Since the financial crisis, the business world has never recovered. Over the last five or six years there have been many advancements in business that have lead to leaps in financing. Whilst things are moving forward; progress is slow. It appears that few businesses today can compete in the marketplace. There are still many companies going out of business each day. That means that the economy in both the US and the UK is not stable. Many businesses find that they are unable to compete with prices in other parts of the world. When foreign companies are offering such cheap prices, they are unable to win customers. That in itself means that many UK and US businesses have no chance of surviving in the global economy.
Experts suggest that this growing problem will only get worse in years to come. When companies don’t have the means to offer services at cheap prices, they find that someone else will. That puts the control in the hands of the consumer. Ethics and morals might be a strong deciding factor in where people spend their money. Neither are as strong as getting good value for money, though, and that is an issue. The fact is that people still buy clothing from Primark, even after the revaluation of their poor workplaces. People can push the notion of ethics out of their mind so long as they are getting a cheap deal on their services or material items.
What that means for business owners is that they have to find cheaper solutions, whilst still being ethical. Doing so will allow them to offer reasonable prices and still compete for business. Finding suppliers is one of the largest challenges any business owner will come across. The fact of the matter is that many people stick with the same suppliers for a matter of years. They do so because it is an easy option. When people have inherited the business from family, they often want to keep the same business contacts. That means that they will stay with the same suppliers regardless of how much they are charging. Tradition means that they want to keep the same quality of services. They believe that by keeping the same suppliers and staff, they can mimic times gone by and keep the family business strong.
In fact, business owners should be doing the opposite. Finding new suppliers from other ends of the globe would in reality give old businesses a new lease of life. There are many ways in which business owners can find new suppliers. They can start looking online on sites such as QualityTrade.com where there is a wide range of suppliers. They could also ask other businesses for ideas and inquire about what suppliers they use. Looking into new areas to find suppliers means that businesses could get cheaper materials. That means that they could compete with companies from abroad that are offering discount prices. Keeping a standard of quality in the products is vital in winning new customers. If business owners can keep the standards high and the prices reasonable, they will never be short of business.
The news that western businesses are losing out in the global market, means that many people will have to change their tactics. The business world is always moving forward and getting left behind could mean that companies go out of business. The future of western business looks unstable, and it is up to individual business owners to change the path of our economy. Only time will tell whether we have sustainable business practices that will compete. The next few years will be a crucial time for western business.
