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Going Global: Tips for Expanding Your Business Internationally
As you think about ways to grow and diversify your company in the New Year, one growth opportunity you shouldn’t overlook is overseas expansion. Many small business owners mistakenly think they aren’t big enough to export their products overseas, but according to the International Trade Administration (ITA), 98 percent of all U.S. exporters are small and medium-sized enterprises (or SMEs). However, only about one percent of all SMEs are actively involved in exporting, according to the U.S. Commerce Department. This means there is plenty of room for exporting growth among U.S. small and mid-sized firms.
How Optimistic Are Small Business Owners About the Economy and Their Companies’ Futures?
Some small business owners remain pessimistic about the economy, according to the National Federation of Independent Business (NFIB) Research Foundation’s September Small Business Optimism Index. Although the overall Small Business Optimism Index fell, individual components of the index improved such as “plans to increase inventory,” “expect the economy to improve,” and “now is a good time to expand.” This post dispels common misperceptions among small business owners about lending that can hinder growth and expansion.
Cash Flow is Still King
It’s been said, “Cash flow is king.” The truth is: cash flow is one of the most critical components of success for small or mid-sized businesses, and effectively managing cash flow is one of the biggest challenges faced by most business owners. In this post, we share three tips that will help businesses start managing their cash flow more efficiently.
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