How Nevada Manufacturers Can Drive Sales Growth In Today’s Environment
Written By: Jeffrey From, Deputy Director - NVIE
October 5, 2020 | NVIE
Sustained sales growth is a challenge for any manufacturing company in the best of times. So the challenge can be even more daunting in today’s environment of political uncertainty and COVID-19. To overcome these challenges, Nevada manufacturing companies need to consider export markets as one leg of their overall growth strategy.
Regardless of the size of your company, or the breadth of your product line, there are successful methods to export your products or services. And the benefits of exporting couldn’t be better. According to the US Dept of Commerce International Trade Administration (ITA), 95% of the world’s consumers live outside the USA. They also mention that in the past 25 years, export sales from the US have increased five-fold. But most importantly for Nevada manufacturers, small and medium-sized companies account for almost 97 percent of U.S. exporters.
Read All About The Benefits
There are many resources available for Nevada companies to assist them in developing an export market:
- The Dept of Commerce ITA website is a good place to start. https://2016.export.gov/
- They also have another great website: https://www.trade.gov/export-solutions
- One resource that every company should explore is the STEP grant, administered by Nevada's Governor's Office of Economic Development (GOED). This grant can offset the costs for Nevada manufacturers as they develop their efforts to begin exporting. Although there are restrictions and limitations to such a grant, it is very flexible and most Nevada manufacturers would find it very helpful. You can connect with their website at: https://goed.nv.gov/programs-incentives/international-trade/
Every Nevada manufacturing company should evaluate their potential for entering a global market. Whether you are already exporting or not, considering a(nother) global market is critical. Because nearly two-thirds of small and medium-sized exporters only sell to one foreign market, many of these firms could boost exports by expanding the number of countries they sell to. The failure of an earlier effort to enter a global market does not have to be an indicator of success for a future endeavor.
Our agency Nevada Industry Excellence (NVIE) has developed a training program to help Nevada manufacturers develop an executable export plan for their company. Our program is part of the MEP National Network ExporTechTM program, that was launched over 10 years ago. Now, this program has been updated to be delivered virtually, and in shorter sessions than the all-day format of the past. In addition, extra content has been included to assist in understanding costs and developing prices.
Do you want to grow sales in these trying times?
Do you want assistance in creating a workable export plan?
Do you have some questions that we can assist you with?
Contact NVIE and talk to your Project Manager.
Email us at firstname.lastname@example.org
Call Us At: 800-637-4634
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