10 Financial Tools to Grow Your Export Business
The U.S. Department of Commerce reported 2.35 trillion worth of goods and services were exported in fiscal year 2014, a record year for export growth, mostly done by small businesses. Learn about the financial tools businesses like yours can use to take advantage of this trend.
Smaller Companies Have Vast Untapped Export Potential
According to the Small Business Administration, small businesses have generated the majority of net new jobs over the past decade. Helping these firms grow by selling internationally is important to our economy.
Less than one percent of America’s 30 million companies export – a percentage that is significantly lower than all other developed countries. And of U.S. companies that do export, 58 percent export to only one country. Many businesses could benefit from learning more about these international opportunities and resources available to help.
Small and medium-sized companies account for 98 percent of U.S. exporters, but represent less than one-third of the known export value of U.S. goods’ exports. (In 2010, there were over 293,000 identified U.S. exporters, 269,269 of which were small or medium-sized.)
The Oklahoma Manufacturing Alliance’s ExporTech program helps companies to enter or expand in global markets, by assisting in the development of a customized international growth plan, vetted by experts, and by building a team of organizations that helps companies move quickly beyond planning to actual export sales. With the weak dollar and rapid growth in many emerging economies, exports sales are the fastest growing segment of the market. In addition, many U.S. firms that survived stiff global competition are now in a better position to compete in international markets. The ExporTech program leads companies through a facilitated process that prepares them for profitable growth in global markets.