Insights, Ideas, Results
The international spread of capitalism and the ubiquity of the Internet mean you can run your business on a global scale. While the global economy means you have more potential customers, it also means you have more competition. Even if you’re operating your business in one country, you’re still competing on the global stage. Here are five things you must know in order to compete in today’s global economy:
France, Italy and Australia – are all known for their fine wines, but you might not have been aware that England has its own flourishing winemaking industry with a new study finding that it is now worth over £130 million. Read on, as specialist wine insurance providers Lycetts delve a little more into England’s wine market.
Global business would struggle with manufacturing. To put this into perspective, the UK’s manufacturing alone contributes £6.7 trillion to the global economy — impressive stats for a country that is dwarfed in size by other nations.
Process manufacturing software provider, Datawright, compares the UK’s productivity against the rest of the world’s manufacturing outputs:
One of the primary concerns of this presidential campaign is jobs ― and rightfully so. The unemployment rate, which is now hovering just below 5 percent, has been steadily declining since the Housing Crisis of ’08, as government initiatives and a recovering economy have produced more than 14 million jobs. Yet, few Americans will admit that the economy feels any healthier than it did eight years ago.
A country’s economy is like a living organism. It goes through continuous evolution. Old engines of growth decline while the new ones come up to take their place. Few decades ago automotive and manufacturing industries were driving the growth and creating millions of jobs. This was replaced in the last decade with computer and internet related industries. During the economic boom in 1990s hundreds of companies were being created employing thousands of people in a short timeframe.
Over the past decade, it’s been a roller coaster ride for those interested in potentially investing in the property market. Whether it’s been your dream to purchase a house and sell it on, or to purchase a house and rent it out to tenants, the recession made this goal virtually impossible for the vast majority of people. Now, however, the economic landscape is relatively different, and property investment is more viable than it has been for the past half decade.
If the Great Recession of 2008 has taught one thing to individuals and small business owners it is to keep their financial house in order, including credit history, debt and savings. Many business owners with low credit score found it impossible to get a loan at the height of recession. Even those with good credit history had trouble convincing lenders that they had the wherewithal to pay back the loan. Many people realized the importance of financial planning in that time.
When turmoil strikes and everyone around you is losing their head (and money), it’s hard to stay calm and find solutions. Egypt is one such place where entrepreneurs have had to breathe in deep and think smart while revolution and financial turmoil increased unemployment and caused businesses to think hard about their economic future.
Faced with unemployment, many Egyptians have rolled up their sleeves, started their own business, and tried to make things work. But what about the SMEs that existed before the revolution and the financial crisis broke out?
Here are some of the problems they’ve faced, and how they’ve handled them.
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Thinking of starting a small business? Our infographic breaks down the best and worst states for business by real change in GDP, top level state income tax, and number of INC 5000 businesses. Whether you’re starting a web firm or a traditional brick and mortar business, this infographic provides highly-useful information with regard to the incorporation decision process. Local economic climates and state taxes can be a heavy burden on web startups and other small businesses. Making the right decision can save you thousands of dollars in the end; it did for us.
If you run a small to medium sized business (SME) you probably already feel like you’re trying to keep a million plates spinning at once – add international trading in to this and ensuring none of them fall can seem like impossibility. When you take the step to begin trading across borders, it’s understandable to feel like you’re exposing your business to a lot of risk: what the laws of your country may protect your business against, the laws in the company you are trading with may not. Thankfully, banks such as HSBC offer a number of services, from business credit cards to important export services, designed to support SMEs as they grow their business abroad. Let’s look at those services and how they could benefit your business.
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