Think Global! Why SMEs should become Globally Competitive
The world is changing, the way we do business is changing as we are now compete in a global market. These changes are happening very fast. So instead of despairing, we should be looking for new opportunities. We need to seize those opportunities, because if we don’t, others will.
The international market is huge. For example, India and China alone have a population of over 2.6billion with both countries having a large emerging middle class and they want and need lots of things, western things and variety. There is also the USA market 340 million and the EU 508 million not to mention other countries.
The export market is not only suitable for goods and produce but the services sector has great opportunities to export their services. The benefits to a small business owner can be immense, both financially, professionally, physically and emotionally.
So how does a small business owner get into the export market?
Search the internet to find out which countries your products/services could have the largest potential. A great way to get insight and information is to reach out to government agencies, industry organisations and private enterprise who offer trade missions. They have done the hard work already and have a wealth of knowledge and connections.
The Small Business Association of Australia specialise in outbound and inbound trade missions. We prepare the small business owner for the market and provide 12 months back up and follow up service. We can also assist with legal documentation and other requirements. No other organisation does a full one stop shop process with no hidden charges which is another snag for business owners. Successful trade missions are more than just introductions and our range of long term trusted connections include diplomatic, government, organisations and B2B.
Prepare your business for the global market
1. Prepare your business by having a website, a good website.
You will be dealing in a global market and will have limited face to face contact with potential business partners and customers. Check any negative attitudes at the door and regard the cost of a website as an investment that will represent your business in a global market. It should not be something that one slaps together and as cheaply and nasty as possible. Your website must be mobile first, user friendly, clearly out who you are, what you do and be ready for close scrutiny.
2. Spend time understanding the culture and building relationships.
You may need a number of trips, but we advise delegates to go with an open mind, study the history of the country, it’s culture so you can get a feel for the country. Focus on building relationships and adapting your products / services to meet the needs of the market. Signed contracts and sales may not happen straight away which is why we offer 12 months support to keep connections and opportunities open. It takes time and work.
3. Prepare your promotional material and samples
Prepare for your trip including taking up to date flyers, power point presentations and samples. Consider that market you’re in and use appropriate language and graphics.
The benefits to the small business owner
- Commanding a better price but provided it is quality,
- You can find your niche market with a huge population at your disposal,
- You will have less competition compared with Australian market which is a small and competitive market.
The outcome of this is;
- A wealthier owner and that is why we are in business,
- Being able to grow your business,
- Contribute financially to the local economy,
- Be able to employ people and provide them with opportunities.
- Be able to pay better wages. Better wages means more spending in the economy.
If we do not take up the challenge, others will, and others will prosper at our expense.
Let’s not keep missing the boat.
If you’re ready to see what opportunities are out there visit https://smallbusinessassociation.com.au/resources/trade-and-export/
Written by Small Business Association of Australia
Overview of speech delivered by SBAA Founder & CEO Anne Nalder to the Logan Chamber of Commerce Business Breakfast on Export and Trade.