To Recession-Proof Your Global Business, Focus On Customer Loyalty and Go Deeper With Them

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As John DiJulius says in this article, customer loyalty is every company’s greatest asset in any economy.

Redirect your marketing budget to focus on the loyal customers who are trying to give you more of their business. Go deeper with them, build stronger relationships, anticipate their needs, follow up, say thank you spontaneously, and fix what needs fixing. Fight for everyone in your customer base and watch your cash reserve grow.

That's your start to recession-proof your business.  Wait, there's more.

Powering Commerce. Driving Growth.

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A holding group that serves global brands and is known for its work in the retail space, AdvantageSolutions, a has launched a new ecommerce agency called Advantage Unified Commerce (AUC).

The new agency offers in-store and digital media, multichannel activation, attribution and analytics, and access to AUC’s creative teams and proprietary technology platform. Data underpins the offering, which AUC gleans from mobile app integrations, store-level data gathered by in-store merchandisers, and SKU-level data from third parties.

Learn more about powering commerce.  Driving growth.

Reversal of Roe v. Wade: Impact on Women Entrepreneurs

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SBA Isabella Casillas Guzman said that last week’s Supreme Court ruling overturning the 1973 Roe v Wade decision would “jeopardize the civil liberties of millions of women.”

One of the greatest impacts will be on women entrepreneurs.

Entrepreneurs and other self-employed individuals attain health insurance through Healthcare.gov and other insurance companies. Some insurance companies cover “reproductive services” but may not cover the costs of an abortion. According to statistics from April 2022, the average cost nationally for an abortion in the first trimester is $600 and in the second trimester, $900. 

Emotions and opinions are strong, with little common ground, as evidenced in Michigan.

Today in Global Small Business: Colossal Mistake to Overturn Roe v. Wade

©2022 Laurel J. Delaney.  All rights reserved.

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

• Colossal mistake:  Roe v. Wade overturned.  #womendecide #womenchoose
• Abortion decision means more anger and strife.
• Thousands protest end of constitutional right to abortion.
• Officials plan their next moves after the fall of Roe v. Wade.
• Quote of the week:  [Time] Editor’s Note: This story, originally published in 2018, explores Ruth Bader Ginsberg’s views on abortion rights and Struck v. Secretary of Defense—the case that the late Supreme Court Justice argued that she wished legalized abortion, instead of Roe v. Wade. On June 24, 2022, the U.S. Supreme Court ruled 6-3 to overturn Roe v. Wade.
• Huge setback on Roe v. Wade.

Best Therapy

©2022 Laurel J. Delaney.  All rights reserved.

"Kittens are the best therapy." – Beth Ostrosky Stern

Entertaining Diversions

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Although evolution has hard-wired us to be negative, we have the ability to change by adopting new thought patterns and "entertaining diversions" that can help us to accentuate the positive.

How do we define happiness and can we actively make ourselves happy?

The happiest people benefit from close social connections and resilience against life's complications, according to scientists and researchers on the subject, and there are clear steps we can take to improve our chances of happiness.

Read on to feel happier according to science.

Where Forecasts Went Wrong On Trade Globalization

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According to the International Monetary Fund, the prediction that expanding production networks and trade globalization would make the world economy less resilient turned out to be wrong. Why?

The question has two components: (1) Why did demand for traded goods boom? (2) How could supply increase to satisfy this unprecedented expansion of demand?

Read on about globalization and resilience.

Factors to Consider When Scaling to a Global Workforce

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As Davis Nordell, technology senior analyst with RSM US LLP, writes, "The globalized economy and the possibilities of remote work mean companies are considering building international workforces. But you need to plan carefully for any international expansion.

Despite the current problems plaguing supply chains, tech companies — especially those outside of the hardware sector — have limited exposure to or concern for supply chain risk. This insulation can make a rapid global expansion all the more attractive to early and mid-stage technology companies that may not yet have a significant international presence. 

Without a thorough understanding of the risks, logistical and compliance needs, and cultural considerations required to maintain a cohesive business structure in a variety of international markets, however, organizations will set themselves up for failure.  Again, plan early and carefully, to avoid hiccups.

Elevate Equity Inside and Out

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Consumers want to support brands that represent them and their values. And organizations that have made DEI efforts a core priority also recognize that it’s just as important to feature representation in front of the camera as it is behind the scenes.

