Tanabe Consulting Co., Ltd., a leading management consulting firm in Japan (Head office: Chiyoda-ku, Tokyo, and Yodogawa-ku, Osaka; President: Takahiko Wakamatsu, hereafter Tanabe Consulting), announces the results of the "Corporate Survey on Overseas Businesses." This survey was conducted among corporate managers, executives, senior management, and those in charge of corporate planning departments throughout Japan. The survey results are as follows.

High Interest in Overseas Expansion: Approximately 80% of Japanese companies responded positively that they are either currently developing overseas business or would like to do so in the future. This indicates a strong interest in ongoing or future overseas business development.

Popular Regions for Expansion: ASEAN accounted for the largest number of countries and regions where Japanese companies are considering or expanding their overseas operations, making up approximately half of the total. About 40% of respondents cited "market growth potential and future prospects" as the reason for selecting a particular country or region for expansion.

Positive Business Outlook: About half of the Japanese companies expect their overseas businesses to see "increased sales and profits" over the next three years. Specifically, 49.4% of companies anticipate increased sales and profits, while only 3.1% foresee a decrease. This suggests that overseas business is currently the mainstay of growth for Japanese companies.

Importance of Market Potential: More than 40% of the respondents place importance on "market growth potential and future prospects" when entering or expanding their overseas business. The most common reason for selecting countries and regions for expansion was "market growth potential/future prospects" at 41.8%, highlighting the importance of promising markets in decision-making.

These findings highlight the growing focus and optimism of Japanese companies regarding international markets, particularly in the ASEAN region, and their expectations of positive business outcomes in the near future.

Insights from Tanabe Consulting's expert consultants

About half of the companies engaged in overseas business anticipate "revenue and profit growth" over the next three years and have prioritized the development of new markets. However, securing and training global and specialized human resources, essential for business promotion, remains a significant challenge regardless of industry or company size.

According to the Bank of Japan's “Short-Term Economic Survey of Enterprises in Japan” released in December 2023, approximately 70% of all Japanese companies reported a "not so good" outlook. In contrast, about half of the companies in our survey view their overseas business prospects as favorable over the next three years, with only 3.1% expecting a decline in sales and profits. This indicates that overseas business can be a catalyst for further growth in Japanese companies.

Strategy &amp; Domain Consulting Division and Global Consulting　 Koichi Murakami

Strategy Research Institute Segment &amp; Region Marketing Chief Tang Tang Huang (Creation Support)

The survey received 203 responses from corporate managers, executives, senior management, and individuals responsible for corporate planning departments across Japan. Conducted between January 15, 2024, and February 2, 2024, the study encompassed participants from all over Japan, including those based in overseas offices.

Services offered by Tanabe Consulting

With a population of approximately 130 million people, Japan is a safe, cutting-edge Asian country that offers a very attractive business environment. On the other hand, for foreign companies looking to enter the Japanese market, Japan is an unknown market, with unique business customs and business practices. In order to smoothly launch a business in Japan and penetrate the Japanese market, it is important to build an entry and market expansion strategy based on a clear understanding of the market size and future potential of your product, the competitive landscape and differentiation from competitors, and your supply chain model.

Tanabe Consulting is a pioneer in management consulting in Japan, with over 65 years of history and experience. Tanabe Consulting, with its thorough knowledge of the Japanese business environment, provides total support for expansion and development in the Japanese market.

Tanabe Consulting, which operates in 10 regions throughout Japan, can provide highly accurate market research and information through consultants who are familiar with the relevant areas.

After market analysis, we will prioritize your expansion into the Japanese market based on your goals and your company's strengths and core competencies. We determine the direction of entry, create a roadmap, and provide support for the materialization of your strategy.

（３）	Marketing Implementation Support

Based on market analysis and entry strategies, we support your business in Japan by identifying potential partners and implementing effective website development and marketing initiatives in Japan, drawing on over 65 years of nationwide management consulting experience and network.

