The Challenge of Global Business
Business has undoubtedly changed almost beyond recognition in the past 20 years. The growth of the internet has brought the world to each and every business on earth.
Many businesses are of course not in need of world wide customers, but for the millions of companies that sell goods and services where geography is less relevant, the global market is well and truly open.
Not only can you now sell anywhere, anytime to anyone, but you can scale your business as you desire. The only limits are on the capital costs required to promote yourself to 8 billion people.
There are thankfully many ways to market your company online, from social media to more conventional advertising which can be highly targeted by demographics, product or service or geography, giving you the chance to control your budget while reaching previously unreachable customers.
The days of renting or buying a premises, opening your shop and waiting for passing trade are long gone.
While the high street is still an important part of the retail landscape, now you can proactively go out and find people who want what you are selling.
While it’s true that a great proportion of Uk manufacturing has migrated to India, China and the Far East, that hasn’t had a dramatic affect on the national income. The reason for this is that in many instances, the bulk of income is derived from the intellectual property attached to the product and another large portion of the products value is in the sales and marketing process which is still conducted in the UK.
Manufacturing of expensive items often costs just a few pounds per unit, meaning that there is a greater margin for the holder of the intellectual property. For example, Dyson Vacuums are manufactured in China but the bulk of the profit on each item sold is retained by Dyson in the UK.