Small business is bigger than you think. In many ways, the internet and social media have welcomed a new age of entrepreneurship. It’s easier than ever to start a business on an international scale, even from the comfort of your own home. Yet, that doesn’t mean there aren’t still rampant myths and misconceptions.

Today, over half of all Americans either work for a small business or own one themselves. Still, many small businesses continue to fail every year and even more fail to even make it off the ground in the first place. Despite more tech tools and trade agreements breaking barriers between countries and the global trade professionals within them, there is still a lot to learn about the realities of small business today.

In this article, we’ll shed some truth on what it means to own a small business in this global economy.

Myth 1: Only large companies succeed internationally

The biggest and most persistent myth in small business is that international trade is best left to the biggest players. Big-name businesses set the rules, and the smaller players can’t even get off the bench, right? Wrong. In fact, since 2006, the number of small business exporters is up 24.3% according to the U.S. Small Business Administration.

While it’s true there are challenges to selling services and products abroad, these are not insurmountable. New trade agreements make it easier for international trade to take place between small and mid-sized businesses, and this means expanding profits from the ground up.

Today, more than 70% of the world population’s purchasing power is outside of America. If you want to scale your organization’s profits, you need to scale your research and your market entry strategy.

It’s time to shed the myth that only large companies succeed on an international scale, since this is simply untrue.

We live in an increasingly global world, and it’s time for a new era of global small businesses to match.

Myth 2: Health insurance is challenging

One of the most pervasive myths in the United States in particular is that health insurance is too tricky for small businesses. This is especially true for businesses that conduct work internationally, perhaps hiring employees abroad on a remote basis. As a small business, it’s hard to balance this amongst your other expenses. Can you even afford the expense of health insurance, and is it worth all of the trouble?

In short, yes you can afford it and yes it’s worth the trouble. If you have over 50 American-based employees full-time, you’re required to provide insurance thanks to the employer mandate. Offering insurance is an effective way to boost employee morale, appeal to talented job seekers and build a positive work environment with healthy workers. Not to mention, you need health insurance yourself to guarantee you’re equipped to keep working years into the future.

Not sure where to start your search? Using licensed insurance agents with experience in business health insurance is be a great place to begin. These professionals can lead you down the right path in terms of finding a plan that’s right for your employees, budget, and scalability needs.

Myth 3: Being first is always best

With small businesses, there’s a common belief that you need to always be first to the market to succeed. While it’s true that being first with a new product or service has its advantages, don’t make the mistake of thinking this is always the most effective strategy.

In reality, improving upon a product or service that already exists in the market, or offering a similar product or service at a lower price, is usually the most successful avenue.

What exactly does this mean? Let’s take a well-known example for a ride. While Netflix might have been the first business to offer streaming services on an international scale, they mainly left this system as-is. Their competitor Hulu, however, stepped in with a similar service but advanced features like live TV, local channels, and more. Hulu is also priced at $5.99 USD per month, as opposed to $8.99 USD per month like Netflix. As a result, Hulu grew its subscriber base by 8 million people in the U.S. in 2018, compared to growth of 1.1 million people in the U.S. by Netflix during that same time.

Don’t let the myths hold you back from small business success

It’s time to break free from the many misconceptions that surround small businesses in international markets. Don’t let the fear of competition with the big players keep you from trying in the first place. Small businesses, in fact, have many advantages over the bigger ones.

First, they’re better equipped to reach their audience more effectively, since they operate on a smaller scale. Next, they can more successfully address employee needs by investing in key things like health insurance. Finally, they’re in a position to innovate with new technology through their products or services.

Let’s defeat these myths once and for all. Small business is big business, and it’s time to prove it once and for all with your own goals.

Ashley is a writer from Studyclerk and super-connector who helps businesses find their audience online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing customized blogger outreach plans depending on the industry and competition. You can learn more about her here: https://studyclerk.com/research-paper-writing.
Original article: https://www.tradeready.ca/author/ashley-lipman/

To grow your business globally today, you need to understand why many traditional sales tactics are not working and how to develop an effective sales strategy that works.