Based on our contacts and networks with companies throughout Japan, cultivated through more than 65 years of management consulting, we support capital alliances with companies that are suitable for gaining a position in the Japanese market.

About Tanabe Consulting Group (TCG)

Founded in 1957, TCG is a leading management consulting firm in Japan with over 65 years of history and achievements.  Based on the management philosophy of “we love companies walk together with companies and work for company prosperity,” aiming to create values for the future society.

TCG primarily serves top management (executives and leaders) of large and medium-sized companies, as well as government and public organizations, having supported more than 17,000 companies since its founding. In the area of management consulting, TCG has developed a comprehensive consulting model that provides support for corporate management from strategy formulation (upstream) to the implementation and execution of management operations, such as DX in the field (midstream to downstream), with close ties to local communities throughout Japan.

Adhering to a client-centered philosophy of “All for Client Success,” TCG offers “team consulting,” where multiple professional consultants are selected to form a team tailored to address the specific management challenges of each company.

•	ASEAN is the most targeted region for expansion; nearly half expect "increased revenue and profit" in overseas business over the next three years
•	Results of the "corporate survey on overseas business by Japanese companies" released Tanabe Consulting Co., Ltd., a leading management consulting firm in Japan (Head office: Chiyoda-ku, Tokyo, and Yodogawa-ku, Osaka; President: Takahiko Wakamatsu, hereafter Tanabe Consulting), announces the results of the "Corporate Survey on Overseas Businesses." This survey was conducted among corporate managers, executives, senior management, and those in charge of corporate planning departments throughout Japan. The survey results are as follows.High Interest in Overseas Expansion: Approximately 80% of Japanese companies responded positively that they are either currently developing overseas business or would like to do so in the future. This indicates a strong interest in ongoing or future overseas business development.<img style="width: 100%;" src="https://imagedelivery.net/H6_s_Eb_ylTWnSEV3HlmYQ/bbfded1f-054a-4c66-8119-3b0636fdb900/public" alt="Image" />Popular Regions for Expansion: ASEAN accounted for the largest number of countries and regions where Japanese companies are considering or expanding their overseas operations, making up approximately half of the total. About 40% of respondents cited "market growth potential and future prospects" as the reason for selecting a particular country or region for expansion.<img style="width: 100%;" src="https://imagedelivery.net/H6_s_Eb_ylTWnSEV3HlmYQ/f45becf6-c9f8-44ee-3d4c-f6133ab1a000/public" alt="Image" /><img style="width: 100%;" src="https://imagedelivery.net/H6_s_Eb_ylTWnSEV3HlmYQ/7ada9bc2-a744-4e80-fd34-b3947f863500/public" alt="Image" />Positive Business Outlook: About half of the Japanese companies expect their overseas businesses to see "increased sales and profits" over the next three years. Specifically, 49.4% of companies anticipate increased sales and profits, while only 3.1% foresee a decrease. This suggests that overseas business is currently the mainstay of growth for Japanese companies.<img style="width: 100%;" src="https://imagedelivery.net/H6_s_Eb_ylTWnSEV3HlmYQ/344e940e-bdba-45e5-6030-8745c2b9d000/public" alt="Image" />Importance of Market Potential: More than 40% of the respondents place importance on "market growth potential and future prospects" when entering or expanding their overseas business. The most common reason for selecting countries and regions for expansion was "market growth potential/future prospects" at 41.8%, highlighting the importance of promising markets in decision-making.These findings highlight the growing focus and optimism of Japanese companies regarding international markets, particularly in the ASEAN region, and their expectations of positive business outcomes in the near future.Insights from Tanabe Consulting's expert consultantsAbout half of the companies engaged in overseas business anticipate "revenue and profit growth" over the next three years and have prioritized the development of new markets. However, securing and training global and specialized human resources, essential for business promotion, remains a significant challenge regardless of industry or company size.According to the Bank of Japan's “Short-Term Economic Survey of Enterprises in Japan” released in December 2023, approximately 70% of all Japanese companies reported a "not so good" outlook. In contrast, about half of the companies in our survey view their overseas business prospects as favorable over the next three years, with only 3.1% expecting a decline in sales and profits. This