How Globalisation Impacts Australia's Businesses & How to Prep for It
Australia continues to be impacted by the world in various ways, and businesses need to be aware of this.
11:12 28 May 2019
The following are a few reasons businesses, including small ones, need to start thinking globally.
Globalisation's Impact is Real
The Internet has changed things in more ways than some could have imagined. It has made the globalisation of business more of a reality.
Some changes have been positive. It has given businesses an opportunity to sell to customers all over the world. Now, there is the other side of the coin because a business, even a small one, has to compete with other businesses online.
People might think local businesses are immune, but that is not true. The Australian auto industry suffered tremendously because it was not prepared for what globalisation might do to the industry. There are a few automakers in Australia that had to close because the country stopped import protection, making it harder for them to stay profitable.
Globalisation does not affect Australia in direct ways like it has with the auto industry due to a change in the country's trade policy. Sometimes, the economy in the country is impacted by things such as foreign political climate or even trade wars that Australia may not even be a part of.
Australia's economy is based on China's economy, so any unrest within that economy could impact businesses, even the smallest ones.
How Small Business in Australia can Prepare
It is clear that businesses need to find a way to prepare themselves for how connected the world is. This not only helps businesses stay competitive but also helps shield them from some negative things that could happen due to globalisation.
Businesses need to keep some of the following points in mind:
Involved Market Research
One important thing businesses need to focus on is market research. You probably did this on a small scale, but now you have to understand your place in the global economy a little better.
Before you open up yourself to competition, be sure to actually invest in market research so you understand what countries you need to focus on and how you are going to target the right demographics within those countries. Make sure you figure out how delivery logistics will work.
There is no way around the fact that businesses need to look towards leaders who understand this change. Leaders need to know what to do to stay afloat during global conflicts or when countries elect presidents that create instability within their countries.
Businesses are going to have to attract leaders who have earned an online MBA in Australia with a focus on global administration. This type of leader is going to be able to use data-driven analysis that focuses on global financial shifts, which could help them make better decisions about their company's future. This type of leader is going to be able to visualise the future and adapt to change quickly.
Focus on Diversity
Big or small companies are going to have to start employing people from different cultures and ethnicities. As the world continues to expand, having individuals who can help a business connect to other people across the world is going to be quite valuable.
The obvious reason this is important deals with language, but there are more reasons worth mentioning; for example, companies could avoid insulting other cultures because a certain custom was ignored. Of course, it is important to make sure the employees hired are taken seriously. Leaders are going to have to be willing to listen to their employees to make this even more fruitful.
Updated Communication Structure
As a business contemplates entering the global economy, it needs to consider upgrading its communication infrastructure. Having a powerful communication structure gives a company a little more control and freedom.
For example, today's businesses may need to be ready to use more cloud services than ever before. These services allow businesses to share data online with employees who may be working remotely or employees who may be working from another country. The entire team of a business needs to be able to have access to all the tools provided by the employer in order to get the job done, which means having top-notch internet.
Companies need to find a way to integrate technology to the business as much as possible, like making sure the staff has laptops, tablets, smartphones, and any other smart device that may make their jobs easier.
These are just some of the things today's businesses need to keep in mind. Some small businesses may think they can stay away from globalisation, but the reality is it is here and is going to make its mark on all industries.
Be sure to have a site that is not only responsive but can be easily translated to whatever language is needed. Consider hiring an in-house IT person or team to help the company prepare for these changes.