which differ from other focus on global customers, global pricing and currency issues, and international market legal factors, to name a few distinctions listed by Allegro Invest. The University of Houston Small Business Development Center offers workshops and seminars on all aspects of small business development, including creating business plans (See References).

Executive Summary Component

An executive summary describes the owner's goals and targets. An executive summary includes components, including but not limited to, a business overview, which describes the company, the projected market and the intended product or service. Include financial results, such as capital growth and profits, advises Allegro Invest. Provide any investment requirements for business operations. In an example offered by the website, BPlansWest, Pacific Marketing opens its Executive Summary, "West Pacific Marketing Consultants aims to provide marketing services to targeted business environments in Indonesia, Asia, and the west Pacific region."

Market Description

A market description for a global business reflects an in-depth international market study and offers analysis of the study findings. Key factors in a market description for an international company include "market size, share positioning of products, and competition, explains Allegro Invest. Allegro Invest advises entrepreneurs and executives to energetically research their targeted international market (See References).

Operations And Management Component

An Operations and Management Plan discusses operation factors. Operations components include, but are not limited to supply, production, marketing and distribution. This section will distinguish itself from a non-global business plan. You will discuss your research into the complexities of the global markets you are targeting, including how you plan to supply your product or service in targeted countries. If you plan to produce your product overseas, explain that dynamic here. Explain how you plan to market to the countries you will initially introduce your company. Include your management plan with strategies for global growth and successful attainment of international goals. For example, if you plan to start in one country and grow over time into other regions, discuss that plan.

Organizational Structure

The section of your global business plan on organizational structure describes your management model. Detail your organization's hierarchy of personnel, Allegro Invests advises. Potential investors want to know that their investments go to qualified executives and management. The people at the helm of your company must be savvy in your kind of business at an international level. Provide each person's credentials.

• University of Houston Small Business Development Center: Workshops and Seminars
• BPlans: Global Marketing Business Plan

Alyson Paige has a master's degree in canon law and began writing professionally in 1998. Her articles specialize in culture, business and home and garden, among many other topics.

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A Guide to Preparing an International Business Plan

By: FITT Team

An international business plan acts as a framework that identifies goals and objectives, specific target markets and clients, resources required and strategies to be developed in pursuit of international business opportunities. The plan allows for the monitoring of progress via metrics against which success and failure can be measured. A comprehensive international business plan will be comprised of a number of integrated strategies related to business functions, including communications, sales and marketing, finance and production.

What Is an International Business Plan?

An international business plan is a valuable management tool that describes who a business is, what it plans to achieve and how it plans to overcome risks and provide anticipated returns. It can be used for a wide variety of purposes, such as to:

• Set goals and objectives for the organization’s performance.
• Provide a basis for evaluating and controlling the organization’s performance.
• Communicate an organization’s message to managers and staff, outside directors, suppliers, lenders and potential investors.
• Help the planner identify the cash needs of the business.
• Provide benchmarks against which to compare the progress and performance of the business over time.

A comprehensive and detailed plan forces the planner to look at an organization’s operations and re-evaluate the assumptions on which the business was founded. In doing so, strengths and weaknesses can be identified.

Although highly dependent on the individual business case, on average it takes a three-year commitment to establish a successful presence in a foreign market. This process may require tremendous human, technical and financial resources during the developmental period.

The Planning Process

An international business plan is subject to repeated adjustment and revision to keep it current with the changing circumstances of the organization. The plan is a feedback mechanism through which new information is continually incorporated into the organization’s operations. Planning always precedes action. Therefore, planning must be thought of as a continuous cycle. The analytical tools presented here are not intended to be used just once. If they are to be useful, they should be used repeatedly as part of a process of improvement and incremental adjustment.

