Planning to Go Global

The Many Faces of Globalization

It is very hard today to go through an entire day and not hear something about globalization or the phrase used over and over in the media.  However, have you ever stopped to think what all this actually means to you?  Especially to my friends who own a business or run a non-profit organization.  Have you thought about the impact of globalization to your business or organization?

Perhaps you have considered joining the ranks of many start-ups and jumping across the seas to venture into a new partnership or business venture.  You see yourself exploring new lands, making new connections, and hitting the gold rush.

Perhaps you are settled in your region and the idea of going overseas came in a fleeting moment and you just let it keep fleeting.  You are comfortable, prospering, and have no intention or desire to move into these new ventures.

Perhaps  you are at the very early stages of starting your company and have no idea what all this chatter is about regarding globalization.  Your energies are being exhausted by just learning how to run a business in your own native land any thought beyond that is overwhelming. 

Whatever your status the reality is we all have to begin thinking about globalization and its impact on our lives and businesses and this does not exclude non-profits or churches.  The impact may be direct and/or indirect – who knows today.  Nonetheless, we all have to stop and ask ourselves a few questions. 

To my business friends who may be thinking if this new global frontier is worth venturing into here are a few questions you may want to ponder:

·      How will my customer base change?

·      Will I need to expand my services to reach a broader audience?

·      Can my current business model support global expansion?

·      What tools will I need?

·      What are the unwritten rules in the region I am thinking about expanding?

·      Would it be more beneficial to partner with an established entity?

·      What are the other cost besides finances that need to be invested such as time, emotions, travel, values that may be tested. 

·      What will be the additional financial cost to reach this larger audience?

·      Are the profits large enough to validate any expansion into new markets?

·      If I decide to utilize a free service (such as Skype, FaceBook, or free Webinar) will the quality be good enough to service my customers?

This is by no means a full list of the questions you want to consider before exploring this venture.

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On the other hand there are my dear business friends who have NO desire to reach over the far seas and venture into new markets.  Unfortunately, you and your business may still be impacted as a result of the increase in globalization.  Therefore, you may also want to ask yourself a few questions to help prepare.

·      Can my organization survive competition from a broader global environment?

·      Am I likely to see my cash flow impacted and how am I prepared to react to this change?

·      Does my business model reflect the impact of a new global market?

·      Do I have enough loyal customers, members, or associates to continue to yield a profit or meet my monthly expenses?

·      Will my current customers, members, or associates be pulled away because of additional benefits provided by other vendors in the global market?

·      Are my suppliers going to be impacted by the new global market and how will this affect my business?

·      Exposure to a broader market could mean increase in innovative ideas and tools.  How would my organization survive or be impacted by this innovation?

As you have probably guessed there are very few business people who are not going to be impacted by the global market one way or another.  The one major question that lies ahead is how will you react and how will you be prepared to handle the change.

For more information and assistance on building innovative business strategies for your organization contact EDALS Consulting at info@edalsconsulting.com.

Are you afraid to start a business?

I attended a meeting the other day and the speaker told the crowd that during this change in the economy it would probably be a good time for them to start a business. Actually, I change that, they said, ‘Hey, instead of looking for a job. Start a business.” There that’s a little closer. At any rate you could almost feel the terror rise in the hearts of the attendees.

What’s the fear. Are they terrified that after working at something for 20+ years one day the client will just pick up the phone and fire them? Are they afraid their retirement account will suddenly become depleted without any of their input or activity? Just one day there and the next day vanished without a trace.

If I had the opportunity I would hold these little ones tightly in my arms and say, “Sweetie, I wouldn’t worry about starting a business. That’s the easy part. I would be concerned about keeping it running and dealing with the day to day activity.” But before they would attempt to climb down in discouragement I would then tell them. “But, control and independence of one’s destiny and wealth is always going to be work.”

A few pointers for those who are on the fence:

1. Remember the founder of Kentucky Fried Chicken started the business when he was well in his 60’s. He prayed up the idea after he received his first social security check and it wasn’t enough. It was told ‘no’ over a hundred times before he heard ‘yes’.
2. You don’t have to jump into a venture all by yourself. Build up a team or get a partner with similar passions and skills. Make sure you work well together and balance out one another.
3. The technology around today makes starting and expanding a business much easier then it was 10 years ago. Your target audience can be the world as a result of the internet, cell phones, fax machines, and other products and services.
4. Be prepared to spend a little money to get things set up right. Trying to go cheap will cost you down the road. However, you can find creative ways to use those financial resources effectively.
5. Think outside the box. This may be a good place to put some of your resources but first try a few social groups and the internet.
6. Starting with your passions is a good idea. However, make sure there is a target market with the revenue and ability to pay. If your passion doesn’t feel a need or fix a problem for a population willing to pay it won’t do you much good financially.
7. Step OUT. You won’t know if your idea will work or fail if you never put some work behind your idea.
8. Don’t get discouraged if things don’t work immediately. Some good ideas take time to find the audience that will appreciate it and be willing to pay. NOTE: You may have to step out of your comfort zone to reach this audience.

Watching out for Value Parasites.

Business owners beware of people who seek to steal the value out of your products or services.

http://www.mediafire.com/?zmtndmfgnnv

Fixing the Cash Flow Problem

http://www.mediafire.com/?jwzzzytkemi

BIG MOUTH!!!

I am probably not like many of you I don't make a large amount of purchases through the year of products or services. I have my up years and then I have my lean years. However, I do have a BIG MOUTH! When I like a product I tell everyone. When I like the customer service I tell everyone. When the service is bad - Yep! I tell everyone.

Take for example my cell phone carrier. I had just about tried all the major carriers before I landed in the house of Verizon. You guessed it! Before landing in the house of Verizon everyone I knew in the market for a cell phone heard my opinion about the carriers I had to leave. Ironically, one of them is trying now to treat me with good customer service. OOOPS! To late. I am in the house of Verizon and as long as they keep having great service and friendly customer service I will stay with them. Of course, I will tell everyone.

Microsoft just recently surprised me with good customer service on a return. Granted I thought the product was overpriced but that is another issue. However, I must admit this subsided by the time I finished with customer service regarding my return. No problem and they understood my issue. I ended up downloading a free version and then ordering my own copy. You see business people. At times some of your customers just want to know you care and hear their issues.

Apple is another story. I think most of the items I have purchased from them the warranty must expire when I cross the threshold of my home. To extend the warranty you have to purchase Apple Care. It's not cheap!

I wonder how many business executives calculate the cost of a dissatisfied customer versus a satisfied customer. It seems there is a very small population of business owners and/or executives that understand the concept of taking care of the customer and it's long term affect on the bottom line and cash flow.

However, like I said earlier. I don't spend a tremendous amount of money on new products or services today. BUT I DO HAVE A BIG MOUTH!!!