In 2010 we gave you five financial tips for starting a small business and we certainly hope those tips helped you start your business and got you on the path to growth and financial stability.
Now is a good time to take those five tips and apply them to the global economy.
In a recent interview, writer Leigh Buchanan, learned what a CEO needs to do in order to act on the global market and tap into it for the benefit of the company.
In this post we take what Leigh learned in the interview and apply it to the small business owner trying to break into the global marketplace.
If you own any type of business you should start thinking globally in order to grow your business.
When you begin to think globally you open yourself up to the vast market that exists around the world and this gives you enormous opportunities to increase your profit margin and that makes for Good Financial Cents.
Broaden Your Focus
As a business owner it is easy to develop a narrow focus on those factors that seemingly impact your business the most. I am referring to market trends and customers. To become effective on a global scale the savvy business owner needs to become a student of world events, political matters, and yes even large scale disasters.
Changes in any of the above situations can both open and close markets that a business owner can exploit. Use news and RSS feed services to keep you informed of when events that most affect your product or service happen. Analyze these events for their impact on the market and be ready to act in whatever direction best suits your goals.
Know What Affects Business in Other Countries
The growing availability of the Internet and other forms of global communication means that countries that once did no business at all with United States businesses are now lining up to become customers. In order to market to these countries you must understand how to effectively communicate globally and know what affects their local market. The United States is fairly simple: supply and demand drives products and services, but in some of these other countries, political influence and goals, religious influence, and other esoteric notions can play a large role in impacting the market. Make yourself aware of this and adjust your practices accordingly.
Read the News
This morning I started my computer and went to my usual news websites for news that affected my business and family. Generally, this was focused on local news or news happening in the United States. Now as I look to exploiting a growing market I need to look at news from that particular country to see what is happening that could impact my plans.
This does not mean I need to read each and every headline news story coming out of that country. For example, if I am working on a business deal with an Egyptian company I need to read the news about the unrest in that country. That unrest is so centrally focused on the government that I may want to change my plans, or put them on hold until a sense of normalcy returns.
Global Issues Do Impact Your Small Business
The millennial generation is the term used to refer to those students currently in high school and college that are preparing to become the business people of tomorrow. These students are not looking at becoming CEOs of huge corporations; they are looking at entrepreneurship to solidify their financial futures. They have been taught that global problem solving and impacting global issues is the way to a solid future.
These current students are going to graduate to influence markets in their own way with new ways of viewing political and business issues. It is important that you, the small business owner, begin to understand these issues now to prepare yourself for the future global economy. If you are prepared today you will be poised to profit tomorrow.
As a small business owner it is easy, and may seem smart, to hyper focus your efforts on the area surrounding your small business. After all, your local community supplies most of your profit. If, however, you want to grow, have a larger impact, invest for the future, and enjoy a larger profit margin, you need to become aware of the happenings in the world. Learn to read the news for what impacts you and exploit the events to grow your business.
Megan Totka is the Chief Editor for ChamberofCommerce.com, one of the largest online business directories.
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