Many have heard the term “globalization,” and yet more people than not seemed to be confused about what exactly it means and how it impacts them. Simply put: globalization can be explained as the move toward a more comprehensive international community versus just self-contained countries. Within the context of business, the impact of globalization is most definitely far-reaching.
From the way in which we buy and sell products to the regions of the world we are now able to reach, because of globalization even smaller businesses, previously limited by resources, now can engage with virtually anyone.
Access to More Talent
With the ability to “go global” you now can enlist talent from any country. Many companies do in fact source freelance employees from overseas. In some instances, filling positions with global talent rather than hiring a full-time (or even part-time person) may help you to cut costs, not to mention bring in perspectives and skillsets that could certainly enhance your overall company profile.
Changing the Way You Sell
Whether yours is a product or service, globalization demands that you creatively approach how you package, market and sell. Our digital world has made it so that we have numerous avenues and strategies at our disposal to get the word out regarding our company. How do you most effectively deliver that message? You need to be able to engage users and prospective customers while demonstrating that your business is keeping up with global trends.
The point is, globalization has not only changed the way we operate our businesses, but it will assuredly continue to do so. It is on you to get creative and innovate so that your company can stay relevant. First Union is here to help you do just that! With a variety of financing options, we allow you to keep pace with a dynamic and ever-changing global economy. Call today to see what we can offer you!
This is part three of our four-part series: Business and Debt
Part1: Debt is not a four letter word
Part2: Globalization Defined
Part3: The race to the bottom
Part4: You’re lying when you say you don’t need to grow