What is Globalization?
Globalization is the act of connecting and integrating people, companies, and governments of different nations, through international trade and investments; powered by the use of technologies. However, is the small business making use of that trend?
Now is the time for the small business to flourish by increasing efficiency at a low cost. Indian and Russian web based small businesses see the value that Globalization brings and are daily reaching out to Canadian businesses offering their IT services at minimal fees. Some Canadian businesses have jumped on board and are outsourcing the automation of their processes, thus saving thousands of dollars per year and at the same time increasing efficiency in their day to day transactions. Other companies like Zoho.com and Pamten.com are establishing headquarters abroad, saving on overhead and manpower costs, and at the same time increasing their revenue streams selling services, that are executed abroad, to businesses across North America.
We also find that International e-Commerce giants like AliExpress.com have emerged along with many others that are following in their footsteps. And as we observe what’s happening we find that this expansion of e-stores is now causing growth for other small businesses such as courier services and logistics industry, money exchange and online payments gateways. Yes, Globalization has affected the small business not only in Ontario, but across the Globe!
Has your small business found its niche in this Globalized new economy?