5 things about business that won’t change
The COVID-19 pandemic and the public health response is causing the fastest decline in global business in modern history. However, as uncertain the future may seem, some things will still stay the same.
International trade, travel and investment are plummeting to unprecedented levels. Many are claiming the beginning of the end of globalisation. For those proclaiming a return to protectionism, the coronavirus has come as an unexpected gift that will have long-term effects on movement of both people and goods.
Business is looking for new supply chains and several countries are debating whether to bring manufacturing home. For many regions of the world, strict visas, travel bans and export restrictions are still in place. It is hard to imagine that the world of business will be the same again. And maybe it won’t. But there are still a number of things about business which will not change.
“The only constant we know is change. That is not going to change – ever," says Dr Paul Kalfadellis, Director of the Master of Global Business at Monash Business School.
"Whether it is globalisation, de-globalisation or the closing of borders, you will still need to understand what this means for business.”
"The only constant we know is change. That is not going to change – ever"
Historically this is not the first time the conditions for global business have shifted. Wars, conflict, natural disasters and pandemics shape the way countries act in the world.
“At the moment, there is a vacuum in world leadership, whether it is the US, China, Europe or Russia, all are pursuing their own thing, while still looking to influence everyone else’s business,” says Dr Kalfadellis.
Here are five iron-clad things everyone engaging in business needs to understand will not change:
- The imperative for trade and commerce
How business is conducted may change, but the need for global business will not. We may be headed for a more protectionist period but trade will never cease.
- Power plays between government and business
This dynamic is like some relationships; the pursued and the pursuers. Government will continue to shape business through rules and regulations, while business will look for ways that rules and regulations can work in their favour.
- The disruptive influence of innovation
Corporate success can be myopic, with some firms failing to see the old ways of doing things won’t continue to reap dividends. Innovation can lead to new ways of doing things, creating new products and markets and leaving behind those firms which are ‘stuck’ in the idea of "this is how we have always done it”.
- Geo-political intrigue and its consequences
Friends one day, foes the next! The consequences of swiftly changing global political relationships are here to stay. It pays to be on your toes at all times.
- Environmental uncertainty
Savvy organisations have been factoring this one in for some time. In the face of this uncertainty, business success or failure may come down to your best predictions what is around the corner. But conditions are constantly changing within business environments whether it be new technologies, recessions, climate change, or pandemics.
If you want to be on top of what’s happening next in the world of business, and really want to understand the power plays at hand, the Master of Global Business at Monash Business School might be the right path for you.
This specialist master’s program is all about building advanced knowledge and practices from business strategy, diplomacy and trade policy to international trade law, sustainability and inter-cultural communication to drive success in the dynamic world of global business.
If you have relevant employment experience and an Australian Bachelor's Degree, this could be the perfect course for you. Find out more about the Master of Global Business and how it can advance the way you understand and address global business issues and challenges