Impact of Globalization on Small Business | Critical Financial

Impact of Globalization on Small Business | Critical Financial: "Globalization refers to the efforts made for the expansion of businesses around the globe. It is a process of spreading business operations to new countries through international market. Most likely the globalization of small and medium enterprises is an important development for international business.

When talking about globalization, it gives small business entrepreneurs the opportunity to get connected to each other worldwide. It also makes the international communication and money flow easier than ever. The objectives of the impact of globalization in terms of SMEs are: global economic integration, opening of new markets, increasing trade, outsourcing of jobs overseas, advancing democracy and so on."

Globalization Creates Jobs: Promotion of business or trade is not the only motive of globalization but it also contributes in the employment sector to support country’s economy. Even in developing countries SMEs have been contributing significantly helping the economy. A major part of total employment in high-income countries has been contributed by SMEs. Precisely, globalization takes the credit of creating millions of jobs worldwide.

Access to New Markets: Globalization has given a platform to the SMEs which were restricted to their local or domestic market to step into a global market and sell their goods and services. Moreover, globalization broadens the access of products and services that will help countries to be incorporated through foreign trade and investment. Furthermore, it helps in increasing the amount of potential consumers, partners, suppliers and collaborators all over the world. It also makes globalization easier to sell, import, export, and manufacture things. Now, the barriers to compete in terms of price and legal matters on an international scale have already been broken by SMEs.

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