2019: The Year to Plan Your Company’s Export Strategy

aerial view of cargo ship at loading dockWe say it every year, but it’s hard to believe another year has come and gone. 2018 was a year of professional and private ups and downs for most, but as we usher in 2019 many businesses look for new and sustainable ways to find customers and grow sales.

Economists and investors largely agree that the United States is due for another economic slump in the coming years. With the threat of another recession ahead, a targeted export growth strategy now, could be what sets one business ahead of others in an economic downturn later.

History has shown that companies that export are hardier, meaning that their broadened portfolio of customers outside of the United States bolsters their ability to handle currency fluctuations, varying consumption trends, and flagging employment rates. This makes sense when one considers that a poor economic year in the United States does not often mean the same for other countries. This was made evident after the Great Recession, when it became clear that the Financial Crisis of 2008 impacted developed countries in North America and Europe much more significantly than developing nations such as India. During this period, businesses that were already established in the global marketplace had a much less difficult time making ends meet, often relying in whole or in part on their export sales department.

It is also worth noting that companies that export are typically more profitable and pay higher wages than their non-exporting counterparts. So even if the economists are wrong and the U.S. economy remains in a state of growth and full employment for many years hence, an export strategy is an effective and energizing way to bring in the bacon. What’s more, with the prominence of platforms such as Amazon proliferating the field of e-commerce, there are more and more ways to easily reach customers abroad.

A great way to get started with an export strategy is to contact your local SBDC. The Florida SBDC (Small Business Development Center) has a network of international trade specialists around the state that can assist you with the development and implementation of an export strategy that fits your business culture and your financial goals. You may even be eligible for an Export Marketing Plan grant, which covers the majority of the cost of having an Export Marketing Plan written exclusively for you and your business by a trade specialist with experience in the field.

For more information about getting started with your own export strategy, please call (904) 620-2476 or reach us on the web at /sbdc-services/international-trade/.

by Julia Montgomery, International Trade Specialist, Florida SBDC at UNF

 

 

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