Plan Preparation Guidelines

These 7 guidelines will help in preparing a comprehensive international business plan:

• Clearly define the objectives for producing the plan : Who is going to read the plan, and what will they need to do? These objectives can help you decide how much emphasis to put on various sections.
• Allocate sufficient time and resources to thoroughly research the plan : A plan is only as good as the research that went into producing it.
• Show drafts of the plan to others : It can be very useful to obtain feedback from others, both inside and outside the business.
• Create an original plan that is done specifically for each business case : A common mistake entrepreneurs make is to borrow heavily from a sample plan and simply change the names and some of the numbers. There are two big problems with this approach. First , the emphasis placed on various sections of the plan must reflect what is important to the particular business in question. Second , a good plan should flow like a story, with the sections working together to demonstrate why the business will succeed. Plans that borrow too heavily from other plans tend to be disjointed, with some sections contradicting others and various key issues left unaddressed.
• Outline the key points in each section before the writing starts : These points must then be reviewed to ensure the sections are consistent with each other, there is little duplication and all key issues have been addressed.
• Ensure financial projections are believable : For many readers, the financial section is the most important part of the plan because it identifies the financing needs and shows the profit potential of the business. In addition, a good financial plan will give the reader confidence that the author really understands the business.
• Consider writing the executive summary as the last step in the process: It is usually easier to provide a concise overview after the detailed content has been created.

If you’re having trouble getting started with your business plan, try writing like it’s a series of tweets—one for every section of your business plan. To get your point across, 140 characters is all you need.

Forcing yourself to boil each section of your business plan down to one main point is an exercise in decision making and strategy all in itself. When you’re done, you’ll have everything you need to take your next step, whether that’s practicing your pitch to potential investors or a business partner, or sitting down to expand each tweet into a full section of a more traditional business plan.

Core Content

The international business plan is the culmination of all of the work done to determine the appropriate venture for the organization’s growth. As part of the feasibility process, the organization will have determined its own internal readiness, conducted comprehensive target market research and carefully analyzed any relevant risks.

At this point, the organization can take all of this information and analysis and formally document the plan for moving forward. There are many different models and examples of how to put together a formal business plan, rather than one correct way.

The right format will depend on the organization, the venture being pursued and who will be accessing the business plan and for what purpose. However, there are some basic guidelines to follow.

One of the reasons business plans are developed is to convince investors and/or bankers to invest in the venture.

Increasingly, they are looking for a business plan to include two sections: one relating to online strategy (in terms of e-marketing, social media and ROI) and the second relating to corporate social responsibility (including quality, health, safety and environment policies).

The inclusion of these topics gives more credibility to the company by demonstrating its commitment to the community and to employees’ well-being.

Telling a Story 

One trend in business planning is to use a narrative structure in the document, rather than traditional technical writing techniques. Storytelling techniques are increasingly being used throughout the business world to create personal and organizational brands, deliver marketing messages and develop persuasive plans.

Stories make presentations better. Stories make ideas stick. Stories help us persuade. Savvy leaders tell stories to inspire us, motivate us. That’s why so many politicians tell stories in their speeches. They realize that “what you say” is often moot compared to “how you say it.

Instead of using bulleted points and cold, technical language, organizations employ a “beginning, middle and end” narrative style. This engages the audience by establishing the context, describing the conflict or obstacles and arriving at a successful resolution.

The Executive Summary

Usually the last step of preparing the international business plan is to develop the executive summary, a short overview of what the plan proposes to accomplish. For some purposes, a one-page business plan can also be useful.

There is not a great deal of difference between an executive summary and a one-page business plan. The most significant distinction is the one-page plan must completely fit on one page in a readable font, while an executive summary may spread over two or three pages.

One-Page Business Plan

There is a trend towards the one-page business plan, especially if the plan is to be presented to potential partners for their consideration. Audiences for the one-page plan will be looking for a “quick hit”: a clear and concise description of what the opportunity is and how it is being pursued.

For example, a one-page business plan might include the following topics, as described in Noah Parson’s article “How to Write a One-Page Business Plan” on the website Bplans :

• Customer problem/opportunity
• Your solution/approach
• Business model (how you make money)
• Target market (who is the customer and how many are there)
• Competitive advantage
• Management team
• Financial summary
• Funding required

The one-page plan (or the executive summary, if used in place of the one-page plan) may provide the first impression the audience has of the business. This is the most important document generated out of the business planning process, and significant effort and care should be taken in its creation.

There are many websites the provide blank samples of one-page business plans, including Bplans , the GoForth Institute and Startup.com.

A Note on Strategic Plans

A strategic plan covers many of the same points as a business plan. However, a strategic plan sets out the detailed action plan to be followed to achieve the objectives of the international business plan.

It must outline specific activities, their due dates and who is responsible for each activity. It is a project plan with a critical path. A strategic plan ensures any venture is carried out in a coordinated, informed and systematic way.

