owners , it is the problem of scale that frightens them .
However , studies have consistently shown that a significant percentage of exporters globally , are small businesses .
The size of the exporting company matters little for most international traders . What matters is quality , competitive pricing and importantly , continuous availability of goods .
Evidence shows that small and mediumsized businesses that export achieve higher turnover growth , innovate more and create more jobs ; but it ’ s only fair to note here that exposure to international competition also brings challenges and risks .
Another good reason to export is that your local product can sell for much higher in the international market than it does in the domestic market . Several products conveniently fall within this category including textiles , locally-made products and food products .
Rather than waste time trying to crack the local market code , it just might be worthwhile seeking out markets overseas where your product could be in demand . foreign exchange for it . The local markets are competitive and there ’ s only so much marketing you can do . Consider taking the excess into the international market place but be mindful of the quality , the packaging and be sure to play by the rules .
Higher profit is one benefit of taking your business global ; building international partnerships is another ; and what ’ s more ? A study done by professors at USC and the University of Minnesota in the United States found that two years after exporting , exporters file seven times MORE patents and deliver four times MORE product innovations than their nonexporting peers . That ’ s because exporters can often access diverse knowledge bases not available in the domestic market .
Take a look at your local sales . If you ’ re successfully selling your product or service in Nigeria , there is every chance that demand for it will exist overseas .
This might just be the right time to start thinking of taking your small business global .
Talk to us at IEOM , we may be able to help you get started .
One last reason ( there are many more that we can ’ t cover here ) to export is the possibility of selling your excess product in the international market and earning