According to the US Commercial Service, most companies that export only do business in one country. Expansion beyond that country represents a significant growth opportunity for companies looking for additional revenue and earnings.
Recently I was honored to speak with Dr. Angel Cabrera, president of Thunderbird, The Garvin School of International Management, at the Phoenix Chamber luncheon event about international business. Dr. Cabrera and I were on a panel that preceeded the keynote speaker Kai Ryssdal of Marketplace. You may read more background on that event here: Phoenix Chamber Impact Magazine article Business Beyond Our Borders by David Lucas.
All of us talked about risk and reward regarding global business. International expansion is extraordinarily risky if you haven’t ventured beyond the border to any significant degree. The road to riches looks like the highway to the Taj Mahal between New Delhi and Agra, India – strewn with the vehicles on either side – overturned and long abandoned.
Don’t let that happen to your business dreams!
The reward is significant when risks are understood and managed, and opportunities are developed in a prioritized and focused way. In the presentation with Dr. Cabrera I spoke about the 30% drop in export revenue in Arizona from 2008 to 2009. That’s risk! Hopefully 2010 will be better, and 2011 will be better still as we emerge from the recession and companies are able to invest more to grow more.
Companies individually and collectively need to gather their plans, refocus and succeed in those ventures that have the highest chance of bringing sustainable growth. You can read more about growing globally at Grow Globally. Watch for more information on those pages soon as we provide additional services for executives and companies looking to be more successful in business overseas from Phoenix, Tucson, San Diego and other locations in the United States.
Growing globally may be an outstanding way for your business to grow.
About Doug Bruhnke