Posted January 21, 2021
Today, it’s more practical than ever to sell goods and services across the globe. Most of the world’s potential consumers are outside of the United States, and the global affinity for Made in USA products and services is second to none. Many exporters continue to boost their bottom line and build their competitiveness by selling to world markets, and you can too. U.S. small and medium-sized companies—firms with fewer than 500 employees —account for 98 percent of the nearly 280,000 exporting businesses. The internet, improved logistics options, and array of federal, state, and local export assistance has made exporting more viable for even the smallest businesses. In 2019, the value of U.S. goods and services exports was an impressive $2.5 trillion. And as thousands of exporters can attest, diversifying your customer base through exporting can help to weather changes in the domestic and global economies.
If you are looking to export you may have asked yourself, “Is it worth all the effort?” Exporting can be one of the best ways to expand your business:
- Grow your bottom line (companies that export are 17 percent more profitable than those that don’t).
- Smooth your business cycles, including seasonal differences.
- Use production capabilities fully.
- Defend your domestic market.
- Increase your competitiveness in all markets.
- Increase the value of your intellectual property should you choose to license it.
- Increase the value of your business should you choose to sell it.