Exporting to Grow your Business
Exporting allows companies to diversify their risk by having revenue streams from different markets and divergent economies. Along with the increased sales potential, there are opportunities to achieve greater economies of scale and maximize productivity – and profitability, within your business. Exporting helps offset investments in research and development and can open doors for international supply chains for easier access to labour and materials.
Typically, a company will need to have a solid track record and domestic business before branching out into international markets. Ensuring your company has the core capacity to meet the business challenges of international trade is a key step, but companies that are ready, willing and committed to international business development, can grow their businesses more quickly, competitively and significantly.
Similar to most marketing efforts, results do not come overnight. Most marketers agree that it will take three years to see results from a focused campaign and, similarly, international business development will require a sustained commitment – but the rewards speak for themselves.
You will find some examples of Island companies reaping the rewards of export development at PEI Success.