When Your Home Market Weakens, Expand Overseas

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In an interview with the Financial Times, chief financial officer Eason Zhang said low-cost China-based retailer Miniso plans to open roughly 400 stores in China, but this year would be the first since at least 2019 that most of its new outlets were outside the country.

Minis will shift its focus of rapid expansion away from a domestic market – China – plagued by weak consumption.  Further, the falling cost of goods produced in China’s factories is also making them more competitive abroad.

Read the entire article here.

Small Business Productivity Issues Differ From Country to Country

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The McKinsey Global Institute aggregated a richly granular data set of micro-, small-, and medium-size enterprises (MSMEs) and large companies across 12 broad sectors, 68 level-two sub-sectors, and more than 200 level-three sub-sectors for 16 countries that account for more than half of global GDP.

In these countries, MSMEs on average have only half the productivity of large companies, and less than that in emerging economies. Raising MSMEs to top-quartile levels relative to large companies represents value equivalent to 5 percent of GDP in advanced economies and 10 percent in emerging economies.

The visual presentations here summarize the findings for the 16 countries in McKinsey's research representing different income levels. 

Risks Confronting the Global Economy in 2024

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Last year, the global economy defied expectations in potentially history-making ways. Amid wretched conditions—wars, surging inflation, and the biggest interest-rate surge in 40 years—the global economy did not suffer a significant downturn. It merely slowed.

This was an unfamiliar plot line: It implies the world economy has grown more resilient in ways we might not yet fully understand.

Yet it would be a mistake to think the danger has passed.   Here are 5 major risks confronting the global economy.

Keep Doing What You Are Doing But Take It Global

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“Keep doing what you’re doing,” First Lady Michelle Obama said at George Washington's Commencement on the National Mall some time ago. “Just take it global.”

The GW Global Forum, which began with a video that included a clip from the First Lady’s commencement address, did precisely that—examining a global perspective on a variety of topics, including the financial crisis and women’s issues.

Today in Global Small Business: Remember and Honor

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What's affecting me, my clients, my colleagues and other global small business owners:

• Remember and honor:  Wishing you a meaningful and thoughtful Memorial Day.
• Triple Shot Reinvention will focus on three priorities: elevating the Starbucks brand; strengthening the company’s digital capabilities; and becoming truly global; customized with “two pumps” unlocking efficiency and reinvigorating partner culture.
• Marriott International, Inc. announced the company’s record year of global signings with 52 percent more organic rooms signed in 2023 than in 2022, as it continues to expand offerings for owners, franchisees, and guests.
• Asia-Pacific emerges as the top destination for expansion as CEOs look to generative AI to drive growth.
• Quote of the week:  "Starbucks has a role and a meaningful relationship with people that is not only about the coffee." – Howard Schultz
• Where do CEOs see global growth in 2024?
• 5 must have steps in your 2024 global expansion plan.

 

Be a Rainbow

"Try to be a rainbow in someone's cloud." – Maya Angelou

Korea Promotes SMEs' Global Expansion

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The chiefs of Korea’s largest business groups gathered with President Yoon Suk Yeol to garner support for small- and medium-sized enterprises (SMEs) in their overseas expansion efforts in an annual meeting on Thursday.

President Yoon presided over this year’s conference of SMEs held on the front lawn of the presidential office in central Seoul, joined by Samsung Electronics Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo and Hanwha Group Vice Chairman Kim Dong-kwan.

The president vowed to come up with specific support measures based on the Support for Small and Medium Enterprise Establishment Act, which was passed in February.

The Long-Term Risks and Benefits of AI Around the World

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The long-term risks and benefits of AI will quite likely impact people all around the world, and they will pose unique challenges that observers cannot yet understand. 

But there is significant reason to think that humanity will be better off in the future if stakeholders work to get AI governance right today. 

For those in the Global Minority who are genuinely interested in arriving at a convergence on trust with the Global Majority, one of the most powerfully obvious yet enduringly stubborn ways of narrowing the existing gap is to carefully listen to the lived experiences that, in turn, shape the priorities of the world’s largest populations. 

Addressing the roots of distrust today would carry over into safeguards far more robust and enduring in the future, online and offline. We hope this piece adds to that evolving conversation. 

Access the full article with 111 footnotes here.

Should You Have a Google YouTube Channel For the World to Watch?

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YouTube is a global video platform that can get your business in front of millions of potential new customers. Additionally, meaningful video content can attract and engage your target audience and strengthen your marketing efforts.

