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What does globalization mean for the small business owner? Is it time to get a job at Wal-Mart, where you can also ...
What does globalization mean for the small business owner? Is it time to get a job at Wal-Mart, where you can also purchase the boots you will need to wade through the shards of your shattered dreams? Absolutely not! For the savvy small business owner, globalization is the key to success.
Media hype says globalization, which involves outsourcing and currency exchange rate exploitation, is a threat to job security. All American jobs will henceforth be given to individuals in India, yours included.
Yet that’s just not how globalization works.
In actuality, globalization facilitates job creation for small business, because employers are saving on labour costs for menial tasks by outsourcing to foreign nations with favourable exchange rates. This way they can reinvest capital into their businesses, and better afford expansion. This of course includes job creation.
This idea makes even more sense if you realize that outsourcing of physical labour (for example, factories built overseas) requires creation of companies that employ couriers, technicians, customer service reps, accountants, and many others.
This creates a butterfly effect of job creation on either side of international trade.
The Internet can keep small businesses competitive in a world of growing multinational corporations. It offers any individual access to a global market. Technology that’s emerged in the last decade has made such global connectivity the norm. These technological game changers include things like:
Cloud storage - makes information available from any location. This allows for the formation of international partnerships that can result in fruitful collaborations across state (or other) boundaries.
Social media - networking creates opportunities for personalized interactions between collaborators, especially with platforms like LinkedIn growing in popularity.
Web trends/analytics - Attention to web traffic trends and user behaviour is a considerable competitive asset in marketing and sales.
Online shopping - online stores offer international customer interaction, and an easily navigable platform for small businesses to sell their wares all over the world.
Virtual collaboration across international lines ensures better understanding between cultural markets. Taken in conjunction with the advent of Tablet and Smart Phone technology, everyone can carry their office on their person, hold meetings as they’re required, and make business decisions at the touch of a button—despite having employees across oceans.
Contrary to popular opinion, globalization is the best thing that’s ever happened to the small business community.