A key consideration in action planning is how quickly to enter the market, which is driven by the chosen market entry strategy. If market entry is done too quickly, the potential for costly mistakes increases. However, if it is completed too slowly, opportunities may be missed and competitors will have more time to react.

The Planning Cycle

Attaching the word “cycle” to planning implies that it happens more than once. International business plans need to be reviewed periodically because new information that has an impact on both planning and operations is continually coming in.

All plans, including international business plans and strategic plans, need to be reviewed every time there is a major event impacting the business, such as civil unrest, a currency fluctuation or the presence of a new competitor.

About the author

Author: FITT Team

The Forum for International Trade Training (FITT) is the standards, certification and training body dedicated to providing international business training, resources and professional certification to individuals and businesses. Created by business for business, FITT’s international business training solutions are the standard of excellence for global trade professionals around the world. View all posts by FITT Team

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Thank for international businesses

I have a company in Dubai and I am looking for someone who can write an internationally designed business plan with me for investors. Do you have an address I can contact?

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The Reasons Why You Need to Study Global Business

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Global business is a term used to describe both international trade and the act of a company doing business in more than one area (i.e. country) of the world. Some examples of well-known global businesses include Google , Apple, and eBay. All of these companies were founded in America, but have since expanded to other areas of the world.

In academics, global business encompasses the study of international business . Students learn how to think about business in a global context, meaning that they learn about everything from different cultures to the management of multinational businesses and expansion into international territory.

Reasons to Study Global Business

There are lots of different reasons to study global business, but there is one primary reason that stands out among all of the others: business has become globalized . Economies and marketplaces around the world are interconnected and more interdependent than ever before. Thanks, in part, to the internet, the transfer of capital, goods, and services knows almost no boundaries. Even the smallest companies are shipping goods from one country to another. This level of integration requires professionals who are knowledgeable about multiple cultures and able to apply this knowledge to selling products and promoting services around the world.

Ways to Study Global Business

The most obvious way to study global business is through a global business education program at a college, university, or business school. There are a number of academic institutions that offer programs focused specifically on global leadership and international business and management.

It is also becoming more common for degree programs to offer global business experiences as part of the curriculum -- even for students who are majoring in something like accounting or marketing rather than international business. These experiences may be known as global business, experiential, or study abroad experiences . For example, University of Virginia's Darden School of Business provides MBA students with the opportunity to take a 1 to 2 week themed course that combines structured classes with visits to government agencies, businesses, and cultural sites.

International internships or training programs can also provide a unique way to immerse yourself in global business. The Anheuser-Busch company, for example, offers a 10-month Global Management Trainee Program that is designed to immerse bachelor degree holders in global business and allow them to learn from the inside out.

Top-Notch Global Business Programs

There are literally hundreds of business schools that offer global business programs. If you are studying at the graduate level, and you're interested in attending a top-tier program, you may want to start your search for the perfect school with this list of high-ranking programs with global experiences:

• Stanford Graduate School of Business - At Stanford, every MBA student is required to participate in global experiences to increase their knowledge of international business and management. While participating in the school's Global Management Immersion Experience (GMIX), students live and work in another country and learn about global business through complete immersion.
• Harvard Business School - Harvard curriculum combines the case method with the field method. Part of the field method involves global intelligence, which requires students to gain real-world experience by developing a new product or service for one of Harvard's global partner organizations.
• Kellogg School of Management at Northwest University - Kellogg's global MBA curriculum requires students to partner with other international students to gain an understanding of international markets and develop market-based growth strategies for international organizations. 
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Table of Contents

What is a business plan, the advantages of having a business plan, the types of business plans, the key elements of a business plan, best business plan software, common challenges of writing a business plan, become an expert business planner, business planning: it’s importance, types and key elements.

Every year, thousands of new businesses see the light of the day. One look at the  World Bank's Entrepreneurship Survey and database  shows the mind-boggling rate of new business registrations. However, sadly, only a tiny percentage of them have a chance of survival.   

According to the Bureau of Labor Statistics, about 20% of small businesses fail in their first year, about 50% in their fifth year.

Research from the University of Tennessee found that 44% of businesses fail within the first three years. Among those that operate within specific sectors, like information (which includes most tech firms), 63% shut shop within three years.

Several  other statistics  expose the abysmal rates of business failure. But why are so many businesses bound to fail? Most studies mention "lack of business planning" as one of the reasons.

