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