Executive Summary
The international business environment has become extremely competitive due to human and technological dynamics. Multinational organizations planning to invest in foreign markets need to undertake complex assessments before settling on the best choice. Such analyses need to be completed using evidence-based approaches to identify some of the existing opportunities, challenges, and gaps in the selected countries. The completed study identifies technology, cultural dynamics, and government regulations as three essential factors for consideration whenever assessing the selected destinations. Each of these forces presents unique opportunities for supporting business operations, protecting stakeholders, and improving the ease of service delivery. The inclusion of these factors in the assessment report will guide leaders of an organization providing aging care to identify the best country to do business in the wider Asia-Pacific region. Having been operating from Hong Kong, the managers will be in a position to make an informed choice and set the stage for improved business performance.
Introduction
Asia-Pacific is becoming a favorite destination for many companies operating internationally. The region is characterized by unique attributes that attract global investors. Some of them include dynamic routes for trade, an increasing population, a positive economic outlook, and developed infrastructure systems. In the past, Hong Kong has remained one of the leading financial hubs in the wider Asia-Pacific region. The region has enjoyed political stability, proper business policies, and reduced cases of corruption. In terms of scope, this report intends to present three key factors leaders of international healthcare corporations to consider when selecting new destinations in the Asia-Pacific region. The paper evaluates and justifies why investors to consider such factors as they plan to launch their operations. The report does not disclose the most appropriate places that companies can consider.
Factors to Consider for Alternative Sites
Business location is one of the critical aspects for managers of international businesses to take seriously. Hong Kong is presently facing political upheavals due to the changing relationship with China. The instability and security threat is compelling companies to identify new destinations to relocate their headquarters functions. A global healthcare organization providing elderly care needs to examine the current situation and look for an alternative site. Leaders of such a corporation should identify, apply, and examine some key factors before identifying the best country or city (Rethel, 2018). Three leading ones to take into consideration are described in the sections below.
Government Regulations
Different countries have diverse policies and guidelines intended to shape business operations. Governments utilize policies and control measures to regulate the healthcare sector since it has a direct influence on the overall medical experiences of members of the population. Vlados (2019) reveals that governments implement statutes and policies intended to protect companies operating within their border, both internationally and local. Such laws play a positive role in supporting the interests of the targeted citizens. Santos (2021) indicates that such regulations create a good environment capable of promoting fair competition. Most of the countries in Asia-Pacific provide key regulations intended to streamline business operations while supporting acceptable foreign relations.
The involved professionals and leaders of the multinational corporation specializing in the provision of aging care should use a proper assessment and evaluation strategy for this factor. A checklist can guide the experts to identify a number of possible destinations and examine them from an informed perspective (Morgan et al., 2019). The document needs to include specific elements, such as the nature and effectiveness of the promoted labor laws, flexibility and ability to make business decisions, and the availability of acceptable levels of business protection. Regions that present positive responses throughout the checklist need to be prioritized. This decision is critical to ensure that the selected region promotes desirable regulations that can support the headquarters’ key functions.
The professionals should go a step further to examine the friendliness of the business environment and its ability to support the goals of foreign health institutions. Vlados (2019) argues that any government that remains transparent when it comes to permits, privacy, protection of personal data, and taxes should make the specific country favorable for international business. The leaders need to examine whether the policies put in place are capable of supporting and promoting the realization of entrepreneurial objectives (Mujib, 2017). The professionals will examine the available locations and monitor whether they are associated with desirable attributes for mitigating business risks (Yuliansyah et al., 2017). A detailed analysis of these issues could help the healthcare business corporation to make informed decisions regarding the best location based on this critical factor.
The best theory for supporting the efforts involved in analyzing this factor is Porter’s Diamond. This model, also known as National Competitive Advantage Theory, states that the competitiveness of a given business in a specific region would contribute to its immediate success (Vlados, 2019). The consideration of this model will allow the decision-makers to examine the promoted government regulations from the lens of competitiveness. Some countries will tend to have better frameworks and attributes that have the potential to support the performance and sustainability of specific industries. This theory could explain why certain companies operating in a particular line of business will be found in the same countries (Vlados, 2019). The presence of enabling policy frameworks and environments creates the best conditions, thereby increasing the chances of recording desirable outcomes.
People and Culture
The consumption of goods and services in any market is largely influenced by the people’s cultural attributes. Traditions, norms, and religious practices determine a wide range of aspects in the international healthcare industry, such as disease management, treatment, diet, and prevention efforts (Alqarni, 2022). A multinational company providing elderly care should take the culture of the targeted beneficiaries seriously before launching its operations. According to Alqarni (2022), such an aspect will dictate a wide range of aspects defining a community, such as customers, social structure, language, religion, and gender roles. After examining these attributes, the involved leaders can formulate the best model for entry and focus on practical strategies to continue providing exemplary services.
A proper framework for analyzing and assessing this factor is recommendable before settling on the best destination. The proposed plan should include a number of elements to consider and compare for different countries. Some of the key aspects for analysis could include people’s local business practices, the nature of communication, language, willingness to embrace foreign ideas and gender roles (Yi et al., 2019). The examination approach can focus on additional areas that could support the formulation of the best decision. For instance, the investigators can study power distance, masculinity-femininity, collectivism-individualism, and uncertainty avoidance (Alqarni, 2022). The use of Hofstede’s theory of cultural dimensions can help shed more light on this area. Consequently, the researchers will be ready to identify the most appropriate location that is capable of delivering the much-needed results.
