4 Reasons Why Exporting Should Be Part of Your Business Strategy in 2023 | West Virginia Department of Economic Development Website (2024)

As business continues to go global and the world becomes even more connected, companies that want to grow should consider taking advantage of opportunities that lie beyond their borders. Businesses that don’t, run the risk of getting left behind.

By tapping into new markets, you can increase your revenue, reach new customers and gain a competitive edge in your industry. Here’s four reasons why you should make exporting part of your business strategy in 2023 if you aren’t already.

TLDR: 4 Reasons Why Exporting Should Be Part of Your Business Strategy in 2023

1. Exporting gives you access to new customers
2. Exporting diversifies your revenue stream
3. Exporting gives you a competitive advantage
4. Exporting gives you an opportunity to solve global problems

Exporting gives you access to new customers

Whether you’re a manufacturer, service provider or a small business, exporting allows you to tap into new markets and more customers, increase sales, capitalize on growth opportunities and reduce your dependence on the domestic market. Exporting also exposes your company to a wider audience and helps you build trust and credibility in the eyes of potential buyers. It can also open up opportunities for partnerships and collaborations with international companies, allowing you to expand your business even further. By working with foreign partners, you can access new resources, technologies and expertise that can help you improve your products and services. This can lead to even more customers, sales and long-term business growth.

Exporting diversifies your revenue stream

Revenue streams can evaporate overnight in a recession, but exporting can give you access to liquid markets where economic conditions may be more favorable. Diversify your revenue stream and you’ll reduce your dependence on the domestic market and provide a hedge against economic downturns and other risks out of your control. Another benefit of diversifying your revenue stream through exporting is that it can help you tap into new and emerging markets, which can skyrocket your company’s growth potential. Exporting to a country that is experiencing strong economic growth can help you take advantage of that growth, meet the demands of the market and increase your revenue.

Exporting gives you a competitive advantage

As the world becomes more connected and the competition in the domestic market increases, businesses that don’t export risk being left behind in a rapidly evolving global economy. Less than 1 percent of U.S. companies are exporters, which means you can gain a competitive advantage and differentiate your business by offering unique products or services that are not readily available in foreign markets. Exporting can also help you access new technologies and production methods in your target market, which can lead to increased efficiency and cost savings.

Exporting gives you an opportunity to solve global problems

Exporters are uniquely equipped to solve the world’s problems. By leveraging expertise and resources, exporters can have a positive impact on communities and economies around the world by sharing new technologies and ideas with people that didn’t have access before. Exporting is also a great way to contribute to the livelihoods of people in your community and contribute to the development of foreign markets by providing good-paying jobs and promoting economic growth. Not all problems can be solved with a job or access to goods, but it goes a long way in improving the standard of living for people around the world and to promote mutual respect across cultures.

Become an Export Expert in 2023

The key to becoming a successful exporter is a clear strategy and good partners on your side. A clear strategy guides your exporting efforts and working with the right partners can help you navigate the export process. Our trade managers can help you with both. Contact us today to get started!