The powerful role of the internet in the business world
Business changed the day we discovered the internet. The internet plays a major role in making many entrepreneurial dreams come to life. Shrewd business men have worked their way around this faction that has leapfrogged to the biggest form of communication in the corporate world. Business owners are looking to cut back on expenses like marketing and research which once cost a fortune in the past. Businesses both small and big have adopted terms like E-marketing and E-strategizing as replacements. The internet today has a big contribution to general economic growth in most parts of the world. According to an article in the business insider, internet as a sector is about 3% of GDP or bigger than agriculture and energy.
The sooner you incorporate the internet into your business, the faster it will move to the next level. It will save you some money you might have spent on experts to do the less sophisticated work that cheap freelancers online would do. Internet has not just created better channels like social media, blogs and websites for marketing and advertising; they have gone a step further to creating job sites for different companies looking to hire cheap labor. The cost of work online will surprisingly cost less than it would cost hiring a native expert to do that same job.
Companies today are vastly extending their cost cutting to the labor departments, outsourcing some jobs to online companies to get the work done much cheaper than before. The internet has created a virtual world a lot cheaper and reliable than the real world.
How internet has improved business and general economic growth?
Better communication channels; forget telegraphs and mail systems that didn’t look into the time factor and consequently strained communication between companies and clients in the past. Today thanks to the internet, communication is an instant shift. Communication is a primary attribute for success in the business world.
Cheap marketing and advertising; the old antics of product advertising were quite costly that failure for products to get off the shelves meant collapse of many companies in the past. They couldn’t realize enough profit to keep them operational.
Instant growth; with one link shared in different networks could easily push up business for a start-up. Social media is quite the common channel for many businesses with limited or no funds set up for advertising. Today it is quite a reliable channel to drive up business at nearly no cost allowing the business instant growth with limited expenditure.
Labor outsourcing; the internet has for the past years been a fix to a lifetime of entrepreneurial headaches one of them being labor productivity and cost. Today organizations have sought other job sites to help get the best skills at the lowest rates. A stop-gap to the problem that rocked organizations in the past century.
New business ventures; due to cost cutting that has evolved in the business world, owning a business isn’t all that myth. Operational costs are often the biggest worries of any aspiring entrepreneurs. Today the costs have gone down and it is much easier to chase that dream