Today, it’s more practical than ever to export goods and services across the globe. Exports can help you expand your business with a limitless reach where you get many opportunities to do business in different parts of the world according to the demand for your products. Many exporters continue to boost their bottom line (companies that export are 17 percent more profitable than those that don’t) and build their competitiveness by selling to world markets, and you can too. Exporting can be a profitable source of income for businesses of all sizes. On average, more jobs are created, sales grow faster and employees earn more than that in non-exporting firms. By exporting your products and services globally, you develop market share and grow your business.
With increased disposable income among the consumers, comes both business-to-consumer and business-to-business opportunities. It’s time to consider different ways to export your products and services. If you’re not thinking ahead about exporting your products, your competitors could capture the opportunity of expanding into these untapped markets before you. Exporting, however, can be more complicated than selling into domestic markets. Contracts can be complex and payment issues can emerge, but there are various techniques to reduce the risks.
Another answer to “Why export?” is that exporting adds to the insight and skills of everyone in a company. Doing the export-import business means doing business in a market that is beyond one’s borders which can help transform its practitioners. The experience of forming new relationships abroad, getting up close and personal with different cultures, figuring out how to meet the varying needs of others, and learning how to address new business challenges is personally rewarding. It also leads to developments in products and services and makes companies stronger in the competitive markets. It gives limitless market opportunities and benefits, compared to the local markets and is the main advantage of exporting. It is also important to understand, that the more you export, the more advantages and benefits you get.
Many Micro, Small and Medium Enterprises (MSMEs) in India have often viewed exporting as the domain of large or multinational companies. However, the advancements in payment and information technology, expansion of logistics infrastructure, and the negotiation of new free trade agreements have flattened the playing field allowing firms of any size to market and sell goods and services globally.