indicates that overseas business can be a catalyst for further growth in Japanese companies.Report AuthorDirector, Tanabe Consulting Co., LtdStrategy &amp; Domain Consulting Division and Global Consulting　 Koichi MurakamiTanabe Consulting Co., Ltd Global Consulting Chief Yuma KawanaTanabe Consulting Co., LtdStrategy Research Institute Segment &amp; Region Marketing Chief Tang Tang Huang (Creation Support)MethodologyThe survey received 203 responses from corporate managers, executives, senior management, and individuals responsible for corporate planning departments across Japan. Conducted between January 15, 2024, and February 2, 2024, the study encompassed participants from all over Japan, including those based in overseas offices.Services offered by Tanabe ConsultingWith a population of approximately 130 million people, Japan is a safe, cutting-edge Asian country that offers a very attractive business environment. On the other hand, for foreign companies looking to enter the Japanese market, Japan is an unknown market, with unique business customs and business practices. In order to smoothly launch a business in Japan and penetrate the Japanese market, it is important to build an entry and market expansion strategy based on a clear understanding of the market size and future potential of your product, the competitive landscape and differentiation from competitors, and your supply chain model.Tanabe Consulting is a pioneer in management consulting in Japan, with over 65 years of history and experience. Tanabe Consulting, with its thorough knowledge of the Japanese business environment, provides total support for expansion and development in the Japanese market.（１）	Japan Market AnalysisTanabe Consulting, which operates in 10 regions throughout Japan, can provide highly accurate market research and information through consultants who are familiar with the relevant areas.（２）	Entry strategy planningAfter market analysis, we will prioritize your expansion into the Japanese market based on your goals and your company's strengths and core competencies. We determine the direction of entry, create a roadmap, and provide support for the materialization of your strategy.（３）	Marketing Implementation SupportBased on market analysis and entry strategies, we support your business in Japan by identifying potential partners and implementing effective website development and marketing initiatives in Japan, drawing on over 65 years of nationwide management consulting experience and network.（４）	Cross-border M&amp;ABased on our contacts and networks with companies throughout Japan, cultivated through more than 65 years of management consulting, we support capital alliances with companies that are suitable for gaining a position in the Japanese market.About Tanabe Consulting Group (TCG)Founded in 1957, TCG is a leading management consulting firm in Japan with over 65 years of history and achievements. Based on the management philosophy of “we love companies walk together with companies and work for company prosperity,” aiming to create values for the future society.TCG primarily serves top management (executives and leaders) of large and medium-sized companies, as well as government and public organizations, having supported more than 17,000 companies since its founding. In the area of management consulting, TCG has developed a comprehensive consulting model that provides support for corporate management from strategy formulation (upstream) to the implementation and execution of management operations, such as DX in the field (midstream to downstream), with close ties to local communities throughout Japan.Adhering to a client-centered philosophy of “All for Client Success,” TCG offers “team consulting,” where multiple professional consultants are selected to form a team tailored to address the specific management challenges of each company.

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•	ASEAN is the most targeted region for expansion; nearly half expect "increased revenue and profit" in overseas business over the next three years
•	Results of the "corporate survey on overseas business by Japanese companies" released

Tanabe Consulting Reveals: Approximately 80% of Japanese Companies Expanding or Intending to Expand Overseas Operations

A pandemic-prompted change in working practices has brought about progress for women in senior leadership, according to&nbsp;Grant Thornton's&nbsp;2023 International Business Report (IBR) research into women in&nbsp;Singapore&nbsp;mid-market businesses.

Progress on the overall proportion of women in senior leadership rises decisively in&nbsp;Singapore&nbsp;and in&nbsp;Southeast Asia, climbing ahead of other markets globally. In&nbsp;Singapore, the 2023 report found that the proportion of women in senior management spiked to 39 per cent, up eight points from 32 per cent in 2022. This figure was based on a three-year moving average, a simple average of the current year and the last two years results.

