If profits are dwindling month-on-month because you’re struggling to increase customer share then maybe it’s time to look to untapped overseas markets for salvation. For according to the US government, less than one percent of America’s 30 million companies export – a percentage that is significantly lower than all other developed countries. So there’s plenty of room for your company!
A favoured market for US exporters is the Middle East, and in particular the oil-rich countries which make up the GCC, the Gulf Cooperation Council. The GCC – comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates – is an area well known for stable government, stellar GDP growth rates, innovative banking and millions of high-spending expats and nationals eager to snap up American goods.
There are a string of solid reasons why any business, struggling or otherwise, should seriously consider exporting. According to the US government, they are:
Better access because of improvements in trade finance and trade agreements, and because of technological developments such as the Internet. All of these have greatly increased access to world markets.
Increased access also means more demand. If your company is not competing for a share of the more than 70 percent of the world’s purchasing power found outside the borders of the United States, your competitors will almost certainly be doing so. You need to join them too.
Profitability, which surely is the name of the game. All sizes of businesses can make profits exporting. Sales will tend to grow faster allowing the creation of more and possibly better-paying jobs for employees compared to non-exporting firms.
Competitive advantage because of the high reputation and quality US goods and services enjoy across the world. US firms are also known for their sound business practices and excellent customer service.
Risk reduction because exporting companies are usually affected less by the peaks and troughs in the US economy which can often have a major impact on businesses reliant only on the home market.
The US Commercial Service is literally a one-stop shop when it comes to help with exporting. It’s just waiting for you to get in touch. Many smaller businesses are so busy running their day-to-day operations that they don’t consider their export potential. And often companies think exporting is too burdensome, or are not aware of the export and financing services offered by the US government.
When companies first begin looking overseas, the challenges posed by operating within international markets often appear daunting, if not impossible. But that’s when the US Commercial Service comes into its own.
The US Commercial Service says, “Every year, the US Commercial Service helps thousands of US companies navigate those challenges to export goods and services worth billions of dollars. Located in 108 cities across the United States and US Embassies and Consulates in more than 70 countries, its global network of trade professionals opens doors that no one else can.
“Whether you’re looking to make your first export sale or expand to additional international markets, the US Commercial Service offers the trade counselling, market intelligence, business matchmaking, and commercial diplomacy you need to connect with lucrative business opportunities.”
There you have it, all the help you could ever possibly need to succeed overseas. As a final thought, small and medium-sized companies account for some 98 percent of US exporters. So why don’t you join them? Check out the US Commercial Service here.