This isn’t surprising at all. 

Running a business without a plan is like riding a motorcycle up a craggy cliff blindfolded. Yet, way too many firms ( a whopping 67%)  don't have a formal business plan in place. 

It doesn't matter if you're a startup with a great idea or a business with an excellent product. You can only go so far without a roadmap — a business plan. Only, a business plan is so much more than just a roadmap. A solid plan allows a business to weather market challenges and pivot quickly in the face of crisis, like the one global businesses are struggling with right now, in the post-pandemic world.  

But before you can go ahead and develop a great business plan, you need to know the basics. In this article, we'll discuss the fundamentals of business planning to help you plan effectively for 2021.  

Now before we begin with the details of business planning, let us understand what it is.

No two businesses have an identical business plan, even if they operate within the same industry. So one business plan can look entirely different from another one. Still, for the sake of simplicity, a business plan can be defined as a guide for a company to operate and achieve its goals.  

More specifically, it's a document in writing that outlines the goals, objectives, and purpose of a business while laying out the blueprint for its day-to-day operations and key functions such as marketing, finance, and expansion.

A good business plan can be a game-changer for startups that are looking to raise funds to grow and scale. It convinces prospective investors that the venture will be profitable and provides a realistic outlook on how much profit is on the cards and by when it will be attained. 

However, it's not only new businesses that greatly benefit from a business plan. Well-established companies and large conglomerates also need to tweak their business plans to adapt to new business environments and unpredictable market changes. 

Before getting into learning more about business planning, let us learn the advantages of having one.

Since a detailed business plan offers a birds-eye view of the entire framework of an establishment, it has several benefits that make it an important part of any organization. Here are few ways a business plan can offer significant competitive edge.

• Sets objectives and benchmarks: Proper planning helps a business set realistic objectives and assign stipulated time for those goals to be met. This results in long-term profitability. It also lets a company set benchmarks and Key Performance Indicators (KPIs) necessary to reach its goals. 
• Maximizes resource allocation: A good business plan helps to effectively organize and allocate the company’s resources. It provides an understanding of the result of actions, such as, opening new offices, recruiting fresh staff, change in production, and so on. It also helps the business estimate the financial impact of such actions.
• Enhances viability: A plan greatly contributes towards turning concepts into reality. Though business plans vary from company to company, the blueprints of successful companies often serve as an excellent guide for nascent-stage start-ups and new entrepreneurs. It also helps existing firms to market, advertise, and promote new products and services into the market.
• Aids in decision making: Running a business involves a lot of decision making: where to pitch, where to locate, what to sell, what to charge — the list goes on. A well thought-out business plan provides an organization the ability to anticipate the curveballs that the future could throw at them. It allows them to come up with answers and solutions to these issues well in advance.
• Fix past mistakes: When businesses create plans keeping in mind the flaws and failures of the past and what worked for them and what didn’t, it can help them save time, money, and resources. Such plans that reflects the lessons learnt from the past offers businesses an opportunity to avoid future pitfalls.
• Attracts investors: A business plan gives investors an in-depth idea about the objectives, structure, and validity of a firm. It helps to secure their confidence and encourages them to invest. 

Now let's look at the various types involved in business planning.

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Business plans are formulated according to the needs of a business. It can be a simple one-page document or an elaborate 40-page affair, or anything in between. While there’s no rule set in stone as to what exactly a business plan can or can’t contain, there are a few common types of business plan that nearly all businesses in existence use.  

Here’s an overview of a few fundamental types of business plans. 

• Start-up plan: As the name suggests, this is a documentation of the plans, structure, and objections of a new business establishments. It describes the products and services that are to be produced by the firm, the staff management, and market analysis of their production. Often, a detailed finance spreadsheet is also attached to this document for investors to determine the viability of the new business set-up.
• Feasibility plan: A feasibility plan evaluates the prospective customers of the products or services that are to be produced by a company. It also estimates the possibility of a profit or a loss of a venture. It helps to forecast how well a product will sell at the market, the duration it will require to yield results, and the profit margin that it will secure on investments. 
• Expansion Plan: This kind of plan is primarily framed when a company decided to expand in terms of production or structure. It lays down the fundamental steps and guidelines with regards to internal or external growth. It helps the firm to analyze the activities like resource allocation for increased production, financial investments, employment of extra staff, and much more.
• Operations Plan: An operational plan is also called an annual plan. This details the day-to-day activities and strategies that a business needs to follow in order to materialize its targets. It outlines the roles and responsibilities of the managing body, the various departments, and the company’s employees for the holistic success of the firm.
• Strategic Plan: This document caters to the internal strategies of the company and is a part of the foundational grounds of the establishments. It can be accurately drafted with the help of a SWOT analysis through which the strengths, weaknesses, opportunities, and threats can be categorized and evaluated so that to develop means for optimizing profits.

