How to Improve Your Competitiveness in a Global, Internet Economy.

Now that you understand that your business competes not just domestically, but internationally, virtually, and environmentally, how can you use it to your advantage? You can take this knowledge to make decisions and take action to make your business more competitive in the global, Internet economy.

We have laid out a few strategies you can easily take action on to become more competitive. These strategies are fairly easy to initiate, and they can help you to reduce costs, innovate, become environmentally sustainable, empower your company and yourself, and build your network.

Reduce Costs:
This is something every business constantly tries to achieve. But are you focused on reducing the right costs? You might want to think about looking into your supply chain management options. You could work on collaborating with your suppliers to consolidate goods into fewer shipments, reduce packaging costs, and work on simplifying your process, among other strategies.

You could also cut costs by looking at the technology you use every day. Are there any programs with monthly subscription fees that you don't really use? Are there other programs that you use, and you know there are less expensive versions available? Do you have the right collaboration tools for your workforce?


Innovate:
In stiff competition, the companies that can innovate and adapt to the ever changing business environment are the ones that succeed. One way that companies innovate is through research and development. This could be as simple as surveying your customers to understand what your company could be doing better. You may spend a bit more money in the short term, but the results will pay off well into the long-term. If you focus on improving your products and services to a point where you are better than your competitors, customers will notice.


Become Environmentally Sustainable:
Environmental sustainability is not just another buzzword. In fact, the idea will grow in importance as we realize that the world's non-renewable resources are becoming scarce. Improvements that you can undertake in your own business include starting a recycling program, and building improvements that help to cut down on your use of electricity. You can also reduce your travel by taking advantage of Internet and Communication Technology to collaborate with employees and clients.


Empower Your Company and Yourself:
Gathering market intelligence on domestic, international, virtual, and environmental markets is one of the most important things you can do to empower your business. If you know what is going on in all of the various markets you compete in, and the ones you do not compete in, you can clearly define your challenges, and devise strategies to overcome those challenges.

Additionally, you can take the time to improve yourself. No one is perfect. Attend a seminar, join a professional organization, or even take some time to read case studies pertaining to your industry. Whether you are in management, sales, or HR, there are always chances to develop professionally.


Network:
How many times have you heard that "It’s not what you know, it's who you know?" Well, that model of thinking is somewhat true, especially now. Your company does not need to own manufacturing plants or distribution centers to get products to customers. You can develop a global and virtual business network to orchestrate a network of suppliers, manufacturers, and buyers. On a smaller scale, who do you know, and how can they help you to make your network more powerful?

You can even use social media like Twitter, blogs, and LinkedIn to expand your virtual network, and make your company active in the global, internet economy. Sign up for an account, build your profile, and watch how your network grows.