Competition in the business world can breed new ideas and help several companies improve and grow concurrently. After all, without challenges from near-rivals, it can be all too easy for an enterprise to rest on its laurels and stagnate.
That mantra remains true both here in Australia, as well as overseas. Consequently, staying competitive in the global market should be a priority for enterprises on these shores. Not only can organisations – big and small – that trade with foreign parties grow their own operations, they can also have a profound affect on this country's economy.
So, how are Australia's businesses faring?
Australia on the rise
Well, according to research collated by the World Economic Forum, Australia is the 20th most competitive country in the world. That may sound like a relatively middling position, but the gross domestic product per capita of the country has been steadily on the rise since 1980.
Boosting Australia's competitiveness overseas is reliant on a number of factors, but one of the most notable is investment in innovation. A report from McKinsey & Company suggested Australia lags behind other well-developed countries when it comes to intellectual property rights.
Consequently, organisations on these shores need to attempt to do more when it comes to not only devising creative, unique products, but protecting them across the globe, too.
A question of taxation
Overarching improvements in competitiveness can only be unlocked when organisations have solid business development strategies in place. However, taxation legislation could also be another barrier that has to be overcome.
A report published by the Department of Foreign Affairs and Trade explained that changes may be needed to enhance the competitiveness of Australian businesses. Ultimately, when it comes to business tax accounting, the most savvy organisations may be able to unlock more from their operations overseas if they're fully aware of the applicable legislation.