Business isn’t local anymore. Almost every single business in the world, from a small-town coffee shop to a multi-million dollar corporation engages in the global marketplace in some way, shape, or form.
What is the global marketplace? It’s where businesses source and sell products that ultimately need to travel across borders to reach their destination.
The hometown coffee shop that buys coffee that is grown in Ethiopia, Colombia, or Sumatra engages in the international business competitive marketplace just as much as any other company.
And thanks to this globalization, it also means that your business faces competitors, not only down the street but all over the world, too. Wondering how to stay competitive in the age of international trade? Here are three tips to keep in mind.
1. Expand Your Reach
The internet has made the world a small place. The global supply chain makes it possible for a company in almost any country to find suppliers and organize shipments to their location, in a matter of days.
Products and materials can travel tens of thousands of miles with relative ease, thanks to the modern logistics industry.
As a business owner, you have the freedom to select your suppliers from anywhere in the world. You aren’t limited to the companies in your local area, nor are you limited to those in China that most other companies work with.
To stay competitive, it’s up to you to find the right suppliers and manufacturers to help you gain an edge over your competition.
2. Work With Verified Suppliers
Importing food products into the US can be a tricky process. Obviously, you want to import things that have a long shelf life, from countries with in-demand products like Japan.
But when it comes to global trade, you need to ensure that food crosses the borders and is sold to retailers quickly and efficiently. Not only do you need to move quickly, but you need to ensure the food is safe enough to be approved by the FDA.
Through the FDA’s many requirements, food importers are required to inspect the products coming into the country, ensuring they meet the FDA’s standards as a sellable product.
Doing so can be costly without a plan in place. By understanding the Foreign Supplier Verification Program (FSVP) and choosing verified suppliers, you can make the process of importing food products much less of a headache, so that you can focus on growing your business. Learn more here about the FSVP.
3. Invest in Innovation
When it comes to the global travel marketplace, the logistics industry, the energy sector, or nearly any other industry, radical change is coming. New technology and artificial intelligence are poised to disrupt every industry sooner or later.
The companies that try to ignore or stifle this innovation will be left behind. But the companies that embrace it, and lead the pack by investing in it early on will be the ones that take off.
Don’t shy away from the innovation that will shake up your industry. Be the company leading the innovation and disruption.
Succeeding in the Global Marketplace
The global marketplace is expanding every single day. What was once out of reach for most small businesses and solo entrepreneurs is now accessible, thanks to innovation across the global sector.
And while that opens up countless opportunities for profitability and innovation, it also ushers in a new wave of competition.
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