The Impact of Globalization on Small Buisnesses

Today, everything we buy has a tag on it somewhere, and most tags will say it is made in countries such as India, China, Mexico, and Peru. This leads us to think that nothing we buy is made in America anymore. There are also those American companies that make their products locally and try to market them in the world’s different economies. There are still those companies out there that have not globalized. They have not taken their business and sent it overseas to be made cheaper by citizens of other countries. Each of these businesses, the ones selling to other countries, and the ones who are sending their work away to other countries, may seem like the only way business can be done these days. On the contrary, there are still people out there who make their products domestically and only sell to Americans, and globalization is affecting them in different ways than the ones who are embracing it fully.

Globalization does a lot for businesses today, especially because of the technological age we live in.  People whose businesses used to be confined to their hometown because of their lack of connections with other communities are becoming a thing of the past. The internet makes it so easy to get in touch with anybody in almost any town in the world. These connections then can stem into business partnerships, potential vendors, buyers, or employees. The company that once could only reach the people within blocks from their home can now reach customers around the world; seeing this gives any business owner a bigger consumer base and more opportunities to make their company profitable. Some people say that for businesses to remain competitive, vibrant and sustainable in today’s economy they have to globalize there is no other way. That being said, the demise of some companies was brought about by not acting on the opportunity to become a global business.

Although globalization seems like a great idea for companies large and small, the small ones have bigger problems with it. Not just obtaining a place in the global market, but making the decision to venture out into that vast new world. First off, small businesses who decide that they want to sell their product to other countries may have a hard time because their product is not as well known as the ones who have that “brand name” on them.  Knowing this can be very discouraging. Also, not knowing how to go about getting ones business into other countries can be discouraging. Sometimes simple research to make a business better is needed. If it is difficult for an owner to obtain this information, it is very hard for them to find and understand how to get started in a global marketplace, why they should go global, and what managerial practices are needed to make their International Business successful. Small businesses also have to understand that there are many other things that they have to consider before they go global such as understanding direct investments, partnerships, joint ventures, and the use of new technologies. All this combined may turn people off to globalization because it seems like just too much work for that small town business.

Another problem small, hometown companies’ face is the choice to globalize and help their business or stay local and help the community. Many small businesses are family owned, and have been for generations, their whole life revolved around their business and helping out their families and friends. In the past it was normal for the strategies of a company to be looked at only once every generation, but now these companies, with the option to globalize, have many decisions to make every generation. Because these businesses have been around for so long, in the same town, owners believe that the best thing to do is to help their community by staying local and keeping their employees and business in the United States. Some business owners may even go a step passed that, and instead of wanting to help their community, they just don’t want to give business or jobs to any other culture but their own. They believe that their way of doing things, culture, clothing, and language are superior to everyone else and don’t want to give anyone different the time of day to help or harm their business.

Overall, with technology booming and new products coming out every day it is getting more and more difficult for the small business to succeed. It is their job to determine whether or not globalization is profitable for their company, and if they want to venture into that new territory.  These businesses just need to take an open look at what they are given and make the decisions they have to to get the job done.

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Buisness Dealings with Thailand – Small Business Ideas. 656-P1

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