There is some preliminary work that’s required before you actually sit down to write a plan for your business. Knowing what goes into a business plan is one of them. 

Here are the key elements of a good business plan:

• Executive Summary: An executive summary gives a clear picture of the strategies and goals of your business right at the outset. Though its value is often understated, it can be extremely helpful in creating the readers’ first impression of your business. As such, it could define the opinions of customers and investors from the get-go.  
• Business Description: A thorough business description removes room for any ambiguity from your processes. An excellent business description will explain the size and structure of the firm as well as its position in the market. It also describes the kind of products and services that the company offers. It even states as to whether the company is old and established or new and aspiring. Most importantly, it highlights the USP of the products or services as compared to your competitors in the market.
• Market Analysis: A systematic market analysis helps to determine the current position of a business and analyzes its scope for future expansions. This can help in evaluating investments, promotions, marketing, and distribution of products. In-depth market understanding also helps a business combat competition and make plans for long-term success.
• Operations and Management: Much like a statement of purpose, this allows an enterprise to explain its uniqueness to its readers and customers. It showcases the ways in which the firm can deliver greater and superior products at cheaper rates and in relatively less time. 
• Financial Plan: This is the most important element of a business plan and is primarily addressed to investors and sponsors. It requires a firm to reveal its financial policies and market analysis. At times, a 5-year financial report is also required to be included to show past performances and profits. The financial plan draws out the current business strategies, future projections, and the total estimated worth of the firm.

The importance of business planning is it simplifies the planning of your company's finances to present this information to a bank or investors. Here are the best business plan software providers available right now:

• Business Sorter

The importance of business planning cannot be emphasized enough, but it can be challenging to write a business plan. Here are a few issues to consider before you start your business planning:

• Create a business plan to determine your company's direction, obtain financing, and attract investors.
• Identifying financial, demographic, and achievable goals is a common challenge when writing a business plan.
• Some entrepreneurs struggle to write a business plan that is concise, interesting, and informative enough to demonstrate the viability of their business idea.
• You can streamline your business planning process by conducting research, speaking with experts and peers, and working with a business consultant.

Whether you’re running your own business or in-charge of ensuring strategic performance and growth for your employer or clients, knowing the ins and outs of business planning can set you up for success. 

Be it the launch of a new and exciting product or an expansion of operations, business planning is the necessity of all large and small companies. Which is why the need for professionals with superior business planning skills will never die out. In fact, their demand is on the rise with global firms putting emphasis on business analysis and planning to cope with cut-throat competition and market uncertainties.

While some are natural-born planners, most people have to work to develop this important skill. Plus, business planning requires you to understand the fundamentals of business management and be familiar with business analysis techniques . It also requires you to have a working knowledge of data visualization, project management, and monitoring tools commonly used by businesses today.   

Simpliearn’s Executive Certificate Program in General Management will help you develop and hone the required skills to become an extraordinary business planner. This comprehensive general management program by IIM Indore can serve as a career catalyst, equipping professionals with a competitive edge in the ever-evolving business environment.

What Is Meant by Business Planning?

Business planning is developing a company's mission or goals and defining the strategies you will use to achieve those goals or tasks. The process can be extensive, encompassing all aspects of the operation, or it can be concrete, focusing on specific functions within the overall corporate structure.

What Are the 4 Types of Business Plans?

The following are the four types of business plans:

Operational Planning

This type of planning typically describes the company's day-to-day operations. Single-use plans are developed for events and activities that occur only once (such as a single marketing campaign). Ongoing plans include problem-solving policies, rules for specific regulations, and procedures for a step-by-step process for achieving particular goals.

Strategic Planning

Strategic plans are all about why things must occur. A high-level overview of the entire business is included in strategic planning. It is the organization's foundation and will dictate long-term decisions.

