Globalisation is the process in which businesses or other organisations develop influence or start operating on an international scale. At least that’s what you’ll read if you look it up in a dictionary, though the definition may need to be changed after we feel the full effects of the coronavirus pandemic. There’s even a chance that globalisation could be reversed completely, due to the impact of Covid-19.
Over in the United States, Donald Trump believes that America could be more or less fully recovered from the virus within two weeks, though statements like this are one of the reasons many people don’t listen to what he has to say on such big worldwide events. It is estimated that a vaccine could be developed by the early stages of next year, but with the amount of lives that are being lost, there’s no way we can return to normal any time soon.
The reversal itself
The reason behind many people believing the Coronavirus outbreak could lead to the reversal of globalisation, is because businesses will struggle to keep shifting products across the world with travel and global sales limitations still in place. If you source your product from the country you sell it in, or don’t have to rely on other parts of the world to make sales and receive cash flow, you may reap the rewards of extra custom with shoppers no longer being able to use the same large companies the same way as they could before, and you may find people using physical shops more once again if online shipping is affected by this current incident on a long term basis.
It isn’t so much that international trade will cease to exist, but it may crash down to a level that is currently unrecognisable from the point of view it is currently in at the moment.
The BBC have reported that even though globalisation has been one of the big buzzwords of the past 25 years, it could quickly be shifted completely by the follow up events of this current pandemic.
They say that, “It may seem a rather strange concept, since any economic historian will tell you that people have been trading across vast distances for centuries, if not millennia. You only have to look at the medieval spice trade, or the East India Company, to know that. But globalisation is really about the scale and speed of international business, which has exploded in the past few decades to unprecedented levels. Easier travel, the world wide web, the end of the Cold War, trade deals, and new, rapidly developing economies, have all combined to create a system that is much more dependent now on what is happening on the other side of the world than it ever was. Which is why the spread of coronavirus, or Covid-19 to be specific, has had such an immediate economic effect”.
The global economy could face a financial crisis far beyond the extent of anything we have come to know thus far if globalisation comes to a sudden point of reversal. Without world trade, relying on home grown products would be a major shift for the modern world to come to terms with. Goods and services would be impacted on an absolutely massive scale, but only time will tell the true story of what will ultimately follow the coronavirus when the pandemic finally reaches its end.
If our smaller home grown businesses can manage to survive this dire period of time, they may just benefit afterwards and find that this news really helps them. Companies and shops from all different industries of business will need a major boost in order to ensure they’re in a bolstered position once they return back to normality, once again being able to make sales and welcome customers through their doors.
Independent high street shops are currently in the battle for survival, but if they can manage to make it through, they could come out the other end of this testing time with a boost to business, and one that will be well and truly needed by that point. A reversal of sorts of globalisation would be a remarkable thing for smaller businesses such as these because they would still be able to make and sell their products at the very same rate, unlike lager companies that have to have items shipped in from around the world or sell them on an international level, rather than a solely national selling stage.
Your local businesses could become more prominent in your community thanks to this shift, and it may even be a great time for hopeful small business owners to turn their dreams into a reality with new venture opening opportunities if popularity and sales grow in this size of business after the pandemic.
What can the businesses do to survive right now?
There are a number of things you can do whilst trying to make you way through this extremely tough interrupted period of time with your own business. Utilise social media more during this timeframe, for example. This will allow you to connect further with the customers that you’re currently being kept away from.
Social media can be a great way to convey a message to your customer base, and that is exactly what you should be aiming to do around this period of time. Communication between business and clients or customers is vital in keeping up to date with everything that’s going on while we’re all having to stay at home.
This would also be a good system to utilise when you’re planning on returning back to work. Conveying over the message that you’re due to reopen will let people know when they can expect to purchase items from you once again, giving them some time to gather funds and get themselves ready to shop with your company once more when it finally has the chance to reopen.
During the lockdown period for many businesses, it is important to keep yourself optimistic wherever possible, don’t merely give up on your venture. Actively search for new ways to customise and alter your business to suit the needs of people during this strange period of time. Many restaurants and bars have started to offer home food delivery and takeaway services they didn’t before, so get inventive with it and try to maximise your sales the best that you can. Now is a great time to help each other and look out for another, this can mean working with other businesses in order to find the greatest results for yourself as well.
If globalisation is well and truly reversed, or even just to a certain extent, it could be a huge factor to consider for businesses of all sizes. They will have mammoth sized decisions to make and it could change the way they do their actual business forever. Only time will tell us the extent of the shift, but it is fair to assume that if you’re the owner of a local, independent business, you might just be able to receive a boost and some much needed luck by the time this troubling period is over, if you can maintain survival in the mean time
Extended periods of working remotely to turn permanent
The return of high street shops and other non-essential businesses is on the horizon and will be in full effect by June 15th. Though, office spaces and other job roles that can be fully completed form home are on track to remain that way. Of course, this is because of the safety measures that are being put into place due to the ongoing effects of Covid-19, but it is only adding more time for people to get used to working from home, and employers to envisage how well work can be completed this way.
With more time than originally expected to be added on to life this way, working from home is truly becoming the new normal for a huge number of people in the UK. As we further understand how to be proactive as employees from a remote location and develop the techniques needed to be a standout worker in this sort of environment, it becomes obvious that as time goes on, we will become more skilled in the aspects that we now need. Much like any job role, the more exposure to it you receive and the more experience you can gain within it, the better you’ll likely be.
This will clearly big an impact in the somewhat reversal of globalisation within Britain. While ever our work stays at home, our business is ever more likely to as well. Simply put, communication between companies and business people in general is easier to establish from a closer location to one’s self, meaning that while ever we progress our skills in relation to working from home, our communication skills will in turn develop this way too. In fact, communication will likely be lead with more confidence as time goes on, as well as get progressively used to video calling on applications such as Zoom, etc. because we know everybody else is also in the same boat.
This is why working from home will probably become a permanent thing for the employees of many companies across the UK, both large and small. As this extended period of time (which is still ongoing due to the pandemic) is giving us the space to develop our skills in this way. Companies will, without question, latch onto the idea that keeping employees working remotely will ultimately save them money. They cannot be blamed for wanting to avoid the costs of office spaces and bigger locations if this way of working proves to be a success for them.