How can global marketers do this? There are multiple ways across an organization’s ecosystem, of which Deloitte has highlighted three within their Authentically inclusive marketing article.  While you are at it, check out their Global Marketing Trends 2022.

Today in Global Small Business: Freightos Agrees to SPAC Merger

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

• Freightos, a fast-growing ocean and air freight marketplace similar to Expedia in air travel, announced recently it is going public through a merger with Gersher Acquisition Company.  Some interesting investors to date - surprise, surprise.
• Maersk boss say global trade is not going in reverse (might require registration).
• Roku and Walmart partner in exclusive streaming ecommerce offering.
• Retail sales slump?  Not if you operate in clothing.
• Quote of the week:  “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.” – Jeff Bezos, Founder of Amazon.com
• Who knew we needed to read Trade Therapy.

A Bicycle Ride Around the World

©2022 Laurel J. Delaney.  All rights reserved.

“A bicycle ride around the world begins with a single pedal stroke." – Scott Stoll, a Community Professor who travelled around the world on his bicycle

Go Beyond: Ensure LGBTQ Employees Feel Included

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According to two LGBTQ leaders at Bain & Company, pride means many different things in the queer community.  It means celebrating the individual ways in which we all contribute in the workplace with our distinct backgrounds, experiences, perspectives, and abilities.

That means recognizing that we all do our best work when everyone can show up as, and be celebrated for, their full, authentic selves. This is what constitutes true inclusion. 

Read on to learn about their study and findings.  For example, "That what makes employees feel fully included in an organization is distinct for different groups, and that an intersectional lens that captures a multiplicity of identities enables companies to tailor their inclusion efforts most effectively."

You Tell 'em Tom

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If I [Laurel J. Delaney] could write a better opinion piece on the Middle East, golf and M.B.S., I would.  But no need to.  Tom Friedman did.  Thanks!

Saudi Arabia Should Take a Mulligan on Golf. Here’s What It Can Do Instead.

Turn Up Your Imagination

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By force of habit, most executives tune down their imagination when strategizing. This is counterproductive, the authors of the article below argue.  Instead, they offer an alternative: Design fiction. 

A design technique that immerses executives and employees deeply in various possible futures, it uses artifacts such as short movies, fictitious newspaper articles and imaginary commercials to generate transformation roadmaps. Rooted in the future but helping to act in the present, design fiction results in concrete actions taken to adjust companies’ visions, strategies, and activities to create a better future.

Read this so you don't miss out on important opportunities to envision, and design, possible futures the world over.

Being a Good Global DE&I Leader

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How do you define Diversity, Equity, and Inclusion as it relates to your career?  How comfortable are you with differences and variety with the people you work with within your company?  What is something you can do to step into the role of an ally or advocate to serve and support others in your workplace?

All good questions.  Read on to get some answers and learn how to raise awareness for others on how they can get involved and take action to make a difference in the lives of those around them.

Today in Global Small Business: 7 Language and Learning Apps for Travelers

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

• The 7 best language learning and translation apps for travelers according to R.T. Watson for the WSJ.
• Here comes Pico by ByteDance.
• Find, hire and pay remote employees in 160+ countries just got easier.
• Chipotle creates a $50 million fund to invest in early-stage tech companies.
• Quote of the week:  “Translation is not a matter of words only: it is a matter of making intelligible a whole culture." — Anthony Burgess
• Christine Lagarde, President of the ECB says, "High inflation is a major challenge for all of us. The Governing Council will make sure that inflation returns to our two per cent target over the medium term."

Love Is the Flower

©2022 Laurel J. Delaney.  All rights reserved.

"Love is the flower you've got to let grow." – John Lennon

Overcommunicating Is Essential in Our World

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In March, Global Business Fellows (GBF) students presented their final consulting report to executives at Uber in Madrid, Spain, as part of their Global Business Experience course (GBE).

“My biggest takeaway from working with a foreign client was that sometimes overcommunicating is essential,” said [Lindsay (SFS’22) Bing [a member of a student team that consulted for Uber on three different business challenges in the areas of commercial partnerships and customer experience]. “We found that being prepared with a lot of questions for our weekly check-in meetings was the most effective use of our time to both clarify expectations and refine our work."

