In the media today, there is continuous talk about the outlook for flat growth in the U.S. So, how can an American business grow in the current economy? Going global may be the key to your company's success.
Although the outlook for the U.S. economy is not bright, other regions of the world are benefiting from the emergence of new consumer purchasing power. While U.S. gross domestic product is only expected to grow by 2% next year (according to IMF forecasts), China and India are forecast to grow by 9% and 8%, respectively, while Brazil is forecast to grow by 4%.
Exports are a major part of Georgia's economy. Last year the state exported more than $28.7 billion in goods, according to figures released by the Georgia Department of Economic Development. The bulk of Georgia's exports are forest products, chicken, and equipment, but mixed in with these exports are the products of many small enterprises. Of the more than 10,000 Georgia firms that export goods, 83% have fewer than 500 employees. If your firm isn't exporting, maybe it's time to consider doing so.
Business Owner FAQs
Q. I don't have any experience dealing with foreign markets. Who can help me figure out if exporting makes sense for my company?
A. In Georgia, two key allies of businesses hoping to trade overseas are the Georgia Department of Economic Development (GDEcD) and the Metro Atlanta Chamber of Commerce (MACOC).
Kathe Falls manages the international trade services offered at GDEcD. Her staff leverages the state's 10 international officesto provide export promotion for Georgia companies. Click here to visit the GDEcD's resource-filled website, or contact Kathe Falls directly at (404) 962-4120.
Ric Hubler is Director of Global Business Growth at the Metro Atlanta Chamber. He assists Metro Atlanta businesses to make contacts in foreign markets. Click here to visit the Chamber's Global Commerce webpage, or contact Ric Hubler directly at (404) 586-8455.
Additionally, your Atlantic Capital banking team can also be a great resource to help you think through the international trade process.
Q. How can I learn more about the countries that I think could be good markets for my products?
A. In Atlanta there are over 60 foreign countries represented by consular or trade offices. The staff at these offices can provide you trade data about their countries and help you connect with in-country resources. You can find a list of all the foreign offices in Georgia at www.georgia.org.
Q. How do I handle the logistics and risk of trading internationally?
A. Atlantic Capital's Treasury Services Team will sit down with you to develop a comprehensive international banking program for your company. We can help you make payments, receive payments, and manage the risk of trading globally.
To view an international trade success story from SpearTek Tile & Stone, click here.