Business Without Borders

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There's no doubt about it: Business has gone international. New electronic and logistical technologies have narrowed distance and time, and trade agreements have opened markets. And manufacturers are in a good position to venture into the business of exporting.

Fluctuating currency-exchange rates and other challenges can make going global a challenge, but there are many benefits to consider, including:

  1. Boosting revenue. A larger market base and new demand from various niches can not only increase your sales, it can offer economies of scale, letting you get more from your resources.
  2. Expanding profits. Earnings can rise quickly if you are able to cover fixed costs through your company's domestic operations.
  3. Economic protection. Diversification can buffer the damage you might suffer during a domestic economic turn down.
  4. Bolstered competitiveness. Global success can boost your company's competitive edge by giving you new ideas and marketing techniques to use in the U.S. It can also help when faced with foreign competition in the domestic market.

These multiple benefits aside, venturing into the global marketplace can test your abilities and resolve. Among the challenges you might face:

Still interested? After considering the pros and cons of an export venture, it's time to assess your resources and commitment. In a future article, we'll discuss the evaluation process.

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