Factum Global, a prominent international consulting firm, has released the findings of its bi-annual Factum Global Business Sentiment Survey. The results paint a portrait of optimism and agility among executives, from the director level to the C-Suite, who participated in the survey. Among the 174 respondents, a notable majority expressed a positive global business outlook, highlighting the importance of international partnerships in the present and future.
Global partnerships are swiftly becoming a favored strategy, with 76% of the participants aiming to increase their international activities over the next six months. Furthermore, 70% believe their organizations are achieving better results globally due to their international collaborations.
The survey also challenges the prevailing idea that globalization may be on the decline. Contrary to recent protestations about the “end of globalization” and advancing trends toward isolationism, the Factum Global Business Sentiment Survey reveals a sense of enthusiasm and adaptability in conducting business across international borders. Francisco Gomez, Founder & CEO of Factum Global, highlighted this point, stating, “The results of the survey demonstrate a sense of enthusiasm and adaptability in conducting business around the world.”
Despite some mixed responses and uncertainties surrounding international opportunities, most executives exhibited a favorable outlook. In fact, many firmly believe that doing global business is critical, especially when local markets are directly affected by geopolitical and supply chain challenges. While a few respondents offered more cautious viewpoints, citing unpredictability and uncertainty in the global economy, the overwhelming belief was that global business remains essential.
The survey inquired about respondents’ predictions for the current global economy over the next six months and whether doing international business will benefit their organizations. Nearly 78% of respondents stated that conducting international business is advantageous for their organizations. This conviction stems from the knowledge that international business becomes vital when mitigating geopolitical challenges and supply chain disruptions. Additionally, 76% of the respondents indicated that it is not too risky for their organizations to maintain or increase business with international counterparts, even in the face of uncertainty and a changing global landscape.
For the minority of respondents who expressed hesitancy about expanding international business, their reservations often connected to specific industry dynamics, management concerns, or domestic policy considerations. These factors influenced their more guarded approach to global expansion.
Notably, almost three-quarters of the respondents have plans to boost their international activities in the next six months. Many are actively pursuing contract expansions, the establishment of global networks, and the opening of new offices beyond their local markets. Those not planning to increase international moves often cite their more conservative views on the direction of the global economy and their organizational capacity.
The Factum Global Business Sentiment Survey spotlights the overwhelming optimism and adaptability of organizations conducting international business. Despite global challenges and uncertainties, most executives recognize the importance of global partnerships and the benefits of expanding their international activities. Such businesses are poised to endure market volatility and navigate the intricate landscape of the global economy. The survey results challenge the concept of declining globalization and reaffirm the effectiveness of international business in today’s interconnected world.
Nima Olumi is a News Columnist at Grit Daily. He is a mentor for Inner City youth in Boston at Squash Busters.