NETWORKWOMEN.COM: LI Small Business -SEPTEMBER, 2002

WHAT'S HOT, WHAT'S NOT
Getting Ready for Global Business

BY ROSLYN GOLDMACHER,
President and CEO, Long Island Development Corporation

This month's issue highlights the Global Summit of Women 2002.This should be a good reminder that, as a business person on Long Island (or anywhere), we need to prepare to do business in the global marketplace. Doing business globally may mean some big changes in your small business.

What should you do to prepare for global business:

1. Think expansively about your customer base, your suppliers and your resources/ advisors. No longer are you restricted to selling to people and entities within a certain geographic radius. The global marketplace means you can sell your products and services and obtain parts and support services world wide. Your product or service may require some tweaking however to be attractive to people of different cultures. And you need to acquaint yourself with the customs of your suppliers' countries as well as have intimate knowledge of shipping regulations, import and export taxes, etc. E-mail, fax and overnight courier mean you can receive support from advisors anywhere. So, look for the best-no matter location.
2. Be effective in your communication. 24/7 availability is necessary to work with different time zones.The latest communications equipment will assure fast, reliable service. Whether using e-mail, fax, or ground delivery methods, you must be responsive to the needs of your widespread customer and supplier base.

3. Up to date technology is a must. In this fast paced, quickly changing world, global businesses need to use the most up to date technology for their industry (you can be sure your competitors are up to date). Effective competition requires cutting edge technology. Remember, your future customers (heads of corporations, entrepreneurs) are now a few years out of college. They've only seen typewriters, black & white tvs and records in museums. They grew up on computers. Your business must cater to their needs and abilities.

4. Be as efficient as you can in your operations. Maximum efficiency makes you a lean, mean business, able to price competitively, deliver in time, and maintain quality control- all necessary ingredients in the global economy.

5. Continue learning. Stay on top of the trends. Be current in your production methods.

6. Surround yourself with a great team. If you want balance in your life, you need to have staff, advisors and others who can help you deal in the 24/7 world and keep you on your toes. Don't be afraid to share ideas-you may get some good ones.

7. Be tops in your field. Being the best means you will be the supplier of choice, regardless of price or location. If you can't offer the lowest price, offer the best quality.

Some would argue the high tech, fast pace of global business is too hectic. They want to go back to the simpler times of the "good old days." Forward thinking business people realize the "good old days" are now and tomorrow. Following these simple tips will help you maintain life balance despite a hectic pace. And, most important, these tips aren't just to help you do global business. They'll help you conduct good business!