Vistage hosts business globalization panel at Milken Institute Conference
media contact:
Tony Vignieri
Director of Corporate Communications
Vistage International
858.509.5882
tony.vignieri@vistage.com
LOS ANGELES – (April 27, 2006) – The challenges and opportunities for small and medium-sized businesses (SMBs) in an increasingly global marketplace – that was the theme of the Vistage panel at the 2006 Milken Institute Global Conference in Los Angeles. Vistage International is the world’s largest CEO membership organization.
The three-day Milken conference, held April 24-26th, attracts leaders, businesspeople and dignitaries from around the globe. This year’s speakers included futurist Alvin Toffler, Gen. Wesley Clark and Lance Armstrong.
The Vistage panel, moderated by Vistage CEO and Chairman of the Board Rafael Pastor, featured popular speaker and author Oren Harari, Mary O'Hara Devereaux of Global Foresight, Scott Jarus, head of Cognition Inc., and Vistage Chief Operating Officer Dan Barnett.
"Globalization is everywhere," Harari stated flatly. "Nobody has secure turf anywhere and there is no longer such a thing as a protective fortress."
By definition, SMBs can't copy the scale and volume of productivity offered by larger corporations. Instead, Harari said, the key is to be nimble, agile and fast-to-market with innovative products. ”Look for future trends that larger players are ignoring," he said. "Then galvanize your resources and take the opportunity to differentiate what you provide to the customer."
Of course, there are risks in expanding beyond local markets. "Some businesses mistakenly believe that international markets are just a larger version of the local markets they operate in," Jarus noted. "It's vital to learn from the hard lessons others have experienced and then take action."
O'Hara Devereaux also advocated a close study before expanding your business. "Match where you want to expand with the best available labor pool and you increase your chances of success," she said.
Barnett offered results from the most recent Vistage Confidence Index, indicating a growing number of SMBs are moving toward larger markets and seeking to exploit opportunities offered by globalization. "Our members see a huge potential for growth in world markets and are planning to leverage new technology to expand their businesses," he said.
"The challenge today is that billions of potential customers are available to experience your product," Jarus said. "What can you do to reach these new markets? What actions can you take to encourage the most valuable kind of exposure—word-of-mouth marketing?" In the new era of globalization, time and distance have been eliminated. "Without the large corporation's deep pockets, SMBs must have discipline and the ability to execute," Harari said. "Small companies succeed when they violate conventional wisdom. Don't be complacent! Lead, don't follow."
This year’s Milken Conference drew a record crowd of 2,500 people and included a half a dozen Nobel laureates and more than 100 corporate CEOs.
about Vistage International
Vistage International and its affiliates have more than 13,000 members in 15 countries representing the world’s largest CEO membership organization based on revenue. Vistage members generate nearly $300 billion in annual revenue and have more than 2.1 million employees around the world. Vistage is dedicated to increasing the effectiveness and enhancing the lives of chief executives. Member companies are better run and grow their revenues, on average, at twice the percentage growth rate after joining Vistage.
Vistage affiliates include TEC, The Executive Committee and The Executive Connection in the following areas: Florida, Michigan, Wisconsin, Argentina, Australia, Canada, Brazil, Chile, Germany, Mexico, Malaysia, New Zealand, Singapore and South Africa.