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Thinking Global; Australian Business Consulting & Solutions September e-update

Release Date

18 September 2013

Over the last five years, business has been encouraged by management experts to ‘think global and act local’ and depending on your industry sector this provides real value for those businesses choosing to service their local market only.

However in the last 18 months, geography has quickly become a state of play. If you have a product or a service and you can be found on the internet, your business is global.

This means your locality is now the world and with it comes global consumer expectations of customer service, manufacturing processes, compliance and most importantly, consumer choice.

The rise of consumer access to information has spurred an environment of unparalleled competition.

For a business to remain relevant and be agile, it will require an understanding of how the global economy affects its operation, customers and competitors.

Trends in other regions, stock markets in other countries and technology trends on the other side of the world do impact Australian business. Think fashion trends in Paris influencing manufacturing processes in Shanghai, technological advances in India affecting innovation in Canada and the stability of the stock market in the US influencing business stability in Australia.

Social media and ‘going mobile’ has not only allowed business to broaden its reach into markets previously impenetrable, but it has also forced a level of accountability previously untested as consumers now have a platform to openly name and shame or publicly support your product or service –in real time.

The old adage ‘the customer is always right’ has never been truer and providing a seamless customer experience has raised to the top of business owners priorities.

Providers of education, for example, are no longer restricted to the four walls of a classroom to sell courses. Virtual classrooms, webinars, Skype and a multitude of other resources allow them to sell programs to students on the other side of the planet.

For retailers, the landscape has changed forever with the introduction of self-service, mobile kiosks and online shopping. The financial and banking industry have also shifted to a self-service model where the local branch will potentially become a thing of the past.

A global economy creates global consumers and those businesses that understand global influences on their customer experience, brand, production or delivery are in a better position to respond to market change and minimise consumer choice in their sector.

With the Federal election now over and consumer confidence rising, Australian business is getting back to just that - business. Can yours benefit from key opportunities for growth or change in a global market? Now is the time to find out.

Paula Martin

General Manager

Australian Business Consulting & Solutions

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