In&nbsp;Southeast Asia, mid-market businesses also reflected the same proportion of women in senior leadership in the three-year moving average at 39 per cent, ahead of the global 32 per cent.

Belinda Tan, Head of Forensic Advisory at Grant Thornton Singapore&nbsp;says, "This continuous push for greater diversity is moving in tandem with Regulators' advocacy as well as the emphasis on environmental, social and governance."

The research shows that many mid-market businesses have focused on succession planning to get more women into senior leadership positions, including implementing programmes for wellbeing, mentoring, coaching, and leadership development. In&nbsp;Singapore, the top measure to attract and retain a strong pipeline of future leaders was to focus on implementing strong wellbeing training and support programmes, at 34 per cent.

With 29 per cent of&nbsp;Singapore&nbsp;senior executives finding that clarity and equal opportunity will be a key measure to build the pipeline, businesses must focus their attention on developing more transparent pathways to leadership and more transparency across recruitment, promotions, and performance.

"As leaders, we must stand for clarity and equal opportunity around leadership roles, from recruitment to performance reviews," says&nbsp;David Sandison, Practice Leader at Grant Thornton Singapore. "This will greatly support individuals who are striving towards leadership roles and builds shared understanding and expectations across the organisation."

Additionally, a significant boost to the number of women in leadership roles will come from more businesses committing to flexible working and developing the right organisational culture to support it.&nbsp;Grant Thornton's research has found that flexible, hybrid and home-based models have the highest levels of women in senior leadership roles.

Across the world, in mid-market businesses that have adopted a hybrid way of working, 34 per cent of senior leaders are women, while in businesses that are fully flexible where staff choose how they work, it's 36 per cent. Just 29 per cent of senior management is female in mid-market businesses globally with predominantly office-based models.

This finding aligns with the actions that one in two mid-market businesses are taking in&nbsp;Singapore. The top action to engage employees in the last 12 months was to promote work-life balance and flexibility for employees (49 per cent), followed by creating the right environments with open-door policies (40 per cent) and a culture of 'speaking up' (39 per cent).

"While research has shown that diverse teams perform better, teams do not reap the benefits of diversity if those with differing views stay silent," says&nbsp;Belinda Tan, Head of Forensic Advisory at Grant Thornton Singapore.&nbsp;"That's why creating a psychologically safe environment is critical. When staff members feel safe to share ideas, ask for help, give and take feedback, they will not only benefit the team, they will also be better supported to achieve their potential."

All data points in this release refer to&nbsp;Singapore&nbsp;data unless otherwise stated.

This study is conducted as part of&nbsp;Grant Thornton's&nbsp;International Business Report (IBR), a survey of mid-market businesses. Launched in 1992, the IBR now provides insight into the views and expectations of more than 10,000 businesses across 28 economies.

Questionnaires are translated into local languages and fieldwork is undertaken on a biannual basis, through both online and telephone interviews. The data for this release is from close to 5,000 interviews conducted in October to&nbsp;December 2022&nbsp;with chief executive officers, managing directors, chairperson or other senior executives from all industry sectors.

The sample includes responses from 108 senior executives in mid-market businesses in&nbsp;Singapore. For the&nbsp;Singapore&nbsp;sample, mid-market businesses have been defined as businesses that employ between 50-499 employees.

Moving averages are simple averages of the current year and the last two years results.

