Globalization has been an ongoing trend over the last few years and it doesn’t appear to be getting any less popular. More and more businesses are taking advantage of the global economy to help them drive profitability while still being innovative and containing costs. But you don’t have to be a large company to take advantage of globalization. Companies of every size can leverage the global economy to help grow their business.
Net Worth TV is looking at how businesses of every size and scale and use the global economy to their advantage. With advances in communication technologies and other tools, working around the world is easier today than ever before. If you’re concerned about competition in your business, here are some tips about how you can use the global economy to be more profitable.
Get Ahead in the Global Economy – Outsourcing
One of the easiest ways that businesses can take advantage of the global economy is to outsource parts of their business that aren’t core areas to drive sales. With the Internet, easy communication, and cloud-based tools to allow for productivity, it is easy to outsource a lot of tasks for your company.
Some common areas that people outsource are clerical and administrative duties, bookkeeping, web development, graphic design, and more. If you aren’t in any of these businesses, and they aren’t your specialty or passion, why not outsource them and have a skilled professional take care of it for a low price? This will save you time, and possibly money compared to hiring someone in-house to do these tasks.
Net Worth TV show mentions that one of the most common ways that people outsource these tasks is to hire a virtual assistant. A virtual assistant can help small businesses that need help with a variety of tasks. They work remotely, and can be hired for a very cheap wage. A full time virtual assistant can cost as low as $400 per month. This is a very cost effective way to leverage the global economy to improve your business.
Finally, there is always the outsourcing of manufacturing. This has been viewed negatively for several years, as companies who do this are seen as taking away American jobs. However, the opposite is usually true. By outsourcing manufacturing, you can create better high-paying jobs here in the United States. Since you save so much money on manufacturing, you can pay your sales team and customer service team here better wages and hopefully grow your business more in the long run.
Net Worth TV on International Trade
With globalization, the international economy has never been closer to do business with. If you are planning on selling at item, you should look to see if you can market the same item overseas as well. Even if you’re a small business who sells on eBay, you can sell abroad and make a lot of money. In fact, on eBay, international buyers typically pay more than domestic buyers for goods, especially if they can’t get them in their home country for whatever reason. This is a great incentive to expand your market and go overseas.
Many products have viable market opportunities overseas, you just need to know a little about the country and see if you can build connections to sell your goods.
Make Money in the Knowledge Economy
The NetWorthtelevision.com series reminds readers that this is also the knowledge economy. Globalization has presented a unique way to make money – selling knowledge and tools to cultivate knowledge. This can be done anywhere online, which is conducive to the world economy and international trade.
If you have special knowledge based skills, for example programming, you can literally work anywhere in the world, for anyone else in the world. That was never possible until just a few years ago. It used to be programmers worked in massive labs at local tech companies. Now, programmers can work from a laptop in a bar at the beach, nobody would ever know the difference in the knowledge economy.