Growth Dimensions is a Resource to Reach Global Markets
14 May 2021
Economic globalization has led to the ability for U. S. businesses to export their products and services to global markets easier than ever before. According to the U.S. Census Bureau, U.S. businesses exported $2.5 trillion to international markets in 2018. Thousands of small- and medium-sized businesses were significant contributors to that value. And many of those businesses received the assistance they needed from Economic Development Organizations like Boone County’s Growth Dimensions.
Businesses exist in a variety of states of readiness to interact with the global market. Those with a product they believe match an international need and a web presence can begin their interactions with global customers immediately. Others may need the marketing and business plan assistance to determine if international markets are right for them. Growth Dimensions Economic Development can help you through several steps to reach that goal today!
The first question many business owners must ask themselves is do they really need to enter into global markets with their product or service? Reasons for doing so typically include increasing profitability, competitiveness and overall business value. Once a business determines extending their reach to an international market is a sound business endeavor, they must determine their customer potential. Detailed research at the beginning of the journey will go a long way toward determining the rate at which a successful venture can be made. The International Trade Administration’s Discover Global Markets Forums are an excellent resource for research on exporting opportunities and making the connections necessary to understand the international marketplace. Once opportunities are identified, Growth Dimensions Economic Development can highlight how businesses can meet the needs of international clients and give examples of how these assets have helped other local companies.
Develop a Strategy & Connect through Marketing
After identifying the proper international marketplace, the next step is to develop an export strategy. Every foray into new markets should include a collection of the pertinent facts with goals tied together into a sound business plan. Growth Dimensions Economic Development’s experienced staff will work with businesses to set forth an achievable business plan to include specific objectives and waypoints. The plan will be a flexible tool used to manage the upcoming exporting process management.
Simply having a product and export strategy will not get your business connected to international clients. Businesses need to market themselves to gain exporting success. Boone County’s established business community offers a number of resources that can be utilized to properly introduce products and services to prospective clients.
A successful marketing plan must be backed by a reliable transportation infrastructure. With a significant location advantage, Growth Dimensions Economic Development can help Boone County businesses reach every corner of the world. Boone County is within one hour of Chicago’s O’Hare International Airport and 90 minutes of Chicago Midway and Milwaukee’s General Mitchell International Airport. In addition, the Chicago Rockford International Airport is a short 15-minute drive away and home to the second largest national parcel-sorting facility in the UPS system.
Growth Dimensions Economic Development is a resource to put businesses in touch with the experts that can help reach exporting goals. For example, they can help connect your business with the U.S. Department of Commerce International Trade Administration, which offers expert resources in entering new international markets. The U.S. Commercial Service, provides resources in connecting potential U.S. exporters with pre-screened international buyers and potential partners.
Growth Dimensions Economic Development can help businesses make the connections necessary to allow their products to reach the global marketplace. The organization has served the Boone County community for over 40 years and cares about promoting the quality of life growth in the area. Please contact us today to access our wealth of information and resources to help your business grow.