Exporting is not just for the big brands. Small businesses (those with fewer than 500 employees) make up 98% of the US’s exporters. You read that right — small businesses are earning the majority of the USA’s $1.2 Trillion in exports. Exporting is one of the best strategies for ensuring your small business is profitable and continues to grow year after year. Here are five reasons why exporting is a smart business decision in 2022.
1. Find New Customers.
If the globe is your pipeline, you’ll never run out of prospects. Strategic market entry and expansion are critical to keeping your pipeline full. Focus on the markets with high demand for your products and services. Polymer Technologies has focused on Mexico for the past five years. Now they have two top clients there that generate nearly 1 million dollars of business annually. https://export.delaware.gov/2021/06/09/long-term-focus-helps-this-delaware-exporter-win-big-in-mexico/
2. Increase Profitability!
The ITA says, “companies that export are 17 percent more profitable than those that don’t.” Small businesses who export report that 20 percent of annual earnings come from international customers. If you’re not exporting, you’re missing out on 20% of sales!
3. It’s Never Been Easier to Export.
The internet, video conferencing technology, sophisticated shipping logistics have streamlined international business and made things simpler. You can develop a strong book of global customers and not even leave your desk.
4. Stay Competitive.
If you’re struggling to edge out your local competition, you may have more luck overseas. Prospective clients may not know about your US competitors, and guess what — they don’t need to! You will find a competitive edge overseas and grow your market share there.
5. Increase the Knowledge and Expertise of Your Team.
The ITA says, “Exporting adds to the knowledge and skills of everyone in a company.” You’re only as strong as your team. It’s essential to have sharp, upwardly mobile individuals working for you, so you can continue to compete in your industry. When your team is made up of savvy professionals who can navigate international business deals, you can’t lose.
It’s never too late to get started. Draft your international marketing plan for 2022 and figure out where your organization can expand and find new customers. Export Delaware is here to help, and we may be able to offer you STEP Grant funds to help cover the costs of your export-related expenses.
Here are some examples of how you can use STEP Grant funds to expand your exports:
- Booth fees for exhibiting at a tradeshow overseas
- Travel expenses (hotel and airfare) for visiting potential clients or distributors in another country
- Fees to work with the US Commercial Service on International Partner Search
- Fees associated with obtaining your CE Mark
- Expenses for translating your product manual into another language
- Expenses for optimizing and localizing your website for a foreign market
Contact our team today at firstname.lastname@example.org, or fill out your STEP Grant application here.