Mgt 510 - Global Business Management

Assignment 3: The Fleet Sheet

Terri Stanley

May 18, 2014

Strayer University

MGT 510 - Global Business Management

Dr. Anne Nelson

Abstract

The Fleet Sheet is about sharing information and knowledge. The Fleet Sheet is a daily English-language news bulletin which is a source of Czech news since 1992 (the fleet sheet home, n.d.). Erik Best started The Fleet Sheet in 1992 in the Czech Republic to provide valuable information about Czech political and business issues to international companies operating in the Czech Republic. Erik Best was born in North Carolina, went to school at Georgetown and had a love for the Russian language and in the early 90's he moved to Prague, one year later he started The Fleet Sheet (the fleet sheet home, n.d.). Today, 22 years later, The Fleet Sheet is still going strong with over 7,000 subscribers (Best, 2008)

The Challenges of Starting a Business in Transition Economies

A transition economy is one that is changing from central planning to free markets (Transition economies, n.d.). Start-up business have many challenges and those challenges are increased significantly in foreign markets and when the transition from a Socialist economy to a free market economy is part of the mix, there is even more difficulties and challenges. Geographic distance is a large problem for companies venturing into foreign markets (Cullen, 2011). The distance from home base operations can affect foreign operations and hamper business operations domestically when resources are spread over a large area. There is also the issue of just the distance in general and the ability to manage an operation overseas can be a huge undertaking more so for the small business than larger companies simply because of the cost and manpower. With the distance comes the lack of control, companies venturing into transition economies in foreign areas can cause decision making to move at a slower pace which can affect operations and be very costly (Cullen, 2011). The distance also can create a sense of psychological distance because of the lack of understanding the local market conditions, cultures, regional beliefs, traditions and business etiquette (Cullen, 2011). When speaking of business etiquette in the transition economy many companies run into issues when they hire local managers to run the operations in these economies. However, because of the local manager's work history within a Socialist or Communist market place there was also a skills gap with few workers having the necessary skills required by employers in the newly privatised firms (Transition economies, n.d.). Due to the skill gap it can be difficult for local managers to learn new ways of operating and managing a business. With this in mind it can also be difficult to find reliable resources, vendors and suppliers in these changing economies. So many may have been corrupt or unreliable because of the market structure they have traditionally operating under. Other challenges can also be related to government regulations and bureaucracy (Cullen, 2011). Erik Best in 1992 understood these issues and challenges facing companies moving into the Czech Republic and found a way to help them receive the information and knowledge needed to more successfully operate in a foreign market. The Fleet Sheet was started and has proven to be a valuable resource for business in the Czech Republic.

The Fleet Sheet a SWOT Analysis and Other Considerations

The SWOT analysis is a useful tool to assist in making decisions for a variety of situations in business and organizations (swot analysis, 2014). The SWOT provides a framework for reviewing strategies as they relate to a company's Strength, Weaknesses, Opportunities and Threats (swot analysis, 2014). A SWOT analysis can be used to assess a company, method of sales, product and brand, entering new markets, outsourcing a service, activity or resource, project planning and project management, an investment opportunity, and many other decision making issues (swot analysis, 2014). The Fleet Sheet SWOT Analysis will focus on marketing and competitive advantages for future sustainability. The Fleet Sheet has been in business for over 22 years and has way outlived what Erik Best believed would be a short life span. This simple fact that The Fleet Sheet has been around for so many years and remains a successful business and resource for businesses speaks volumes. However, with the ever changing political stage, business markets, economic changes facing foreign and domestic businesses on a daily basis, there is still a market for The Fleet Sheet. The SWOT Analysis will look at The Fleet Sheet and offer insight into what and where Eric Best may need to make changes, stay competitive, and possibly further development of The Fleet Sheet.

The Fleet Sheet SWOT Analysis:

Strengths

Number of years in business

Loyal