The vast majority of executive leaders believe that pursuing global business is a vital strategy for growth, according to a significant new survey of more than 200 professionals that finds 77 percent of them embrace such an approach – an increase from the last such survey.
For the survey, international consulting firm Factum Global surveyed directors, executives, and others in over 30 countries to get their take on the state of business domestically and internationally. The notable majority expressing a positive outlook on future global business highlights just how crucial international partnerships can be for a company’s expansion.
The findings are detailed in Factum Global’s Q3 2023 update to its business sentiment survey, “Executive Outlook on Global Business and Sustainability.” The firm worked with Festival of the Diaspora, Global Chamber, and Illustra Impact to conduct the survey from October 6 to 26, with 36 percent of the respondents based in the U.S. and all other respondents in other countries.
Across all survey respondents, there was an increase in overall positive sentiment toward global business compared to the Q1 2023 version of the research, released six months ago. This sentiment, which backs the viability of international business, is based on five key indicators that measured survey respondents’ global organizational performance, globalization business plans, macroeconomic expectations, perceived morality, and risk tolerance.
Those respondents who identified as senior or executive management tended to express more optimism about the benefits and potential of global business in the future compared to directors and middle management professionals that expressed the most pessimism.
Francisco Gomez, founder and CEO of Factum Global, said, “The results of the survey demonstrate a sense of enthusiasm and adaptability in conducting business around the world.”
Other key findings from the questions posed to the business leaders include that most of the executives who responded have either started to incorporate environmentally beneficial sustainability initiatives into their work, such as efforts to reduce their companies’ impact on climate change, or they already do so and plan to continue this in the future.
Exactly 77 percent of executives responded that they have a favorable outlook towards global business and the inclusion of sustainability initiatives, up 1 percent from Q1 2023. And fully 88 percent of them said that doing international business is good for their organization.
And 81 percent of executives – up 1 percent from the prior version of the survey – have plans to continue or even increase their international activities over the next six months, further bolstering the role of global business and partnerships as what many industry experts and others see as one of the most important strategies for companies looking for major growth.
Executive leaders are also confident in their international trade, with 80 percent of respondents saying it’s not too risky, which jumps up 8 percent from the Q1 2023 version of the survey.
“The majority of global executives are more apt to begin or continue to incorporate sustainability initiatives into their corporate growth strategies and global issues such as climate change, economic volatility, and geopolitics have encouraged them to do so,” said Gomez.