The world watched as globalization progressed significantly over the past years, expedited by modern transportation and communication; improved infrastructure; and international trading and financing fiats defining the global rules of trade and supporting global trade capacity. In fact, a report by The Institute of Technical Education (ITE) in Singapore reveals that within a span of more than forty years, the world has seen a 1500% increase in the globalization of businesses, with two in every 6 products crossing borders as part of their international business marketing strategies.
They say information is power, and if you are running a business, it’s also a lot about profit too. Do you ever wonder about the real GDP, when all the data is broken down by industry? How about trade flows, trade deficits, or levels of international transactions.
Going global and taking a business international has many advantages and disadvantages. Everything that is involved should be considered and discussed before such an expansion is sought.