Now, we all know that companies who export are constantly searching for any kind of market development or trend to increase their export volume or to put it in another word; “to make more money” for their business. This is not only ideal strategy for the small/large business owners but also for the US government. When a business generates any developments it affects the government’s export strategy such as the National Export Initiative (NEI) in the United States, and everyone benefits. Sounds good right? Well, this is not always easy for businesses to accomplish. When things get tougher for businesses to climb up the ladder that is when the government steps in for help. So how does the government help in export promotion and development.
One of the biggest challenges for exporters is due to the lack of knowledge about how to effectively market abroad, many newly emerging developing countries have been unable to increase their export volume on their own. Even with advanced technology, social media tools, and digital marketing devices marketing outside of one’s borders is a big challenge for most small businesses in any country. One way businesses try to overcome this challenge is to look for new markets that are easy to do business in and identify customers in those markets.
While the businesses try to do the best they can to stay on top of the market the government looks for alternatives to keep them motivated. To encourage exports, government assists small businesses in a variety of ways. They help increase the sales of products that are currently available for exporting. This is called export promotion or export development and is typically carried out by a Trade Promotion Organization (TPO). Not all countries have this service due to internal limitations.
If you are an exporter outside the States and want to find out if your country has a program available, conduct an Internet search with the key words, “trade promotion organizations” in your country and see what resources come up.
The purpose of Trade Promotion Organization is to encourage, promote and develop trade with other countries. A TPO can also conduct trade missions and bring foreign buyers to a local-based trade shows. In short, a TPO serves as an adviser of sorts to the government on international trade and related matters. Most governments make export promotion and development a priority because it helps them achieve certain economic development goals. For the United States, those goals might be to offset market fluctuations, to use it as a tool for economic growth, to create jobs and, at the same time, to support national exports.
Nowadays, the internet means so much more than what it did in the past years. And I believe that it will only get more powerful in the years ahead. Did you realize many companies are increasing their sales with the help of their successful websites? The internet spreads the word faster than you can imagine and if you make sure your information is heading in the right way you can make your business a global one before you even know it.
I do want to point out although the Internet makes it easier to connect with individuals and businesses worldwide, it is still difficult for small businesses to let potential customers know they exist online. But there are still many alternatives for those small businesses to promote their name in the market. Below are some of the agencies and organizations that offer trade assistance;
The U.S. Commercial Service, the trade promotion arm of the U.S. Department of Commerce’s ITA: The purpose of the trade promotion arm is to help create economic opportunity for American workers and businesses. By promoting trade and investment, the ITA feels it is promoting prosperity and a better world.
Commercial News USA – The U.S. Export Promotion Magazine: Commercial News USA, the official export promotion magazine of the U.S. Department of Commerce, is a catalog style magazine designed to help American companies promote products and services to buyers in more than 178 countries. How do they do that? by advertising your products and services around the world in Commercial News USA.
State Trade and Export Promotion: The State Trade and Export Promotion Program is a 3 year pilot trade and export initiative authorized by the Small Business Jobs Act of 2010. Funded by federal grants with matching funds from individual states, the STEP Program is designed to help increase the number of small businesses that are exporting and to raise the value of exports for those small businesses that are currently exporting.
Export-Import Bank of the United States (Ex-Im Bank): The Ex-Im Bank has provided financing that has led to about $41 billion in U.S. exports. For example, the Export-Import Bank supported about $3.6 billion of U.S. exports to India last year.
Above are only a couple of agencies/organizations that help support export business in United States. Whether you are new in the industry or you are simply looking for some boost in your exports check out these organizations and see what they can offer for your business. Wishing all you entrepreneurs’ good luck and a successful year!