Even though the current economic climate is less than rosy, the 750 CFOs surveyed in BDO’s annual Global Ambition Survey, say they are optimistic about cross-border growth.
A whopping 95 percent of those polled reported they are in a confident mood about their global expansion plans. (Although more than three-quarters (78 percent) concede that the challenges when expanding abroad are greater than those associated with growth at home.)
And, surprisingly, there appears to be little concern about access to credit. More than two-thirds (69 percent) said have no difficulty in gaining funding for expansion.
What does pose a challenge for expansion plans? Finding local people with the right skills and knowledge. More than half (52 percent) of all respondents put finding the right people in their top three areas of focus for international investment. Among those struggling to find the right people, a lack of specialist skills (44 percent) and reliability of staff (33 percent) are key challenges.
In addition, survey respondents cited other challenges, including the intensity of local competition, red tape and bureaucracy. As you might expect, concerns about red tape and bureaucracy remain significant for those targeting the BRIC markets: Brazil 58 percent, Russia 57 percent, China 50 percent and India 43 percent.
In other key findings: (more…)