Today, the SBA Office of Advocacy releases an update to the Quarterly Indicators: The Economy and Small Business for the third quarter of 2008, which I write. One of the few bright spots in the economy right now are exports, which were up an annualized 5.9 percent in the third quarter. Imports, meanwhile fell 1.9 percent on an annualized basis. Clearly, export have helped to keep our economy much stronger than it would have been otherwise, and small businesses – which in 2006 accounted for just less than 30 percent of all known export value – have been a part of that.
Earlier this week, I asked small business owners on Linked In to comment on how aggressive they have been in pursuing exports. Most of the responses suggested an aggressive posture towards international trade, or at the very least, a desire to do so. One individual noted that overseas markets, unlike our domestic one, have stronger economic climates and are eager to buy American products and services. (With the current global economic downturn, that might be less true than before.) Another, the president of a company specializing in sustainable innovation opportunities, stated the following: “Despite the statistics, people still remain reluctant to drive into international markets. I believe if only the ‘undecided’ take time to educate themselves, they will see the international arena as a fruitful arena that will only generate benefits for them. There is a lot of good people whose main focus is to help and not necessary be pushing the profit at all times.”
Finally, for those businesses which are interested in exploring international trade, one respondent suggested that they refer to the U.S. Department of Commerce’s Trade Promotion website.
Posted by Laurel Delaney, Chicago, IL on November 9, 2008 at 4:05 pm
Exports rock and will continue to do so provided entrepreneurs and small businesses understand the value in international trade and learn the ropes.
It’s not difficult, just different.
Like you and your excellent organization, we are around to help. Keep up the excellent coverage.
Laurel Delaney
ldelaney@globetrade.com
http://www.globetrade.com
Posted by Joe the Plumber on November 10, 2008 at 4:53 pm
Which part of the organization excellent? and, more importantly, which part of the coverage do you deem excellent?
Posted by Dawn Rivers Baker on November 12, 2008 at 2:58 pm
You’ve got trolls now, Chad! I guess now we can say your blog has really ‘arrived’.
In terms of opportunities for small businesses, exporting is a good one but what do you think about federal procurement? I know there has been quite a lot of controversy around small business contracting recently but, from a practical point of view, if purses are tight and you’re looking around for potential customers with money to spend, you might do worse than local, state and federal government.
Any thoughts?
Posted by moutray on November 12, 2008 at 6:22 pm
Dawn, you are right. Small businesses should definitely pursue procurement opportunities, if that is an option. For the savvy business owner, government presents an enticing customer base, and depending on the organizational make-up, small businesses might have some advantages in the process. We continue to work to ensure that small businesses have such opportunities, through the great work of Major Clark in the Office of Advocacy and others.
- Chad
Posted by Dan on November 14, 2008 at 2:44 am
As a lawyer whose clients are almost exclusively small businesses doing business internationally, I certainly applaud your post extolling the virtues of internationalization for small businesses. But at the same time, I have seen far too many small businesses get into the international game without sufficient knowledge and (unlike when big businesses do the same thing) get wiped out completely for having done so. It’s a difficult world out there, so be careful!