In the case of a small company, one advantage of rising Globalisation is that their product or “message” can have a greater and swifter influence. An important step towards Globalisation is the efficient connectivity of businesses and consumers all over the world through communication (the internet) and shipment channels (shipping channels and cargo flights). As a result, the goods can be traded across the globe between different economies at lower costs and in a lesser amount of time than previously possible.
Customers are more likely to turn to the internet in their hunt for quality products and services as a result of Globalisation, regardless of the product being sourced in whichever part of the world. As a result of this circumstance, a small business is able to serve its local market and compete on a global level. Globalization has helped small businesses in accessing international consumers. While Globalisation has allowed giant companies like Amazon to expand their reach and strive to monopolize all potential markets, it has also offered small businesses access to an international clientele who value niche products manufactured on home soil rather than in sweatshop factories well as access to new markets. Consumers are looking for high-quality, reusable products that have the X-factor today more than ever, thanks to increased worldwide awareness of the repercussions of their purchases on the environment and the importance of fair-trade agreements.
Knowing that certain countries make high-quality items as it is their area of resource, ingenuity, and experience, we no longer need to travel to those countries in order to receive their immaculate goods. It only takes a few clicks, the reveal of our secret digits, and a few days’ wait for them to arrive, dazzling and right on our doorstep.
Managing a small firm has a number of obstacles, the most obvious of being competition and price wars. According to one comparison, tiny businesses are suddenly like small fish in a great sea full of other small and larger fish, all of whom are hungry. The smaller fish compete with the larger fish for the same food, while the larger fish just consume the smaller fish to survive.
The advent of Globalisation has enabled large corporations to grow into countries that were previously out of reach for their operations. For example, KFC and McDonald’s restaurants can be seen in abundance in almost every big town or city across the globe. Because these bigger companies can sell their products for a fraction of the cost, small businesses are compelled to lower their prices or risk going out of business.
Unfortunately, as a result of Globalisation, the only way for small businesses to compete on an equal footing with large companies is to adopt automation and networking strategies. If the local winery continues to serve the same clientele it has been serving, printing out receipts, and avoiding anything remotely electronic, it is going to find that it is no longer profitable. Small businesses must modernize and utilize the benefits of Globalization to remain competitive. This includes having an online presence that is appealing to customers and adaptive to modern-day resources and techniques that will improve manufacturing and cater to the consumers’ demands. There are several advantages to embracing the latest technology and resource, even though the learning curve may initially appear arduous and expensive.
- James & Steger, ‘A genealogy of “globalization”: the career of a concept’, Taylor & Francis Online.
- Erixon, “The Economic Benefits of Globalization for Business and Consumer”, Ecipe
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