We are at a time in history where everything is changing quickly. Of course, that could be said of any point in history as people live through it, but it really feels as if the decisions people are making today will affect many people in the future. Unemployment is high. Consumer spending is down. We are in a recession, and the timeline for recovery is questionable.
But there is hope. Many businesses are focused on becoming more competitive in their market, and on a national and international scale because they realize that the world is becoming a smaller place. Below are some examples of change helping, or forcing, companies to compete in the global, Internet economy.
Technology is changing rapidly, allowing us to connect and collaborate with ease. Even the way we connect with people is changing. Professionals are using Twitter and LinkedIn to network with others in their field. The continued spread of technology will only promote online collaboration.
A report about household broadband use highlighted the importance of the Internet in everyday life. The report claims that 640 million households will have broadband by 2013. More intriguing, the Asia-Pacific market will account for 49% of it.
Because of the changes in technology and the global economy, companies are modifying the way they do business. Some are changing because they have to. Others are changing to adapt with the change.
The New York Times asked their readers if they would be willing to pay for online content. This might be a good way to save this newspaper, and other newspapers worldwide.
There have been many articles about GM and its emergence from bankruptcy this week. Many people are saying that the hard part is actually beginning for GM now because GM has to design cars that people will want to drive, and the company's reputation could hurt it. What can GM do to compete again? Some are suggesting that GM looks to its competitors.
It might have been easier and less expensive for carmakers and newspapers to more fully understand their market and the external forces influencing them.
IBM recently looked at midsized companies and found that, around the world, midsized companies are working smarter and leaner in terms of IT. The highest-priority tech solution is information management, and the most pressing business challenges include increasing efficiency and productivity, improving customer care, and better use of information.
Also in the news this week is an article that claims that exporters of service are doing less badly than traders in goods. The article also claims that, "Nevertheless, those who sell services to rich countries do face increasing pressure to quote lower prices, and new information-technology development contracts, which are discretionary, are getting harder to come by."
Business owners should try to look into the future. This does not mean peering into a crystal ball. Instead, look at the news for trends, and imagine how they might affect your business. And then try to do something about it. Become the leader of change.
We cannot overlook the growing importance of developing countries in the global economy. Just this week, many other countries outside of the Group of 8 attended the G-8 meeting in Italy. In a global, Internet economy that is increasingly driven by developing countries, some are saying that 8 is not enough.
In another article, an economist from the World Bank claimed that low-income countries need to make small, local banks the mainstay of their financial systems. How will this affect US banks?
Gas prices are low now, but what level will they be at in the future? Could they reach $20.00 per gallon? How will that change your business?
These stories are just some of the things that we notice in the news, but you must pay attention to the news and look for things that can affect your business specifically. Is there a new law that will pass in a country in which your company does business, or is there a new regulation that will affect your company's service? If you are proactive, then the news is not as bleak.
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