Learn how to survive the global economy by thinking “glocally,” meaning think global and serve local.
“Globalization is becoming a business imperative for survival and growth,” as referenced in my book, GLOBALIZATION: America’s Leadership Challenge Ahead. Is this how you currently view the business world around you?
During the past three decades, our world has become much more interconnected and global as a direct result of expanded international trade, the explosive growth of the Internet and social media, and many other factors. The growth of international trade during this time has been a boon to both developed and under-developed countries alike. The volume of trade worldwide has increased twenty-fold from $320 billion to over $6.8 trillion since 1950.
How should you view the global economy?
Today’s “new” global economy is broader and more diverse than in the past. It comprises a network of interconnected markets all over the world, including China, the Middle East, Latin America and Africa. The global economy is also a pathway for short- and long-term investment as well as the transfer of technological and managerial innovation. The complexity associated with doing business in a truly global economy has also dramatically changed as well.
As the world has continued to get smaller, there are greater opportunities to bridge the gap of working with foreign suppliers, partners and countries to market U.S. products and services in these broader geographic markets. Doing business “glocally” necessitates that we change our thinking regarding traditional business models. To compete effectively, we must think ‘globally and act locally’ to meet the growing demands of customers in all markets we serve.
Think of the global economy as a two-way mirror
As you peer through the glass to explore new business opportunities, there are hundreds if not thousands of prospective customers, suppliers, partners and yes, competitors looking back at you with the same or similar goals in mind.
Surviving the global economy
- Future success of your company may depend on your ability to capitalize on the growth opportunity the global economy represents
- Minimize the threat of expanded competition from abroad
- Accept the reality that there is no such thing as a local business in today’s rapidly changing economy
Millions of “eyeballs” from across the globe can gain access to your business via your website, social media, email lists and other sources. As such, our world is more interconnected, interdependent and open. (Hint: think of your business as a global enterprise doing business in selected markets today).
So, why not capitalize on the openness that the global economy offers to start a conversation with the broader market and explore its potential for future growth?
What are you doing in your business to compete in the global economy? Comment below.