Study: Global's important, home's more important
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Manufacturing News, Source : The Manufacturer US
Published : 26 Oct 2006 17:47
A study by consultant and analyst group Grant Thornton reveals US manufacturers' attitude to globalization
While 55 percent of business leaders at manufacturing companies surveyed see globalization as an opportunity and more than 53 percent are adding diversity to their employee base to deal with language and cultural issues, the majority of companies continue to focus on domestic growth, according to a recent Grant Thornton Survey of U.S. Business Leaders.
Sixty-five percent of business leaders indicate that increasing market share will be a major growth strategy for their companies. The vast majority--57 percent--say that domestic market expansion is their key growth strategy moving forward. Only 29 percent plan to pursue international expansion for growth while 72 percent have no plans to outsource operations outside the United States.
“Despite all the talk about globalization, many U.S. companies continue to primarily identify as being a U.S company with only modest plans to expand into international markets by either selling more overseas or opening office branches outside the United States to test the waters,” said Jim Maurer, National Managing Partner of Grant Thornton’s Consumer and Industrial Products Practice. “This doesn’t mean that they aren’t interested in figuring out how to take advantage of the opportunities posed by globalization, but it does mean that the majority aren’t making big moves right now to get there.”
Six out of 10 (59 percent) regularly keep on top of international business trends and events and more than half travel outside the United states. to meet with customers, competitors and suppliers. Meanwhile, 23 percent have opened small offices in branches outside the United States and 57 percent currently sell outside the United States
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