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Practical Ways to Increase your Global Business

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Eric Nystrom

This document provides practical tips for increasing global business. It suggests assessing readiness to export using an online test or SWOT analysis. For companies already exporting, it recommends having a written export plan that is integrated into company strategy and has full management support. The plan should address key areas like market selection, partners, marketing, finance, logistics, HR, sales, and product selection. Specific strategies discussed include using export credit insurance to gain customers and increase orders, setting export prices in local currencies to boost revenues, promoting at trade shows which may be partially reimbursed, translating marketing materials, using third-party research and trade missions to find partners, and consolidating shipments.

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Practical Ways to Increase your Global Business Arise, go forth and conquer as of old. (Tennyson The Passing of Arthur)
Practical Ways to Increase your Global Business If you are New to Export how do you know you are ready to export? One simple way is to take the assessment test at http://export.gov/begin/assessm ent.asp Self-assess: Use SWOT and/or Porters 5 or 6 Forces Analysis
Practical Ways to Increase your Global Business If you are exporting and want to put the pedal to the metal and open new export markets Do you have a written export plan & strategy? Is the plan part of your companys DNA? Is upper management buy-in at 100%? Is your cash flow on solid ground?
Practical Ways to Increase your Global Business Market Selection Partners Marketing Finance Logistics HR Sales Product Selection Entry Mode Export Plan Components Export Success
Practical Ways to Increase your Global Business Examples of winning export plan component strategies Finance: 1. Using Credit Insurance (EX-IM Bank) to gain new customers & increase order sizes 2. Develop an Export List Price in local currency to increase revenues 5 to 15% via foreign currency exchange (FX)
Practical Ways to Increase your Global Business Examples of winning export plan component strategies Marketing: 1. Promote your product at overseas trade shows The SBA funded STEP Program (50-75% reimbursement of trade show expenses) 2. Polish your image by: a. Upgrading/Scaling up your website (E-Commerce; Downloadable Files) b. Translating key marketing materials (begin small & start promptly) hard copy, flash drive, CD c. Making marketing materials more visual photos, illustrations & graphs
Practical Ways to Increase your Global Business Examples of winning export plan component strategies Sales: 1. Get FREE or low cost secondary research from International Trade Centers, SBDCs, State Agencies (DCEO), Federal Government (Dept. of Commerce) a. Market Selection b. Market Entry 2. Find new overseas reps, distributors & partners via: a. Dept. of Commerce Gold Key program ($700 - $1300) b. Go to trade shows & trade missions (STEP program) c. Connect with OTI foreign offices
Practical Ways to Increase your Global Business Examples of winning export plan component strategies Logistics: 1. 3PLs 2. Consolidated Uplift Express Delivery US Mfg. 3PL EU WH. EU Customers SE IT DE US Mfg. Consol. Small Orders IT EU Terminal Express shipments to EU Customers SE DE
Practical Ways to Increase your Global Business be fearful when others are greedy and greedy only when others are fearful. (Warren Buffet) Vini, Vidi, Vici (Julius Ceaser)

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Practical Ways to Increase your Global Business

  • 1. Practical Ways to Increase your Global Business Arise, go forth and conquer as of old. (Tennyson The Passing of Arthur)
  • 2. Practical Ways to Increase your Global Business If you are New to Export how do you know you are ready to export? One simple way is to take the assessment test at http://export.gov/begin/assessm ent.asp Self-assess: Use SWOT and/or Porters 5 or 6 Forces Analysis
  • 3. Practical Ways to Increase your Global Business If you are exporting and want to put the pedal to the metal and open new export markets Do you have a written export plan & strategy? Is the plan part of your companys DNA? Is upper management buy-in at 100%? Is your cash flow on solid ground?
  • 4. Practical Ways to Increase your Global Business Market Selection Partners Marketing Finance Logistics HR Sales Product Selection Entry Mode Export Plan Components Export Success
  • 5. Practical Ways to Increase your Global Business Examples of winning export plan component strategies Finance: 1. Using Credit Insurance (EX-IM Bank) to gain new customers & increase order sizes 2. Develop an Export List Price in local currency to increase revenues 5 to 15% via foreign currency exchange (FX)
  • 6. Practical Ways to Increase your Global Business Examples of winning export plan component strategies Marketing: 1. Promote your product at overseas trade shows The SBA funded STEP Program (50-75% reimbursement of trade show expenses) 2. Polish your image by: a. Upgrading/Scaling up your website (E-Commerce; Downloadable Files) b. Translating key marketing materials (begin small & start promptly) hard copy, flash drive, CD c. Making marketing materials more visual photos, illustrations & graphs
  • 7. Practical Ways to Increase your Global Business Examples of winning export plan component strategies Sales: 1. Get FREE or low cost secondary research from International Trade Centers, SBDCs, State Agencies (DCEO), Federal Government (Dept. of Commerce) a. Market Selection b. Market Entry 2. Find new overseas reps, distributors & partners via: a. Dept. of Commerce Gold Key program ($700 - $1300) b. Go to trade shows & trade missions (STEP program) c. Connect with OTI foreign offices
  • 8. Practical Ways to Increase your Global Business Examples of winning export plan component strategies Logistics: 1. 3PLs 2. Consolidated Uplift Express Delivery US Mfg. 3PL EU WH. EU Customers SE IT DE US Mfg. Consol. Small Orders IT EU Terminal Express shipments to EU Customers SE DE
  • 9. Practical Ways to Increase your Global Business be fearful when others are greedy and greedy only when others are fearful. (Warren Buffet) Vini, Vidi, Vici (Julius Ceaser)