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.