Tactical Planning

Tactical plans are about what will happen. Strategic planning is aided by tactical planning. It outlines the tactics the organization intends to employ to achieve the goals outlined in the strategic plan.

Contingency Planning

When something unexpected occurs or something needs to be changed, contingency plans are created. In situations where a change is required, contingency planning can be beneficial.

What Are the 7 Steps of a Business Plan?

The following are the seven steps required for a business plan:

Conduct Research

If your company is to run a viable business plan and attract investors, your information must be of the highest quality.

Have a Goal

The goal must be unambiguous. You will waste your time if you don't know why you're writing a business plan. Knowing also implies having a target audience for when the plan is expected to get completed.

Create a Company Profile

Some refer to it as a company profile, while others refer to it as a snapshot. It's designed to be mentally quick and digestible because it needs to stick in the reader's mind quickly since more information is provided later in the plan.

Describe the Company in Detail

Explain the company's current situation, both good and bad. Details should also include patents, licenses, copyrights, and unique strengths that no one else has.

Create a marketing plan ahead of time.

A strategic marketing plan is required because it outlines how your product or service will be communicated, delivered, and sold to customers.

Be Willing to Change Your Plan for the Sake of Your Audience

Another standard error is that people only write one business plan. Startups have several versions, just as candidates have numerous resumes for various potential employers.

Incorporate Your Motivation

Your motivation must be a compelling reason for people to believe your company will succeed in all circumstances. A mission should drive a business, not just selling, to make money. That mission is defined by your motivation as specified in your business plan.

What Are the Basic Steps in Business Planning?

These are the basic steps in business planning:

Summary and Objectives

Briefly describe your company, its objectives, and your plan to keep it running.

Services and Products

Add specifics to your detailed description of the product or service you intend to offer. Where, why, and how much you plan to sell your product or service and any special offers.

Conduct research on your industry and the ideal customers to whom you want to sell. Identify the issues you want to solve for your customers.

Operations are the process of running your business, including the people, skills, and experience required to make it successful.

How are you going to reach your target audience? How you intend to sell to them may include positioning, pricing, promotion, and distribution.

Consider funding costs, operating expenses, and projected income. Include your financial objectives and a breakdown of what it takes to make your company profitable. With proper business planning through the help of support, system, and mentorship, it is easy to start a business.

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MBA 541 - Global Business Plan Project Resource Guide

• Phase One: Choosing a Company and Global Business Opportunity
• Phase Two: Planning the Global Enterprise
• Phase Three: Organizing Global Business Activities
• Phase Four: Implementing the Global Marketing Plan

Phase Two: Planning the Global Business Enterprise

This phase is designed to help you research and plan the beginning stages of a global enterprise or product expansion. Each section in this guide contains a research component or goal that will help you build your Global Business Plan for MBA 541. Resources to accomplish these goals are recommended. The guided "Pro-tips" will help you navigate some of the highlighted databases and websites.

As always, if you have any questions about the content in this guide, please ask a librarian. For more information about this project, please refer to your online course. Please direct any questions about assignment expectations or requirements directly to your instructor. 

Section One

Analyzing international competitors.

Identify domestic and international companies involved in similar business global business activities

Recommended Resources:

• Find a Company's Competitors

Pro-tip: 

Your company’s competitors should be included in the industry and company reports you gathered during Phase One. Return to those reports to find a list. You can then research those companies further using some of the same techniques.

Section Two

Assessing the economic and geographic environment.

Examine geographic and economic factors that affect the business environment of a nation

• World Bank Group - Doing Business Data Important note: The World Bank Group discontinued their Doing Business reports in 2020 to review their methodologies. Archived reports can still be located through the World Bank Group. (Last updated: 5/14/2024)
• CIA World Factbook

Pro-tip one: 

Mergent Online carries Dunn & Bradstreet Country RiskLine Reports, which are great for exploring a number of risks and can be applied to the next three sections of Phase One. To find these reports, click on the “Country Insights” tab, browse for your country, and select the most recent report.

Pro-tip two:

In Statista, you'll want to specifically look for country reports. Statista country reports can be found linked under the "Reports" drop-down menu

Pro-tip three:

Transportation information is a great place to get a sense of the geographic and environmental limitations in a given area.

Section Three

Assessing the social-cultural environment.

