Unlike mere decades ago, knowing what is happening in a different country nowadays is basically common knowledge. Before, we only had the mass media to trust, that is of course unless you used to travel the world yourself. Now information is so readily available that it is almost unthinkable that someone would not know all the major news in both neighbouring countries, and even from places on the other side of the world. Globalisation has most definitely taken hold of the planet, and the English language is at the forefront of international communication. This is partly due to flying and generally travelling abroad being easier than ever for the average person, but the main catalyst of this whole situation is most probably the internet. The internet has basically put the whole world in everyone’s pocket at this point, with the introduction of the iPhone as well as the later coming smartphones in 2007, and things have only escalated since then. But this development on a global scale does not end at personal electronics, the business world was taken by storm in the past two or so decades, allowing for much easier and more convenient international business opportunities. Let’s look at why now, is a better time than ever to run a business on a global scale, than ever before.
Despite how useful having a core local team at the office may be, it is sometimes not enough to carry out international affairs on a regular basis. After all, what’s easier? Having someone travelling every other day to run errands in other countries, or having someone on location already who can attend or deal with something in your or your employee’s stead? The answer is rather clear, and we are currently at a time where hiring globally is easier than ever. Whether you’re looking for a team to run a global project, or just need someone who can attend delegations for you, it’s as simple as putting up a job offer online nowadays.
Make use of existing international businesses
No matter what your business may be, you are probably not going to be doing literally everything that needs to be done alone, nobody does. Everybody outsources some kind of work out to another company, and that’s perfectly fine. Considering the globalised nature of most markets, you can use that to your advantage and even get to know markets alien to you with companies such as leelinesourcing fba sourcing services in China. Companies who already know their local market are willing to provide their expertise to your company, providing your with the right suppliers, the appropriate pricing which allows you to stay competitive, and a plethora of other services which can only really be provided by people in the know-how. Sometimes something as simple as getting someone to make sure you deal with companies who won’t scam you can prove more than invaluable.
Reaching bigger audiences
As a business, the chances are that you would like to reach the largest possible audience who would potentially buy your product or use your services, understandably so. Keep in mind that other than bragging rights, going global allows you to be in a situation where you won’t have all your eggs in one basket. Sometimes the market just is not doing too well, be it due to the time of year, or perhaps there is a bit of a recession going on making your existing target market not too likely to buy a lot during this time. Maybe it’s just one of those unexplainable times where nobody orders anything for some reason for days on end. If you deal with more than one country as a potential target market, you will have much less downtime as a company, or maybe even no downtime at all.
Potential payout – Downsides
With easy shipping to different countries, relatively quick deliveries abroad, and people doing their shopping online from just about everywhere in the world, not going global to at least some extent is foolish. Like with anything, there are downsides to going international or even global, having to deal with different safety standards, different licensing fees, language barriers and so on and so forth, but with the potential profitable outcome, they seem minute. One major problem that both companies and their customers have to deal with is the shipping or delivery costs. Keep in mind that it is usually cheaper to rent out some storage space abroad in a different country which you can then send off an appropriate amount of stock to in bulk, making the whole ordeal much cheaper. From there you can easily supply all the local customers without any strenuous delivery fees, making your products much more appealing to the general public.
Related content from StrategyDriven