In this article, the author explains why YouTube is a must-have marketing strategy, how the video platform can help your brand and how to create a YouTube channel with compelling, engaging content.

Google Considers Going Global with YouTube TV

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Riding a wave of success brought by NFL Sunday Ticket, Google executives have considered opening YouTube TV to a market outside the U.S. 

“It is something we are closely looking at,” said Chief Business Officer Philipp Schindler. “There’s nothing specific I have to add at this moment in time on this one.” 

 “YouTube TV is doing well,” added Google’s CEO Sundar Pichai. “They’ve had great consumer feedback on the experience. [NFL Sunday Ticket] has found its perfect home on YouTube.”

Today in Global Small Business: How AI Is Reshaping the Global Business Arena

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What's affecting me, my clients, my colleagues and other global small business owners:

• How AI is reshaping the global business arena.
• Watch building global business confidence.
• A model for expanding your business into foreign markets.
• Quote of the week:  "If our era is the next Industrial Revolution, as many claim, AI is surely one of its driving forces." – Fei-Fei Li
• G7 to discuss global trade risks after US tariffs on China.
• What you should ask before you expand your business internationally.

It Just Blooms

©2024 Laurel J. Delaney.  All rights reserved.

"A flower does not think of competing with the flower next to it. It just blooms.” – Koshin Ogui

Elevate Your Business With An AI Video Translator

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According to CIO Look, AI video translation employs advanced machine learning algorithms to automatically translate spoken or written content in videos from one language to another. By leveraging natural language processing (NLP) and deep learning techniques, AI video translators can accurately interpret and convert audiovisual content in real time, eliminating the need for manual translation efforts.

Should you consider using an AI video translator at your global business?  First, you need to think about the benefits – from expanding your reach to boosting efficiency.  Access more benefits here.

Understanding the Mechanics of Entrepreneurship

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Derek Lidow, a Princeton professor and former corporate executive says:  "Forget the myth of the hermetic genius working in the garage on the next world-changing startup. It’s time to upgrade that thinking and pay more attention to how much entrepreneurial innovation is woven into the fabric of daily life."

Lidow is the author of The Entrepreneurs: The Relentless Quest for Value, which analyzes the factors that give rise to entrepreneurs—and, in turn, the important social changes brought about by their innovations. In a nod to the thinking of the political economist Joseph Schumpeter, Lidow writes that entrepreneurship is “a vastly underappreciated, potent force of social change.”

Read on to understand the mechanics of [global] entrepreneurship.

Apple Co-Founder Steve Wozniak's Formula For Happiness

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Apple co-founder Steve Wozniak cited his working relationship with Steve Jobs and a simple math equation while advising University of Colorado at Boulder 2024 graduates on how to be happy in business and life.

Want to know what the formula is?  Find out here.

5 Awe-inspiring Places to Visit in Japan

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I've [Laurel Delaney] traveled to Japan many times and on every trip, I find something new to appreciate.  

Travel journalist Kristin Braswell feels the same.

The first time I landed in the country in 2017, I was enamored by Tokyo’s glowing skyscrapers, Kyoto’s quiet kissatens (cafes) and countryside hills blanketed in electric shades of orange and fuschia that flashed like neon lights aboard the country’s famous bullet train. And though the bustling streets and quiet corners of the country are reason enough for a visit, it’s the culture of excellence upheld in Japan, from a simple exchange with a store clerk, to a carefully crafted omakase experience, that always inspires me the most. 

Read five awe-inspiring itineraries through Japan.

Today in Global Small Business: U.S. Trade Policy Is at a Crossroads

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What's affecting me, my clients, my colleagues and other global small business owners:

• U.S. trade policy was once fairly simple.  Not any more.  It's at a crossroad.
• How a global biopharma leader became a leader in ethical AI.
• Website globalization in 3 stages.
• Quote of the week:  "When it comes to international trade, the question is, who is going to write the rules, the United States or China? And my vote is the United States." – John Barrasso
• A beginner's guide to e-commerce SEO in 2024.
• Grants, loans and other resources for small businesses.

I Want Them To See It Whether They Want To Or Not

©2024 Laurel J. Delaney.  All rights reserved.

"When you take a flower in your hand and really look at it, it's your world for the moment. I want to give that world to someone else. Most people in the city rush around so, they have no time to look at a flower. I want them to see it whether they want to or not." – Georgia O'Keeffe

Premier Gathering of Women Entrepreneurs: Women Presidents Organization Entrepreneurial Excellence Forum 5/15/24

©2024 Women President Organization.  All rights reserved.