The reasoning behind the inclusion of this factor is that people dictate the overall performance and subsequent success of any business. Corporations that are unable to understand or study people’s behaviors will encounter numerous challenges when executing their operations. The involved leaders will rely on the cultural factor to determine if they will be able to get adequate workers capable of providing the required services (Popova-Nowak, 2019). The attribute will present a new opportunity for monitoring the available skills, common human resources (HR) aspects, and strategies for increased motivation (Salem et al., 2021). The organization needs to consider how the recorded cultural aspects have the potential to influence the headquarters’ ability to meet the needs of more patients.
Hofstede’s framework is capable of guiding organizational leaders to examine the nature of cross-cultural aspects, including interaction and communication. The model supports the notion that members of a specific community would tend to exhibit unique behaviors, beliefs, and values (Alqarni, 2022). The adoption of this theory can make it possible for the involved professionals to complete a detailed factor analysis. The possible outcome is that the leaders will select the most appropriate location to set up the intended business or agency. These aspects explain why people’s cultural attributes present an important factor for consideration.
Technology
The third factor for an international business planning to relocate its headquarters within the Asia-Pacific region is of technology. Hong Kong has remained a favorite destination due to the presence of advanced technologies capable of supporting the performance of corporations, including those in the healthcare sector. In the provision of elderly care, modern systems and informatics are becoming critical if more beneficiaries are to achieve their potential (Rethel, 2018). Medical companies are on the frontline to embrace emerging technologies and utilize them to improve their patients’ experiences. Failure to focus on this factor means that a given organization might be unable to locate the best location that is capable of supporting the outlined business aims.
Technological advancements continue to be recorded in different countries across the Asia-Pacific region. Some nations are capable of developing and marketing superior systems capable of improving patients’ health outcomes. Hospitals and organizations planning to achieve their goals much faster should take this issue of technology seriously (Meetoo et al., 2018). At the global level, industries are shifting from manual to digital ways of doing things. The utilization of emerging systems is a new reality capable of transforming organizational performance.
A proper plan is recommendable to identify and analyze various destinations in terms of their technological positions. The framework will compare and contrast countries based on the nature of the available innovations intended to improve service delivery in the healthcare sector. The analysts will dig deeper to gauge other general technologies capable of dictating the manner in which companies pursue their goals (Morgan et al., 2019). The professionals will monitor the adoption of apps, the prevalence of social media use, the power of digital marketing, and software development. A detailed examination of the measures different governments are putting in place to improve the use of various technologies for improved business performance is essential.
Throughout the evaluation process, leaders need to examine all the identified potential places in terms of technological achievements and abilities. Adam Smith’s theory presents unique aspects for comparing different countries in terms of technological advancements (Elmslie, 2018). This framework can shed more light and guide the involved analysts to identify the best country whose business environment has the potential to support the healthcare sector (Meetoo et al., 2018). When completed in a timely manner, the corporation will identify the most appropriate destination characterized by the best technologies. The ultimate aim is for the company to open its new headquarters and launch the outlined operations immediately.
Relative Merits to Each Other
Each of the three factors described in this paper has the potential to support the success of an organization operating in the Asia-Pacific healthcare industry. Government regulations are critical since they dictate a wide range of areas of business operations, including taxation, import and export laws, consumer protection, employment rights, and permits. Such frameworks need to be favorable and acceptable if the healthcare organization is to launch its operations successfully in the selected destination. Culture is an important factor since it describes all the attributes the people of a given country exhibit. Businesses need to be aware of the promoted dynamics, language, relationships, sources of motivation, and behaviors (Yuniati et al., 2021). A proper understanding of this aspect will support the identification of the best location capable of supporting organizational performance. The technological outlook presents a third factor that continues to influence the profitability of companies across the globe (Twigg-Flesner, 2021). A detailed examination of different countries and the available advancements in the field of informatics can make it easier for the company to achieve its goals.
These key factors are critical and capable of dictating the overall performance of the business. First, desirable regulations dictate the available environment for providing health services to more elderly patients. Its consideration will ensure that the organization aligns its operations in such a way that it does not contradict such requirements. Progressive laws will support performance and eventually maximize profitability (Popova-Nowak, 2019). Two, a detailed analysis of culture and people will make it easier for the leaders to select the best place. They will do so by considering the ease of getting skilled medical professionals in geriatrics, the possibility of having more clients, and the ability to support all key aspects of business performance. Third, technology is a driving force for any given industry since it dictates the processes of service delivery, continuous improvement, and managerial operations (Patel and Husairi, 2018). Based on this merits analysis, it becomes quite clear that all the identified factors are worth investigating before settling on the best choice.
Conclusion
Asia-Pacific is characterized by unique attributes and advancements capable of supporting business performance. International companies would need to evaluate most of the identifiable cities based on various parameters if they are to achieve their goals in a timely manner. The selected healthcare corporation in geriatric care needs to consider the factors outlined above if acceptable relocation decisions are to be made. Technology, people and culture, and government regulations are critical attributes for any multinational company to take seriously. The combined use of Porter’s Diamond model, Hofstede’s cultural dimensions, and Adam Smith’s theory can guide the investigators to make the best choice. This move will ensure that the medical facility identifies several alternative sites and eventually selects the best to continue providing exemplary elderly services.
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