In a post-Covid world access to international markets, buyers, distributors and information is now at the fingertips of Irish SMEs thanks to increased digitalisation.
When looking towards new markets, it is important to consider the potential benefits of exporting for your company such as;
1. Diversification of market and reduced vunerability
A well considered diversification plan can minimise a dependency on the domestic market and the potential exposure to domestic downturn.
2. Increased revenue and scale
Exporting opens channels to exponentially expand the home market and identify new markets to take advantage of globally. A larger market base delivers economies of scale, enabling you to maximise your resources.
3. Improved profitability
Your ongoing domestic operation should cover business-as-usual fixed costs, either directly or via other types of business financing, which should, in turn, facilitate a faster growth in your export profits.
4. Best practice and knowledge
Accessing global markets will provide additional benefits to an exporter, aside from increased revenues such as new ways of doing business, increased awareness of global best practice, cultural and international competitiveness, that could also bring benefits to your market offering in Ireland.
5. Domestic competitiveness
Considering your company’s export potential will increase its resilience against potential competition within the domestic market.