Research social institutions, customs, traditions, and beliefs influencing business

• CIA World Factbook US Perspective
• Canada and the World: Information by country and territory Canadian Perspective

Section Four

Assessing the political-legal environment.

Research the influence of local government and regulations on business activities

• International Trade Administration Country Commercial Guides
• Canada Trade Commissioner Service Country and Sector Information

While researching legal topics, keep an eye out for the following keywords: employee and labor laws, tax codes, trade and customs, tariffs, licensing and permits, antitrust laws, standards and regulations.

The World Bank Group’s “Economy Snapshots” are great for exploring legal topics in your chosen country. However, when using this resource, don’t forget to download the full economy report. 

• << Previous: Phase One: Choosing a Company and Global Business Opportunity
• Next: Phase Three: Organizing Global Business Activities >>
• Last Updated: May 14, 2024 4:20 PM

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Catalog Contents

Master of business administration.

The 🌐 icon appears in the title of traditional courses that are also available as a set of module courses.  

Description and Outcomes

The objective of the Master of Business Administration program is to help you pursue leadership positions in competitive business environments. The curriculum is designed to address this through a portfolio of practical, resume-building projects that satisfy your intellectual curiosity and help build the knowledge, skills, and abilities to make sound business and management decisions. Beyond these practical skills, the program is also designed to foster thought leadership, innovation, and corporate social responsibility in a global context.

This program is available in ExcelTrack. Speak with your University representative for any limitations. For more information on ExcelTrack, see Learning Paths in the Approach to Learning  section of the Catalog.

Concentrations

In addition to the core program requirements, you may add a concentration to your degree plan, for which you are required to take a minimum of four courses from one of seven concentrations: finance, global business, health care management, human resources, information technology, marketing, or project management. Concentrations are not required for completion of the general program.

Project Management Concentration Mission Statement

The mission and purpose of the project management concentration within the MBA is to build on the business and decision-making skills learned within the MBA program while preparing you with the critical foundation, knowledge, and skills necessary to pursue a mid-level position in project management. The project management concentration courses provide learning outcomes in key project management areas including project initiation, project planning and execution, project cost and scheduling, and project risk, quality, and assessment.

Society for Human Resources Management Acknowledgment

The Society for Human Resource Management (SHRM) has acknowledged that the Master of Business Administration with a concentration in human resources fully aligns with SHRM’s HR Curriculum Guidebook and Templates . The HR Curriculum Guidebook and Templates were developed by SHRM to define the minimum HR content areas that should be studied by HR students at the undergraduate and graduate levels. The guidelines—created in 2006 and revalidated in 2010 and 2013—are part of SHRM’s academic initiative to define HR education standards taught in university business schools and help universities develop degree programs that follow these standards.

Program Length

The Master of Business Administration program consists of a minimum of 60 or 76  quarter credit hours, depending on your choice of the general program or a concentration . Upon successful completion of the program, you will be awarded the Master of Business Administration.

Program Outcomes

• Apply knowledge related to fundamental business processes to make effective business decisions in a global context.
• Integrate business knowledge to take well-reasoned action in diverse situations.
• Innovate to address business issues and opportunities in dynamic environments.
• Demonstrate the leadership necessary to accomplish business goals and maximize organizational performance.
• Evaluate the ethical and social implications of business decisions in a global context.

Professional Competencies

In addition to the discipline-specific outcomes, professional competencies are integrated throughout your academic program. You can review the professional competencies associated with your academic program in the Professional Competencies section of this Catalog.

Program Availability

For program availability, please refer to the U.S. State and Other Approvals section and Program Availability Information .

Admissions Requirements

You must meet the below admissions requirements in addition to Purdue Global's general requirements .

You must submit a current, professional resume that details employment history including responsibilities and dates of employment.

Accelerated MBA Option

If you are a graduate of the University's Bachelor of Science in Business Administration program, are granted admission to the Master of Business Administration (MBA) program, and meet the requirements for the accelerated MBA option, you will have the following courses waived:

Progression Requirements

• You may not use credit for prior learning to fulfill   GB500 Business Perspectives ,  GB601 MBA Capstone , or GB602 MBA Capstone - Global Option . These courses must be completed at Purdue Global. You may not use  credit for prior learning to fulfill  any course in the project management specialization.
• As a newly enrolled student, you may request to test out of GB512 🌐 Business Communications and GB513 🌐 Business Analytics  by passing an Assessment of Skills and Knowledge (ASK) with a predetermined score. To register for an ASK, you must contact your Student Advisor at least 1 week prior to your scheduled start date. 

