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Daily news and economic reports confirm that stepping back salvage in the United States continues to be slower than unbelievable and hoped for, and many sectors narrative no increase at all. So where does this leave an ambitious American company owner who wants to achieve increase that matches - or even has a opportunity of advent close to - past accomplishments? The answer: surface of the United States.
The Numbers Tell The Story
According to reports by the U.S. Division of Commerce:
• 95% of the world's consumers live surface of the U.S.
• Over 70% of the world's purchasing power is now surface of the U.S.
• As emerging markets rapidly grow, the United States' ration of global purchasing power will continue to decrease.
• Fewer than 1% of all U.S. Businesses export their products or services.
• Of those businesses, 58% export to only one country.
• Small- and medium-size clubs inventory for 97% of total U.S. Exporters, with over two-thirds having fewer than 20 employees.
• clubs that do export survived the financial accident better, are in good financial health today, and are addition faster than non-exporters.
Much of the world has recovered from the 2008-2009 financial crisis, with emerging markets foremost the way and growing faster than those in developed countries. Agreeing to the International Monetary Fund, emerging countries are unbelievable to grow Gdp by over 6.5% in 2011 vs. A current U.S. Economic increase rate of 1.9%. Sublime are the Bric countries of Brazil, Russia, India and China as well as members of the connection of Southeast Asian Nations, known as Asean, which includes the Pacific Rim nations of Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, among others.
And despite the violence in Mexico that is so prominently covered by U.S. News media, our neighbor to the south is in a rapid economic expansion phase: Gdp increase of 4.7%.
Developing countries are not the only ones with wholesome increase rates. Germany as well as Canada, which is the United States' most vital trading partner, also are experiencing economic expansion.
Focus On The Middle Class
Every time our firm has conducted a market study analysis, we have focused on the growing purchasing power of the country's middle class, regardless of how you define middle class. Consider:
There are 1.3 billion people in the China. If 10% are determined the middle class, that's 130 million people. Even if only 10% of the members of China's middle class are interested in your product, that is 13 million people. And if only 10% of the people interested in your product purchase it, that is 1.3 million products sold @ $x apiece = $y in revenue.
This seminar can apply not just to the very populated countries of China and India, but to any nation. An emerging middle class tends to have higher savings rates, its members are younger, and those people's wants increase with their wealth: cars, good food, health care, appliances, high-tech equipment, clothing and so on.
The president of De Beers Sa, the world's largest brilliant producer, has said, "Our target is the newly wealthy. Wealthy people already have diamonds." Who will supply these newly wealthy consumers with goods and services? Businesses poised and ready to meet the burgeoning demand. addition markets with populations seeking a higher proper of living will need more electricity, more raw materials, more equipment, more technology and more supervision skills. Prepared U.S. clubs can successfully respond.
Combined, the middle class is growing faster in emerging countries than in developed countries. Agreeing to writer Mike Hogan in his April 18, 2011, edition of Electronic Investor, "The amount of U.S. And European middle-class consumers is projected to fall to 558,000,000 by 2025 while Asia's jumps to 3,600,000,000." This vital increase applies only to Asia; it does not include the growing middle classes in other emerging countries such as Central and South America.
Conditions Are Right: Weak Dollar, Free Trade, Respected U.S. Goods, Federal Support
For U.S. Companies, current conditions are at their historical best to take benefit of new international markets.
• Historically, the U.S. Dollar is weak compared to other global currencies such as the Euro, yen or British pound. The current U.S. Trade imbalance will continue to diminish the power of the U.S. Dollar, as the American thirst to sell bonds to finance U.S. Debt will lead to the United States gift more dollars to attract foreign investment.
This is good news for U.S. Exporters, as many American-produced products will be more competing from a cost perspective than European and Japanese products. The strengthening of the Chinese currency, the Renminbi (Rmb), and Chinese inflation in normal are making U.S. Products more affordable to Chinese and world consumers.
• The United States has free-trade agreements with 17 countries, providing a multitude of exporting opportunities for stateside businesses that involve either low or no import duties: Australia, Bahrain, Canada, Chile, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Israel, Jordan, Mexico, Morocco, Nicaragua, Oman, Peru and Singapore.
• American-made goods, services and agricultural products are still recognized throughout the world for their high capability and for advent from clubs that are innovative, that supply excellent buyer service, and that control with sound company practices. Combined, these attributes win time and time again.
• In 2010, President Barack Obama launched the National Export Initiative to double U.S. Exports in five years. Federal departments including Commerce, Agriculture, Treasury, Labor and State, as well as many other government offices, have been directed to aid U.S. Businesses in promoting international expansion of their products and services and to support their efforts to advance internationally.
Expanded International Reach Diversifies buyer Base
Business owners know that diversification mitigates risk, a tenet that applies not only to a buyer base, but to vendors as well. Relying on one or two customers or suppliers exposes a company to a inherent precipitous fall should a key buyer take its company elsewhere or should a supplier close its doors.
The custom of "putting all your eggs in one basket" applies to geographic territory just as it does to customers and vendors. Contact has shown that U.S. clubs having a diversified buyer base that includes international customers are weathering the financial accident and post-recession duration much good than are counterparts who depend solely on domestic sales.
A describe of today's corporate America confirms that the more international a firm's reach, the stronger its profits, balance sheet and prospects. And this holds true beyond the Fortune 1000 companies. Smaller internationally minded entities are realizing the benefits of a diversified buyer base. In 2009, 34.5% of total exports to China worth .6 billion originated with U.S. Small- and medium-size enterprises.
Internet Technology, Trade Shows Boon To Smaller Exporters
Twenty-first century economic increase has been propelled not only by the expansion of global trade; technological developments such as the Internet and its spawning of e-commerce have been a boon to smaller exporters. There are now more than 2.1billion Internet users worldwide, and the amount grows exponentially every day. Of those, 85% shop online in one way or another.
If your company has a website, you are global! anything connected to the Internet - including Mongolian herders searching for world-class vaccines for their camels and horses - can find the right supplier. That could be your company.
According to Philip Guarino of Elementi Consulting Llc, "A best-kept inexpressive is that domestic trade shows are great places to meet and sell to international buyers. U.S. Businesses that have discovered this relatively low-cost channel for drumming up new sales claim that exhibiting at the 'right' shows can fill their order books for the entire year. It may sound counterintuitive to make international sales without leaving the U.S., but the fact is that international buyers are attracted to large trade shows in the U.S. And let's not forget the draw of Las Vegas, Chicago, Miami and other big trade show venues."
Nor should inherent U.S. Exporters overlook smaller niche markets. Even countries with populations less dense than China and India can prove to be a stable source of ongoing business. In many cases, all it takes is a small time and personal attentiveness to fabricate relationships that reliably furnish income.
While it's true that cultivating company on an international scale can take more effort and planning than doing company in your backyard, it can be very rewarding. A study by the U.S. Market service and the National Manufacturing postponement Partnership shows that clubs that originate an export strategy grow 2.4 times faster than clubs that only dabble in exports.
When the president of a mid-size Wisconsin company was asked why its international sales went from less than 0,000 a year to over ,000,000, he replied, "We answer every email - domestic or foreign - as if it came from our most foremost customer."
Now Is The Optimal Time To Cultivate International Business
Whether your company has never exported or is an experienced exporter, there are abundant opportunities and resources to grow international revenues and profits. Taking the initiative is the first step toward reaping the benefits.
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