Need a New Years Resolution? Take YOUR Company to the Next Level in 2017!
As managers plan for a new year, they inevitably look for new markets and growth opportunities. Don't let another year go by with missed opportunities! When small and medium enterprises begin export initiatives they unlock access to new revenue streams and diversify their risk in their own domestic market, all while continuing to grow their market share on both fronts. Small businesses account for the bulk of exporters in the U.S. and with many local state and government initiatives to stimulate exports, GREAT opportunities continue to be available to the small business owner.
As we approach 2017 one macro-economic reality will be glairing to the U.S. business owner: stagnation. The U.S. GDP will only moderately continue to grow with its 2-3% growth in the coming year. Likewise, many other developed nations are facing stagnation to moderate growth in the coming future. Great Britain leaving the E.U. is a perfect example of how developed nations are looking for new policies to break the cycle. However, in the developing world growth is raging. India is assumed to grow between 7 - 8% while other developing nations such as Egypt are projected between 3 - 4% growth. As oil-dependent economies are shifting from oil based economic GDP growth to non-oil GDP growth only more opportunities are on the horizon. Saudi Arabia alone is projecting to grow in non-oil GDP by 2-2.5%.
Managers will do best to have an open mind, maintain a wide view of markets both global and domestic, and keep all options on the table. Fear of global markets and taking on risk (which can be managed or mitigated) will only hurt the small to medium enterprise in 2017. The domestic U.S. market is a great place to keep the status quo with its moderate growth and natural unemployment, the economy should be fairly healthy and a stable place to maintain revenues. However, if a company is ready to expand to the next level and take on global markets, it will only increase opportunities and make 2017 the best year ever.
Make 2017 your business's year to go global! GSCS is here to help, check out our Go Global Cruise to jumpstart your global initiatives!
Kirk Galster, M.S, M.B.A. is an international business services professional. With his extensive experience and background in International Studies, Law, International Business, and Economics he is a great asset to any international management team.