There are times in business when saturation is the first word that springs to mind. Once the company is up and running, developed a stellar product, had success, but now can't access any new customers, then it's probably a good time to enter new markets.
In New Zealand, many may look to expand across these shores, but even small and medium-sized enterprises can dabble in the export space.
Why export?
To export is simply to sell your products and offerings overseas, and it isn't as complex as it may sound. Business.govt.nz highlighted the following reasons why it can be a positive experience for small businesses:
- Faster growth, as you're not confined by the New Zealand market.
- Access a new customer base and niche markets.
- More exposure to international best practice, ideas and alternative ways to do business.
While having a plan in place will put your best foot forward, the government provides a wealth of resources to help organisations looking to spread their wings overseas.
The economic edge
The authorities have a big reason to enable Kiwi companies to do the best they can abroad: The economy. Even as fluctuations take hold, the country's exporters have had to remain increasingly efficient to stay afloat, according to Minister of Finance Bill English.
Moreover, changes to the New Zealand dollar actually make this an opportune time to dabble in the export market. The 25 per cent downward correction of our currency against the US dollar is likely to strengthen the competitiveness of all exporters in the not too distant future.
Naturally, it's important to gain an insight into whether your company is financially ready to export. Using CashManager from Accomplish, you can garner a snapshot of incomings and outgoings and decide whether any expansion project is worthwhile.
It may seem like exporting is reserved for big corporations, but with careful planning, small businesses can level the playing field.