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An article published in January 2012 by Canadian Business Network, discussed the role innovation, creativity, and invention plays in business growth and development. The article is named “Growth and Innovation”.
According to the article, the business environment has changed with globalization and growth in communication and transport network; with the growth, Canadian organizations needs to develop strategic management policies that can enhance their competitiveness in the global markets, the article recommends continuous innovation and inventions for growth.
According to the article, business development and growth are elements of successful business, in the event an organization fails to grow with time, the management should count the same as a warning sign of chances of future failure.
When working in the international markets, Canadian entrepreneurs and business executives need to be sensitive of what other players in the industry are doing, with the knowledge, they should then embark on coming up with business policies that outsmart what is happening in the markets; this is the art of innovation and invention.
The article suggests that growth in when dealing in international markets is fuelled by particular organisation innovative ideas and your attention to cutting-edge technology and resources; this is the catch and the dimension that Canadian businesses should take. They should ensure that they have frameworks of innovation and effective business management practises.
Organizations need quality management to optimally utilize their resources; management is the art of organizing and coordinating activities in accordance to certain principles or policies to attain forethought objectives.
According to the article, to understand the implications of expanding operations and linkage to activities that can help organisations grow, managers have the role of utilizing physical, human, financial, and environmental resources effectively for the good of their firms; it includes formulation of corporate functions, organizing, planning, controlling, monitoring, and directing activities to achieve corporate goals and objectives.
In contemporary organizational management, there is emphasis to leaders-management approach than managers-management approach, thought the difference is minimal the net effect is improved competitiveness and efficiency.
In contemporary business environment, there is need to consider the international community when making decisions; there are some elements of doing business that can work well in a particular country but fail to take effect in another. With the cultural differences, business leaders have to consider international business environment and its effects on the business.
Human resources management has the role of managing the diversity in an organisation; when managing human resources the Canadian companies have to consider human resources diversity issues like multicultural, international human resources legal administration, and employees’ relations. Diversity can work for the good of the firms only if the powers of diversity have been managed effectively.
Globalisation has led to improvement of trade among countries, when trade is enhanced; customers are diverse and have varying needs; the management must understand the needs of the diverse customers and make policies that not only address local customer issues but the entire international community.
When making products and choosing the marketing strategy to adopt, the strategy should be internationally accepted; different countries need different policies for effective business. Policies that seem to address or sell the products to certain region should not be used in other areas as they might fail to deliver similar results; this is what Canadian businesses need to understand (James & Lindsay, 2011).
Reference
James, R., & Lindsay, M. (2011). The Management and Control of Quality, 8th edition, International Edition. South-Western: Cengage Learning.
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