Read on to see how this was such a culturally and professionally enriching experience for all involved.

Globalization Is Alive and Well

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Even as its justifications and the global economy change, the current skepticism toward free trade and globalization remains misguided. 

Yes, free trade is under greater attack today than it has been in decades, especially in the United States. 

Despite continued public support for foreign trade and globalization generally (even during the height of the COVID-19 pandemic), a bipartisan cadre of American politicians and pundits is increasingly skeptical of, or downright hostile to, the longstanding consensus in favor of trade liberalization.

America can join with more free trade or it can miss out.  Fortunately, rumors of globalization's demise have been, yet again, greatly exaggerated.  Globalization is alive and well, just changing. 

Creating a Sense of Community

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“It’s not just about being comfortable, but about creating a sense of community,” Bruno Paneghini, CEO and president of B Corp Reti, explains in Italian, via a translator. To that end, Reti organizes events centered around books, food, and art, not just for staff but for locals; it held 14 such events in 2021. The idea of an on-site restaurant and food education facility is in the works, too.

All over the world, businesses are increasingly beginning to acknowledge how much they are, and should be, a part of the communities they inhabit. But their actions sometimes feel out of alignment with the goal.

Read more about what Italy's B Corps can teach global business about community. 

Ryan Heath Says Globalization Isn’t Over, It’s Just Outgrowing the World Economic Forum

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As Ryan Heath, Editorial Director of Global Growth for Politico says, "Once upon a time globalization was mostly about economics: intensifying trade, falling tariffs, outsourcing and the rise of multinational brands."  He goes on to say, "No longer. Today political risk is multiplying and power is decentralizing, changing globalization with it."

Tensions were on full display recently in Davos.

Columbia University’s Adam Tooze [professor of history] rejected the idea that globalization is ending. “It’s B.S. Ending globalization? Life as we know it would cease to exist,” he told POLITICO. “When people say this, they’re either naive or apocalyptic,” he said, adding “it’s a bad way of thinking about the problem.”

"Globalization isn't over, it's just outgrowing the World Economic Forum," says Heath.

Today in Global Small Business: The iOS App Economy

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

• Smaller and emerging developers find global success on the App Store – showing the iOS app economy continues to grow.
• How to build resilience in emerging economies? Support global small businesses.
• Staying global:  3 steps.
• Quote of the week: “I'm rarely invited to start-up parties, but who cares about their trinkets and apps anyway?" – Evgeny Morozov
• Conversations at Davos:  From Russia to China.
• To manage global supply chain, manage proactively.

Who Could Not Be Happy

©2022 Laurel J, Delaney.  All rights reserved.

"With freedom, books, flowers and the moon, who could not be happy." – Oscar Wilde and the photo is of a Little Free Library

Tiny Desk Concert: World Renowned Yo-Yo Ma

Oh Everything Is Messed Up Right Now: War, China Covid Curbs, Shootings, Global Supply Chain Woes, Inflation and Rising Interest Rates

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Manufacturing growth slowed last month in economies as diverse as France, Japan to Malaysia, business surveys showed recently, illustrating the challenge policymakers face in trying to combat inflation and a whole heck of a lot of other things while not stifling anaemic economic activity.

Global growth in factory activity slowed in May as China's strict coronavirus curbs and Russia's invasion of Ukraine disrupted supply chains and dampened demand, adding to woes for businesses already struggling with surging raw material prices.

Oh, it's everything right now, not just one thing.  What's a global business owner to do?  I [Laurel Delaney] will tell you:

1. Be an effective leader
2. Cut expenses
3. Conserve cash
4. Focus on quality
5. Control spending
6. Lower risk
7. Cut staff
8. Raise prices
9. Maintain existing profitable exports

Do most of the above, and you will at least make it through a very next rough 18 months.

Global K-Pop Stars BTS Go to WhiteHouse to Stop Asian Hate Crimes and Discrimination

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With their dance videos and catchy songs, Korean band BTS is one of the most popular pop bands in the world. At a White House press briefing, they talked about the importance of inclusion and representation.

Last year President Biden signed into law the COVID-19 Hate Crimes Act to give law enforcement resources to investigate crimes against Asian Americans and Native Hawaiian and Pacific Islanders.