Are you missing out on the global business opportunity? Thanks to key jumps in technology, world markets are more accessible than ever.
Businesses are working with consumers and partners throughout the world. Businesses in the US are working with others in Australia, China and many other places.
Companies everywhere are doing business together. It’s opening up a huge opportunity and if your company has not taken advantage you’re missing out.
Consider these numbers from the Internet World Stats website on Internet usage:
Of the 2,405,518,376 Internet users worldwide as of June 30, 2012:
- 44% were in Asia
- 21% were in Europe
- 11.4% were in North America
- 10.4% were in Latin America & the Caribbean
Nearly 90% of all Internet users are in four well-developed, highly accessible regions.
Whether you provide technology solutions (we provide these services) or manufacture products, you can easily reach millions of customers.
And we haven’t even talked about mobile technology yet.
Global Marketplace Improving Opportunity
What’s more, the global economy is improving as a whole with many countries seeing gains.
Recent data tells us that the outlook for business worldwide looks much brighter than it did just a year ago.
In fact, some experts see this an excellent time for businesses to go global. And with the ability to outsource tech support services, like help desk management, small businesses can look like large ones.
Here’s what David Keillor says about companies and the global business opportunity in his book Understanding the Global Market:
“Although large multinationals may get the most attention in the media, the truth is that for virtually any size firm developing and implementing a sustained growth strategy require serious consideration be given to moving beyond the domestic market boundaries.”
And yet thousands of businesses—both large and small—are still missing out on this opportunity.
A Typical Example
A recent study done by Experian, the global information services company, tells a typical tale of companies missing out on the global opportunity.
The study shows that almost 900,000 UK businesses were missing out on opportunities to export products to another country—despite having characteristics to do so, which included:
- More than 20 employees
- Multiple locations/substantial coverage of UK market
- A strong commercial credit rating
- Employing a large auditor/accountant
While the requirements might rule out some UK businesses from exporting, many had the ability to and didn’t take advantage.
Advantages of A Global Strategy
How do you take advantage of the global opportunity?
One way is to develop a global strategy.
Because their products have appeal everywhere companies like Coca-Cola and Apple pursue a global strategy.
A global strategy has several advantages. The biggest is that it allows companies to leverage economies of scale. Because of scale companies can buy raw materials in bulk and save hundreds of thousands of dollars. Scale also helps companies in terms of labor, packaging, and marketing materials.
A global strategy can also be advantageous when it comes to product lifecycle issues. A company can introduce older products into newer markets while saving the launch of its newest product for well-developed markets.
A global strategy is only one way to tap the global business opportunity. It may not fit your company. But a business that finds the right strategy for the global business opportunity will boost marketshare and revenues.
A Different Opportunity, More Global World
Today, we live in a different, more global business world. Previously, where a company was based meant a lot. Consumers felt more comfortable buying from local companies close to home. And business—both large and small—felt more comfortable serving them.
But the Internet changed this mindset. Where a company is based means less and less. What it does and how it performs is more important to customers and clients.
Is your company missing out on this opportunity?
Has your company gone global? Any thoughts you’d like to share on the global business opportunity?
Let us put our proven experience in providing tech support for small and medium size companies to work for you. Request a quote from one of our Tech Support Agents.