The Women Presidents Organization (WPO) Entrepreneurial Excellence Forum (EEF), the premier gathering of women entrepreneurs who lead multi-million-dollar businesses, will be held on May 15-17, 2024, at The Broadmoor in Colorado Springs.

This three-day forum will gather over 700 distinguished women business leaders for a transformative experience brimming with invaluable connections, insightful guidance from industry experts, and cutting-edge perspectives essential for navigating the dynamic global business landscape.

I [Laurel Delaney] will be attending and hope to see you there!

Online Buying Grows But 67% of Consumers Face Delivery Problems

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In Descartes's third annual consumer sentiment study of ecommerce, it shows that home delivery online buying grows, but too many consumers still experience delivery woes.

The study shows that 39% of respondents made more online purchases in the period surveyed this year compared to last year, and that 57% made purchases in at least one new product category this year. While the study revealed that consumers in every demographic are increasing the volume and frequency of their online purchases, 67% of those surveyed encountered delivery problems.

Read the study here.

Banking On Women Who Go Global

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International Finance Corporation's (IFC's) white paper, “Banking on Women Who Trade Across Borders," underscores the critical need for gender equality in international trade and trade finance.   Women Entrepreneurs Grow Global® also understands and actively supports empowering women in international trade.  For those who don't know, wegg® educates women business owners to level the playing field for women interested in taking their business to the next level through globalization.

Despite the documented positive impacts of women-owned businesses on economic growth and poverty reduction, a significant gap remains in understanding how international trade intersects with female participation, particularly in accessing trade finance. Drawing from interviews across Africa and Latin America, the report explores the challenges faced by female entrepreneurs and proposes solutions.

Download the report here.  It's time we all bank on women who go global.  They are our future, especially the younger generation.

No Firm Is An Island

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No firm is an island.  Proof is in this article.  Collaboration, joint ventures and quasi mergers are the keystones for expansion in an ever-evolving global economic landscape.  Industry giants such as Disney, Ford, and Microsoft are charging ahead with a fresh strategy for global growth amidst the ongoing challenges in commerce.

All of these moves serve as a great reminder that a company doesn’t have to buy a stake in or acquire 100% of a company in order to unlock synergies and gain access to know-how and market access.

Read the article, "How to Build a Global Business in the 21st Century" at The Economist (requires free trial subscription).

Today in Global Small Business: Recap of Warren Buffett’s Comments at the Berkshire Hathaway Annual Meeting 2024

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What's affecting me, my clients, my colleagues and other global small business owners:

• Full report on the Berkshire Hathaway Annual Meeting 2024.
• US campus protests:  Final memories for some students.
• A quick view of what Lumiere is capable of (Google AI generating video service).
• Quote of the week:  "If you are lucky in life, make sure a bunch of other people are lucky too." – Warren Buffett (2024) 
• Look out Shopify and say hello to Swap, for DTC players in e-commerce.
• Economic outlook from OECD: Steady global growth expected for 2024 and 2025.

Not Enough Bridges

©2024 Laurel J. Delaney.  All rights reserved.

"We build too many walls and not enough bridges." – Isaac Newton

U.S. and China Talks On AI Could Have Far-Reaching Implications For the Future of Global Commerce

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The high-level talks between the U.S. and China on artificial intelligence (AI) could have far-reaching implications for the future of global commerce, experts say.

U.S. Secretary of State Anthony Blinken has announced that the two countries will conduct their first high-level talks on AI, emphasizing its growing importance. The discussions are poised to cover crucial aspects of AI technology and regulation, and the outcomes may influence regulatory frameworks, technology trade policies, and cooperation in technological advancements. 

The U.S. has tightened restrictions on Beijing’s access to advanced technology and is nearing a ban on the social media app TikTok unless its Chinese parent company ByteDance sells it. 

Massive Area of Growth: Global Expansion

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Shopify President Harley Finkelstein wants to make your customer base global.  So do we.  Simple as that.

"International is a massive area of growth for us,” he [Finkelstein] said. “So not only can any brand of all sizes use Shopify, but once they start selling with us, we want to make it default global, meaning we want their customer base to be global.”

We are all for it!  Yes!  Bolster your global business.

Look Who Is Giving Courses on AI?

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The artificial intelligence  (AI) courses Coursera offers are designed to help prepare you for a career in machine learning engineering, intelligent systems design, data science, robotics, and natural language processing, equipping you with cutting-edge skills in this evolving field.

Check out which companies are educating the masses.