According to the International Trade Administration, 95 percent of consumers live outside of U.S. borders. Therefore, by exporting, a company can maximize their sales potential. Think of it this way. If your company is not exporting, then you are missing out on 95 percent of potential sales.
EzProducts International, manufacturer of heat seal presses in Hardee County, doubled their income in one year after their international expansion and continue to grow their sales revenue in foreign markets. BioDerm, manufacturer of external catheters in Pinellas County, came back from their first overseas tradeshow with more than 65 leads.
These are just two examples of local manufacturers who are successfully maximizing their sales potential by going global. International expansion does not happen overnight and companies need to fully commit to the process which could take up to a year of planning. Although this may seem overwhelming, the results are well worth it. The U.S. Department of Commerce reports that, on average, companies that export grow 15 percent faster, pay 15 percent higher wages and are 12 percent more profitable than those that do not export.
In addition to greater profits, companies that export, find new customers overseas for outdated technology products, seasonal products or experience a slow-down in domestic sales. Custom Manufacturing and Engineering, manufacturer of electrical products in Pinellas County is doing just that. With decreasing government sales, they are looking at increasing their sales by entering international markets.
The Florida SBDC at USF, together with Enterprise Florida and U.S. Commercial Services can help manufacturers become export ready, identify potential markets for their products and enter those markets, successfully. Exports support over 275,000 jobs in Florida, contributing to Florida’s economic development. As more companies begin exporting, they will need to hire employees and expand their facilities to meet increased demand from international sales.
As Bay area manufacturers begin exporting, they will be fulfilling the BAMA mission: The Bay Area Manufacturers Association supports manufacturers and promotes economic development in the Tampa Bay Region.