Increased profitability, a broader market base and mitigated risk in business are goals that every company should strive to achieve. Small businesses are now turning to exporting to reach these goals. 98 percent of U.S. exporters are medium-small businesses, but they only account for 1/3 of the value of all U.S. exports. The following are reasons why many small businesses are increasing their volume of exports:
- 70 percent of the world’s purchasing power is found outside of the U.S.
- There are easier and more accessible exportation opportunities than ever, due to advancements in technology and international relations
- Exporting provides increased profitability and growth, with a broader market base
- There is less risk due to a wider dispersion of commerce and the company is not dependent on the economy of a single country
The true potential to increase small business exportation is still largely untapped, but many small business owners get so caught up in the day-to-day operations of their companies that they simply miss out on such opportunities.
To assist in the commencement of international trade, there many local are organizations that can help small businesses begin exporting. One such organization is the U.S. Small Business Administration (SBA), which provides the needed guidance and resources to begin international operations. Another resource for assistance in exportation is the World Trade Center Utah (WTC Utah), which offers services that connect Utah small businesses with international connections and present educational seminars about exporting.
To help small and medium sized businesses engage in international trade, WTC Utah, the Governor’s Office of Economic Development, the Export-Import Bank of the United States and the Salt Lake Chamber are holding the Small Business Exporter Forum on May 2nd.