What Globalization Has Done to Business
According to an article by Dr. Maurice Roussety, What Globalization Has Done to Business, there are a number of economic strategies that are flourishing in today’s economy, despite being largely neglected for the last two decades. Franchising is one of the most successful business strategies today because it has managed to remain competitive in an overly saturated, overly competitive global economy. Franchising is such a powerful strategy because it draws on the resources and reputation of a larger parent company, allowing new businesses under their model to have a competitive head start in the market. According to Dr. Maurice Roussety, the franchise sector in Australia is particularly well developed. It has attracted several Commonwealth Government studies because it generates revenues in excess of $144 billion annually, and directly employs more than 460,000 Australians through 1,160 different and unique franchise systems. “Presently there is no web portal or published methodologies that systematically and comprehensively rate the efficiency and goodwill of a franchise system. Independent knowledge about the strength and viability of new, emerging, and mature franchise systems is paramount to franchisors, franchisees, lender, professional advisers, government, and investors”.
The importance of globalization is that it has created a single economy that even the smallest businesses are having to compete in. That is why franchising is a great option. It allows for startups and small business owners to partner with larger parent companies in order to remain competitive.
Dr. Maurice Roussety, life lessons from a different childhood, is an Executive Consultant DST Advisory and Lecturer in Small Business, Franchising, Entrepreneurship, and Marketing at Griffith University in Queensland, Australia. He received his Ph.D. from Griffith University as well, publishing his paper on intellectual property and franchise-business valuation. He also has a Masters of Business Administration and Masters of Leadership from the University of New England in New South Wales, has and consulted with Westpac, Optus, IAG, ACCC, Australia Post, and Coles Myer.
Globalization continues to be one of the hottest topics right now. Technology has had the biggest impact on how we communicate and it has made the world “flatter” than ever before, enabling us to communicate around the world almost instantaneously. This ability to communicate globally has changed society from the ground up, affecting the types of relationships we have, the education we receive, and the way we practice business. Especially in the world of business, the recent advances in science and technology have changed how to effectively generate revenue.