Understanding your Industry and the Changing Face of the World Economy

“China is stealing all of our industry!”

“There’s no way to compete with nationwide companies!”

“Small business and farmers don’t have hope anymore!”

There are a thousand ways to say it, but they’re all the common refrain of an all-to-common song many American business owners today are singing. In many ways, the concerns expressed in these vocal complaints are well-justified, given the challenges faced by individual business owners in light of a changing worldwide economy. But that’s no reason to take matters sitting down.

Instead, American business owners, today should take some extra time to evaluate their options and determine if there are more ways for them to improve their core product or service and better serve their immediate customer in turn. Global competition will only continue to rise, so American business owners must also do more to inform themselves and advocate for their own future.

This article will provide you with a brief primer on some of the methods today’s business owners can use to take their economic future into their own hands. The experts at GR-US.com can build upon these ideas with input through their affordable consulting services.

Identify the Basics

Before you jump into action, take some time to review your industry as it stands today. In particular, you should identify your industry “leaders” as well as any immediate competitors of your business’ size or in your geographic region. More than anything else, these industry players will influence competition through broad and regionalized leverage on price averages.

From there, take time to identify those competitors’ strengths, weaknesses, opportunities, and threats through market research. In doing so, you might be able to carve out a niche by finding a presently underserved market demographic. Also, this research will better acquaint you with so-called “market realities,” making you less susceptible to influence from sensationalized news sources.

Global Sales with Global Implications

While you complete your industry basics research, you’re likely to run into at least one clear conclusion: today’s economy is more global and interconnected than ever. While this is a simple truth, becoming well-adjusted to this fact can help you transition from outrage towards foreign competition towards a state of optimizing your engagement with emergent markets abroad.

Of note, this ever-growing network of economies means that supply and demand chains are also growing more interconnected. As a result, you should also complete thorough research into what supply chains primarily feed your business’ core product or service. In doing so, you’ll be better able to plan for and remain flexible to economic changes beyond your control.

Advocating for Yourself

Of course, learning all of this information about your industry isn’t for rhetorical implementation alone. Indeed, you’ll be able to use all that you’ve learned through your research to better advocate for yourself and others in your line of work.

One of the best ways to put your newly-informed stature to use is by petitioning your state and national representatives to support legislation that favors your industry. This is especially important when your personal views, as a member of the industry, differ from those of your representative. While you may not be successful every time, this is the best way to hold those with broad influence over your livelihood to account.