With increasing competition among businesses every day, a well-crafted sales strategy is necessary for successful business growth. Below, I’m going to share some expert strategies that you can deploy to grow your business sales now.

1. Increase penetration in your existing markets

Why do so many businesses stick to selling only within their existing market? All the business systems are set up, the team knows and understands what is expected, you have a good understanding of who your customers or clients are, and even have a niche market share.

Considering that your business has a good reputation in the market, you need to capitalize on this further. Find more ways to further penetrate your current market and create a stronger foundation for your business. Understanding your current customers by analyzing existing data will help you make the right decisions, so you can improve your productivity and strengthen your business performance and relationships.

2. Introduce new product lines

Thriving in global business is not easy, especially for businesses that sell products to consumers. Your existing products alone may not be the key to sustained long-term growth. Smart businesses re-evaluate their product lines and take a deeper look at their customer needs and expectations to come up with better ways to please them.

Adding new product lines such as promotional products to complement your existing offerings is a good way to improve customer loyalty.

Consider re-examining your product names in your current markets, give your business logo, product branding and packaging another look, and make sure that everything about your product line conveys your core business message. Broadening your product line also opens up new sales opportunities in your existing market.

3. Open up new channels of distribution

Product distribution can be a headache for international businesses. Even with existing distribution channels, businesses can easily stagnate when sales decrease by a significant margin. If you want to grow your business and increase sales, you need to aggressively open up new channels of distribution. For instance, Marlin Steel, a wire product and metal fabrication company, sold steel products to large factories and pharmaceutical companies for years. But over the last decade they’ve added catalog houses to their distribution channel.

Adding a new distribution channel helped them smooth out erratic purchases from their existing client base and increased their sales. Finding new channels for your business will not only strengthen your brand globally, but will also make your business less vulnerable to the ups and downs of your existing distribution channels. Businesses should maintain quality in delivering or distributing their products so they can keep sales coming.

4. Offer new services to your existing clients

Offering quality services on top of existing products can be the key to strengthening the bond between you and your clients. If opportunities are available, introduce a new line of services geared to both solve problems for your clients and make your business more profitable. Any service that meets the needs of existing or potential future customers will enable your business to see increased sales and improve client relationships. Ask yourself what new, unique services you can offer that will bring more leads and sales for your company.

5. Look out for new client segments

Focusing on new client and market segments can be the key to powering strong growth. Businesses need to be more observant of market trends and changes in how their clients interact with them and other businesses, including competitors. What other products or services are your existing clients getting elsewhere that you could provide for them?

By broadening your client segments, you open opportunities for your business to grab additional clients for your existing or new product lines and services.

Especially when your prospects already have confidence in your brand, it can make for easier growth, improved customer interaction and more sales under the same roof.

6. Target new export segments

Most companies, whether in the U.S, the UK or even Canada, don’t export at all. This oversight leads to massive missed opportunities overseas that can rapidly grow any business. Even companies already exporting may be missing new opportunities in other markets they haven’t considered or worked in before.

If you’re planning to go global or want to increase your international sales, targeting new export markets is a great way to power growth. Over 30% of respondents in a recent National Association of Manufacturers study are already deploying this strategy to drive growth and increase sales.

Bottom line: never stop looking for new opportunities

Focusing on ways to increase sales alone will not guarantee successful business growth. Smart businesses that want to gain an edge in global markets have to constantly uncover the best practices for improving product and service quality, streamlining delivery and distribution channels, and strive for improved productivity, innovation and growth.

Have any of these tactics or others proved successful for you? What advice would you give to others looking to use these tactics?

Ashley is a writer from Studyclerk and super-connector who helps businesses find their audience online through outreach, partnerships, and networking. She frequently writes about the latest advancements in digital marketing and focuses her efforts on developing customized blogger outreach plans depending on the industry and competition. You can learn more about her here: https://studyclerk.com/research-paper-writing.
Original article: https://www.tradeready.ca/author/ashley-lipman/