Business globalization, a way to grow with your business

The new economic landscape has opened the window to different business opportunities. Through business globalization, your business can reach places you have never imagined.

This is a strategy that more and more companies are adopting. In fact, Colombia has more than 11,000 exporting companies that exceed $ 100,000 USD per year each (La República, 2020).

Here we will tell you more about what the business globalization, its advantages and what are the skills that your team must have to achieve success.

The benefits of business globalization

Globalization is a process, especially economic, that allows companies from a country to integrate into the international market. Although this is not new, it has been boosted thanks to the development of technology in companies and the Internet.

These are some opportunities and advantages of this phenomenon:

• • Access to technology: the digital revolution It has allowed us to develop and use new technologies every day. They can be used for increased production, communications or any aspect that facilitates global interconnection.

• • networking:Allows you to add members with different abilities and from other parts of the world to your party. Through telecommuting or relocation, you can also strengthen a team that will improve work and personal skills, for example, languages or soft skills like leadership.

• • Access to larger markets: having a presence in different markets allows you not to depend on a single country; Therefore, you can also diversify your currency. This Business development It ends up being beneficial against global phenomena such as inflation or currency exchange.

Things to Consider

It is important to take into account that, in the phenomenon of business globalization, there will be certain aspects to consider, such as:

• • Accept risk with any business action: When venturing into new opportunities, anything can happen. This does not mean that you are going to fail, but it is a sign that you could do things differently to achieve it.

    Risks include, for example, increased legal costs, regulatory action, and reputational damage from leaking confidential information between partners or reporting portals.

• • Good command of English: this is the language of international communication, finance and world trade. It is used by different international organizations such as the European Union, United Nations and UNESCO.
    Training your employees in this language not only increases the relationship, but also the representation of the company. These are some advantages that it offers to your team and for the globalization of the business:
    • increase productivity and quality of work; increase profitability; improve recruitment and selection standards; help solve specific day-to-day problems; reduce the need for supervision;
    • prevent work accidents.

• • Having an important technological ecosystem: through new technologies, you can attend to different orders from anywhere in the world. For this, you must have mobile devices and platforms that support these requirements.

As you can see, the expansion and the business globalization It is one of the strategies that can bring you many advantages and revenues. Don't forget to prepare and train your entire team with the necessary skills to succeed.

Bibliographic references

• • Castro, J. (2022, September 15). importance of technology in companies growing. Corponet.

• • EALDE. (2017, September 14). Collective Risk Management in business globalization. EALDE Business School.

• • The Republic. (2020, June 2). "Nine companies make 50% of exports": Javier Díaz, President of Analdex.

• • Indivero, V. (2016, February 13). Language juggling rewires bilingual brains. Penn State University.

• • Kiziryan, M. (2021, August 30). Scale economics. Economipedia.

• • None, I. (2014, July 28). 10 advantages of learning a language. GO Blog | EF Blog Spain.

• • Santander Universities. (2022, November 11). The most spoken languages in the world | Blog. Santander Scholarships.