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:
Access. Today, improvements in trade finance, the Internet, and trade agreements have dramatically increased access to markets worldwide.
Demand. More than 70 percent of the world’s purchasing power is located outside of the United States. Your competitors are increasing their global market share, and you can too.
Profitability. Exporting can be profitable for businesses of all sizes. On average, sales grow faster, more jobs are created, and employees earn more than in non-exporting firms.
Competitive Advantage. The United States is known throughout the world for high quality, innovative goods and services, customer service, and sound business practices.
Risk Mitigation. Most companies that export have an easier time riding out fluctuations in the US economy and are more likely to stay in business.
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.
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.