Certification, State Board, and National Board Exams

Certain state certification and licensure boards have specific educational requirements for programs to lead to a license or certification that is a precondition for employment in a recognized occupation.  Prospective and current students must review Purdue Global’s State Licensure and Certifications site to view program and state-specific licensure information.

Unless otherwise specified, Purdue Global's programs are not designed to meet any specific state’s licensure or certification requirements. Licensure-track programs may limit enrollment to students in certain states; please see Purdue Global’s Program Availability Information  to determine enrollment eligibility.

You are responsible for understanding the requirements of optional certification exams. Such requirements may change during the course of your program. You are not automatically certified in any way upon program completion. Although certain programs are designed to prepare you to take various optional certification exams, Purdue Global cannot guarantee you will be eligible to take these exams or become certified. Your eligibility may depend on your work experience, completion of education and/or degree requirements, not having a criminal record, and meeting other certification requirements.

Program Requirements

Global business, health care management, human resources, information technology, project management.

The 🌐 icon appears in the title of traditional courses that are also available as a set of module courses. Module course availability may be limited to certain academic calendars. See Course Types for information about module courses.

Students enrolled in the global business concentration must take  GB601 MBA Capstone to fulfill this requirement.

Concentration Requirements

Students in this program are not required to select a concentration.

Courses in this concentration are offered through the School of Health Sciences and require students  who start on the 6-week calendar  to change to the 10-week calendar track upon completion of all courses in the MBA program.

This program is fully aligned with the HR Curriculum Guidebook and Templates of the Society for Human Resource Management.

Students can select any four graduate courses with the IT or IN prefix, assuming the prerequisites are met; a request to the Dean is necessary to waive a prerequisite requirement. The list of available courses can be found here:  https://catalog.purdueglobal.edu/graduate/course-descriptions/it/ . The prerequisite  IT513 🌐 Research and Writing for the IT Professional  is waived for business students who complete  GB512 🌐 Business Communications . 

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Global MBA study planning

Study planning.

The Global MBA Degree may be completed in as little as one and a half years (four units per term). Understand your options and plan your study.

Use the following as a guide to calculate the time to complete your Global MBA Degree. You may choose to increase or decrease your study load in any term. There are six terms (study periods) per calendar year.

*This is an average and will depend on each individual’s study plan

**This is the minimum time possible to complete the Global MBA degree.

Study planning details

Pre-requisites and co-requisites, pre-requisites.

All 20 units in the first five specialisations (Leading, Influencing, Strategising, Analysing and Adapting) must be completed before enrolling in the first two capstone (Problem Solving) units, GMBA8121 Advise and GMBA8122 Be curious . Only after completing these units, can you enrol in GMBA8123 Applied immersion 1 and GMBA8124 Applied immersion 2 .

Co-requisites

The capstone units are delivered in pairs. This means that you will need to enrol in GMBA8121 Advise and GMBA8122 Be curious at the same time, as well as GMBA8123 Applied immersion 1 and GMBA8124 Applied immersion 2 in the following term.

There are no electives in the program.

Recommended study hours

As a guide, we recommend allowing 12.5 hours per week per unit (including the one-hour live event). Please also consider that some units will require group work.

Unit guides

Please refer to the unit guides of your unit for assessment information and the live event schedule. Unit guides are published two weeks before the start of term.

You can plan ahead and get an idea of when the classes are scheduled for each term. Each term consists of six weeks.

Live events

Weekly one-hour live events are facilitated by your unit convenor and provide you with the opportunity to interact with your classmates. While attendance is not compulsory, they are highly recommended. If you cannot attend, session recordings are available.

Term 1 (8 Jan - 18 Feb)

Term 2 (4 mar - 14 apr), term 3 (29 apr - 9 jun), term 4 (24 jun - 4 aug), term 5 (19 aug - 29 sep), term 6 (14 oct - 24 nov).

Please note:

• Times listed are local to Sydney, Australia.
• Each unit is offered twice per year with alternating live event timings (am/pm) to accommodate different time zones.
• The timetable is subject to change, including live event timings. Always refer to the unit guide for the latest information.