The 2023 report is available at&nbsp;<a href="http://www.grantthornton.sg/wib-2023" target="_blank" rel="nofollow">www.grantthornton.sg/wib-2023</a>

<h1>Mid-market businesses in Singapore see more women in senior leadership</h1>A pandemic-prompted change in working practices has brought about progress for women in senior leadership, according to&nbsp;Grant Thornton's&nbsp;2023 International Business Report (IBR) research into women in&nbsp;Singapore&nbsp;mid-market businesses.Progress on the overall proportion of women in senior leadership rises decisively in&nbsp;Singapore&nbsp;and in&nbsp;Southeast Asia, climbing ahead of other markets globally. In&nbsp;Singapore, the 2023 report found that the proportion of women in senior management spiked to 39 per cent, up eight points from 32 per cent in 2022. This figure was based on a three-year moving average, a simple average of the current year and the last two years results.In&nbsp;Southeast Asia, mid-market businesses also reflected the same proportion of women in senior leadership in the three-year moving average at 39 per cent, ahead of the global 32 per cent.Belinda Tan, Head of Forensic Advisory at Grant Thornton Singapore&nbsp;says, "This continuous push for greater diversity is moving in tandem with Regulators' advocacy as well as the emphasis on environmental, social and governance."Building the pipelineThe research shows that many mid-market businesses have focused on succession planning to get more women into senior leadership positions, including implementing programmes for wellbeing, mentoring, coaching, and leadership development. In&nbsp;Singapore, the top measure to attract and retain a strong pipeline of future leaders was to focus on implementing strong wellbeing training and support programmes, at 34 per cent.With 29 per cent of&nbsp;Singapore&nbsp;senior executives finding that clarity and equal opportunity will be a key measure to build the pipeline, businesses must focus their attention on developing more transparent pathways to leadership and more transparency across recruitment, promotions, and performance."As leaders, we must stand for clarity and equal opportunity around leadership roles, from recruitment to performance reviews," says&nbsp;David Sandison, Practice Leader at Grant Thornton Singapore. "This will greatly support individuals who are striving towards leadership roles and builds shared understanding and expectations across the organisation."A working model that worksAdditionally, a significant boost to the number of women in leadership roles will come from more businesses committing to flexible working and developing the right organisational culture to support it.&nbsp;Grant Thornton's research has found that flexible, hybrid and home-based models have the highest levels of women in senior leadership roles.Across the world, in mid-market businesses that have adopted a hybrid way of working, 34 per cent of senior leaders are women, while in businesses that are fully flexible where staff choose how they work, it's 36 per cent. Just 29 per cent of senior management is female in mid-market businesses globally with predominantly office-based models.This finding aligns with the actions that one in two mid-market businesses are taking in&nbsp;Singapore. The top action to engage employees in the last 12 months was to promote work-life balance and flexibility for employees (49 per cent), followed by creating the right environments with open-door policies (40 per cent) and a culture of 'speaking up' (39 per cent)."While research has shown that diverse teams perform better, teams do not reap the benefits of diversity if those with differing views stay silent," says&nbsp;Belinda Tan, Head of Forensic Advisory at Grant Thornton Singapore.&nbsp;"That's why creating a psychologically safe environment is critical. When staff members feel safe to share ideas, ask for help, give and take feedback, they will not only benefit the team, they will also be better supported to achieve their potential."EndsNotes to editors:All data points in this release refer to&nbsp;Singapore&nbsp;data unless otherwise stated.MethodologyThis study is conducted as part of&nbsp;Grant Thornton's&nbsp;International Business Report (IBR), a survey of mid-market businesses. Launched in 1992, the IBR now provides insight into the views and expectations of more than 10,000 businesses across 28 economies.Questionnaires are translated into local languages and fieldwork is undertaken on a biannual basis, through both online and telephone interviews. The data for this release is from close to 5,000 interviews conducted in October to&nbsp;December 2022&nbsp;with chief executive officers, managing directors, chairperson or other senior executives from all industry sectors.The sample includes responses from 108 senior executives in mid-market businesses in&nbsp;Singapore. For the&nbsp;Singapore&nbsp;sample, mid-market businesses have been defined as businesses that employ between 50-499 employees.Moving averages are simple averages of the current year and the last two years results.The 2023 report is available at&nbsp;<a href="http://www.grantthornton.sg/wib-2023" target="_blank" rel="nofollow">www.grantthornton.sg/wib-2023</a>