In spite of increased competition and a weaker economic forecast, innovative companies can still succeed in Asia with stronger strategies. The Asian business environment is changing every day and becoming increasingly competitive so companies must also adapt more quickly in order to succeed.
-Being Swedish and a strong supporter of innovation, I obviously like to see innovative companies succeed in Asia, says Peter Karlsson who founded Profits And People PTY LTD to support innovative companies to succeed in the region. The problem is that innovative companies often see the potential of the region, but usually underestimate the competition and fail to establish fundamental long-term business relationships.  They also don’t adapt quickly enough to changes in Asia.
The latest economic indicators by The Economist suggest that the competition in Asia will continue to increase.  The US, Britain, and the Euro area all show a massive negative trade balance for the last 12 months.  China being the powerhouse of the Asian economy show a positive trade balance of 172.9 $bn for the same period. 
The gross domestic product percentage change for the last 12 months is +1.6 for the US, +0.6 for Britain and +1.6 for the Euroarea.  China has in spite of all the economic volatility a +9.5 % change over the last 12 months* with a positive effect on the rest of Asia. In addition the economic outlook for next year has been downgraded for most of the world. This leaves multinational companies with no choice but to target Asia harder in order to grow in the future. 
Just being innovative will therefore not be enough to succeed in Asia in the future. Innovative companies will need to adapt more quickly to change and have stronger strategies and more effective collaborative relationships in order to succeed in Asia asserts Peter Karlsson.
*The Economist October 2011
Peter Karlsson, MD
Profits and People Pty Ltd
Telephone: +61 2(0) 9999 6284, Cell phone: +61 (0)4 1999 3064
E-mail: pkarlsson@profitsandpeople.com.au
Web: http://profitsandpeople.com.au

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