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Impacts of globalization on the workplace12/24/2022 They will not only take a first mover’s advantage of securing customer loyalty and brand recognition, but they will also tie-up key partners and distribution agreements. So if you could double, triple or quadruple your revenue why wouldn’t you aggressively pursue that goal? Now consider the downside of not going global – if your company is not pursuing those customers your competition will be. In examining the upside of going global, consider the sheer size of international markets as contrasted with the size of the domestic market and you will likely find that the majority of your potential customers live abroad. In today’s marketplace conducting business internationally is as much of a defensive play as an offensive play. That said, and with eyes wide open, if you are not taking aggressive steps to expatriate your business then you may be making a big mistake. Short term opportunity abroad abounds, but with that opportunity comes the potential for unforeseen future risk. Here’s the caution – times change and markets are fluid. Currently, globalization is a developing and stabilizing force, but I’m fearful that the interdependencies now shoring up some of the risks, may at some point down the road turn against us in the form of financial ripple turns Tsunami. I believe we’re in an environment where we have a short window (3 – 5 years) before the landscape changes again. In today’s post, I’ll look at the impact of globalization on business.Įxpanding the geographic footprint of your business has always been an expensive and risky proposition – the risks have not gone away, they’ve just shifted. The ability to conduct business internationally is an absolute necessity if you hope to remain competitive in today’s marketplace. However, the days of doing business abroad are no longer a luxury. Conducting business on a global basis has always been of great personal interest to me, and it has also been both a pleasurable and financially rewarding experience. I have traveled to more than 22 countries and have had the opportunity to transact business in various parts of Asia, the Middle East, Canada, Central, and Latin America, Russia, and former Eastern Block countries, India, and the European Community.
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