{"id":162,"date":"2014-07-26T16:23:06","date_gmt":"2014-07-26T16:23:06","guid":{"rendered":"http:\/\/www.goodada.com\/blog\/?p=162"},"modified":"2018-11-26T14:54:44","modified_gmt":"2018-11-26T14:54:44","slug":"why-businesses-should-have-export-markets-for-their-products","status":"publish","type":"post","link":"https:\/\/www.goodada.com\/blog\/why-businesses-should-have-export-markets-for-their-products\/","title":{"rendered":"Why Businesses should have Export Markets for their products"},"content":{"rendered":"<h3 align=\"center\"><\/h3>\n<p>Export Markets &#8211; Over the years, I have had the privilege of chatting with many business owners about how their business is going.\u00a0 One of the most common comments that I receive is \u201cthe economy is very poor at the moment and my business is down as a result\u201d.\u00a0 When I receive this comment I like to remind them that in other parts of the world there is amazing opportunities and that they should not be \u201cputting all their eggs in one basket\u201d i.e. just selling their products into one market.<\/p>\n<p>My blog this month is to explain why businesses must have an export market.<\/p>\n<h3><span style=\"color: #3366ff;\"><strong>\u201cPutting all your eggs into one basket\u201d<\/strong><\/span><\/h3>\n<p>There are many external forces that can adversely affect your business and your potential to generate sales, revenues and profits.<\/p>\n<p>If your business is only depending on one country then a reduced demand in this economy can have a significant impact on the viability of your business. It can led to good businesses failing not because they offer poor products but because the customers in that market simply don&#8217;t have the ability to purchase the product.<\/p>\n<p>The Graph below shows all the external forces (in arrows) that can affect your local market.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/External-Market-Forces.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-163 aligncenter\" src=\"http:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/External-Market-Forces-1024x488.png\" alt=\"Matrix showing the uncontrollable external forces that can effect the growth of your business\" width=\"640\" height=\"305\" srcset=\"https:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/External-Market-Forces-1024x488.png 1024w, https:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/External-Market-Forces-300x143.png 300w, https:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/External-Market-Forces.png 1381w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Unless you are a dictator you will not have any influence on the effects of these external forces.<\/p>\n<p>When these external forces constrain business revenues and growth you only have 4 options available to generate growth for your business.<\/p>\n<p>These 4 options (Ansoff Matrix) are:<\/p>\n<ul>\n<li><em><span style=\"color: #993300;\"><b>Market Penetration<\/b>:<\/span><\/em> increase sales with <b><span style=\"text-decoration: underline;\">existing products<\/span><\/b> in the market.<\/li>\n<li><span style=\"color: #993300;\"><em><b>Product Development<\/b><\/em>:<\/span> increase sales <b><span style=\"text-decoration: underline;\">with new products<\/span><\/b> to the market.<\/li>\n<li><em><span style=\"color: #993300;\"><b>Market Development<\/b>:<\/span><\/em> increase sales with <b><span style=\"text-decoration: underline;\">existing products into new markets.<\/span><\/b><\/li>\n<li><em><span style=\"color: #993300;\"><b>Diversification<\/b>:<\/span><\/em> increase sales <b><span style=\"text-decoration: underline;\">with new products into new markets.<\/span><\/b><\/li>\n<\/ul>\n<p>Have a look at the matrix below. <span style=\"color: #008000;\"><strong>What do you think is the easiest way to grow your business in a slow economy?<\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/Ansoff-Growth-Matrix.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-164 aligncenter\" src=\"http:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/Ansoff-Growth-Matrix-1024x482.png\" alt=\"Options available to grow your business\" width=\"640\" height=\"301\" srcset=\"https:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/Ansoff-Growth-Matrix-1024x482.png 1024w, https:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/Ansoff-Growth-Matrix-300x141.png 300w, https:\/\/www.goodada.com\/blog\/wp-content\/uploads\/2014\/07\/Ansoff-Growth-Matrix.png 1287w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>For a lot of businesses the market development route can be a very cost effective option for growing business.<\/p>\n<p>Goodada through its International network and online platform provides businesses with a cost effective approach to open up and develop new international markets for their products.<\/p>\n<h3><span style=\"color: #3366ff;\"><b>The Key Benefits to your business of Exporting<\/b><\/span><\/h3>\n<p>Research has confirmed that businesses which export have benefited through:<\/p>\n<ul>\n<li>Increased sales revenues and profits<\/li>\n<li>Spreading of business risk<\/li>\n<li>Building resilience to individual (domestic) market fluctuations<\/li>\n<li>Enabling economies of scale in production\/service delivery<\/li>\n<li>Driving innovation in business models and product\/service development<\/li>\n<li>Strengthening the business against domestic competition<\/li>\n<\/ul>\n<p>If you think that only large companies have the ability to export, you are wrong, \u00a0there was a survey taken by the US Small Business Administration which proves that business size is not a barrier to export,<\/p>\n<h3><span style=\"color: #3366ff;\"><b>The Key Risks\/Challenges of Exporting:<\/b><\/span><\/h3>\n<p>The biggest challenge to developing an export market is the <span style=\"color: #ff0000;\">&#8220;<em><strong>Perceived Fear&#8221;<\/strong><\/em> <\/span>that everything will be wrong in other countries.<\/p>\n<p>I have drawn up a list of the typical risks which arise when a business exports:<\/p>\n<ul>\n<li><span style=\"color: #000000;\"><strong>Country Risks<\/strong><\/span>\n<ul>\n<li>Political\/economic stability<\/li>\n<li>Legal\/Regulatory regime<\/li>\n<li>Customs\/Taxes\/Tariffs<\/li>\n<li>Intellectual Property<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000;\"><strong>Currency Risks<\/strong><\/span>\n<ul>\n<li>Exchange rate stability<\/li>\n<li>Payment\/credit risk<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000;\"><strong>Culture Risks<\/strong><\/span>\n<ul>\n<li>Language and empathy<\/li>\n<li>Customs and practices<\/li>\n<li>Awareness of buying &amp; negotiating styles<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>When you review the above risks, they are not so big. There are lots of companies out there such as Freight Companies and Quality Control Inspection companies that can easily assist you to develop your export business. Start talking with them about all the opportunities available to you.<\/p>\n<p>&nbsp;<\/p>\n<p><i>About the author<\/i><\/p>\n<p><i>Aidan Conaty is the founder of Goodada.com. Aidan has spent over 15 years assisting companies to trade internationally. He founded Goodada so that it can provide the tools and services that can assist companies to trade internationally.<\/i><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Export Markets &#8211; Over the years, I have had the privilege of chatting with many business owners about how their business is going.\u00a0 One of the most common comments that I receive is \u201cthe economy is very poor at the moment and my business is down as a result\u201d.\u00a0 When I receive this comment I [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,64,11],"tags":[125,121,153,122,126],"class_list":["post-162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inspection","category-international-trade","category-logistics-transportation","tag-am-i-export-ready","tag-how-to-export","tag-international-trade","tag-sell-internationally","tag-selling-internationally"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Businesses should have Export Markets for their products<\/title>\n<meta name=\"description\" content=\"Businesses should develop their products and markets into new countries and penetrate into existing markets. 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