Hanover’s Perspective
Making Exports Work for your Hanover Business
The gross domestic product (GDP) has more than doubled since 1989, yet less than one percent of America’s 30 million companies export – a percentage that is significantly lower than all other developed countries. And of U.S. companies that do export, 58 percent export to only one country.
The Metro Richmond Exports Initiative (MREI) was formed to help businesses benefit from international opportunities and resources available to help. The MREI is a partnership between the Greater Richmond Partnership, Virginia’s Gateway Region and Virginia Commonwealth University’s Center for Urban & Regional Analysis. Their goal is to increase exports of small- to mid-sized Richmond-area businesses by 40 percent by 2020.
Funded by JPMorgan Chase and Virginia Economic Development Partnership’s International Trade division, MREI was established to educate central Virginia businesses about the benefits of exporting and drive increased levels of exporting in the Richmond region. MREI provides tools to help businesses navigate the robust export services environment in Central Virginia; programs designed to help businesses begin exporting or increase export sales; grants and scholarships for export-related activities; and outreach to local businesses to increase export awareness.
Do you think your business is too small to consider exporting? Think again. Small and medium-sized companies account for 98 percent of U.S. exporters. In 2010, there were more than 293,000 identified U.S. exporters, 269,269 of which were small- or mid-sized businesses.
“U.S. based consumers only account for 5 percent of the world’s consumers. If you are looking to grow your business and aren’t considering exporting you are overlooking 95% of the market,” said Chris Ingram, Hanover County existing business manager. “Even the smallest businesses can benefit from exporting in a big way. The majority of exporters have less than 20 employees. Additionally, the U.S. is already known for high quality and innovative goods and services. The market confidence is already there; all you need to do is make your product or service available.
Business owners are invited to attend the MREI Lunch + Learn on February 9 at noon. The event will be held in Downtown Richmond and the topic is the legal ins and outs of export.
If you’re a Hanover County business owner, exporting may be the missing link that can grow your business. Contact Chris Ingram to find out how you can make exporting work for your business.