As the U.S. economy continues to recover from a recession that laid low many businesses, Wisconsin companies realize they must be more aggressive than ever when it comes to developing new ways to grow and evolve.
A growing number are finding new opportunities by exporting their goods and services overseas, or by significantly increasing their existing exporting efforts. They’re overcoming previously held apprehensions and getting the tools they need to sell their products half a world away.
Five years ago, West Allis-based Solaris Inc., which produces medical compression garments, didn’t have a single sale outside of the U.S. borders. Today, more than 11 percent of the company’s sales are overseas – and exporting is the fastest segment of the company’s growth, according to Kyle Weatherly, company president.
While exporting was always in the company’s plans, Solaris began selling to China five years earlier than it had anticipated, in part because of assistance it received from the Wisconsin Economic Development Corporation (WEDC).
Solaris was awarded a state grant that enabled Weatherly to travel to China last year.
“Over the course of 11 days, I met with nine different distributors from four different cities,” Weatherly said. “As a small company, we would not have been able to allocate resources to explore China’s potential for some time. With the funding, we are in a great position to export successfully to China years sooner than we thought possible.”
ExporTech helps WI companies reach foreign markets
Providing grants to help companies lay the foundation for a new export strategy or build upon on an existing one is just one of the ways WEDC helps Wisconsin businesses open new doors overseas.
The organization, in conjunction with the Wisconsin Manufacturing Extension Partnership and the University of Wisconsin-Stout Manufacturing Outreach Center, delivers training and assistance in exporting through its ExporTech Program.
More than 70 companies have completed ExporTech training since it began in 2010, and participants say they are already seeing results.
“ExporTech was an adrenalin shot in our arm to help us overcome our international fears,” said Gautam Malik, director of operations at Gamber-Johnson, a leading supplier of rugged computer mounting systems and vehicle mounting components. “The program guided us to do market research and select the correct countries to export to. It helped us understand unique needs for each export market.”
Since the completion of its ExporTech training in 2012, the Stevens Point company is now fulfilling orders to the United Kingdom and Europe, and is projecting a 100 percent annual increase in international sales over the next few years.
“We’ve wanted to explore exporting for a long time,” Malik added. “The financial assistance and training we received through WEDC and the ExporTech ™ Program provided the impetus and structure that helped us build a viable export development strategy.”
It’s all about your network
Companies that want personalized assistance in making connections overseas also can take advantage of the WEDC’s network of international trade representatives. These business consultants, who represent 36 countries, assist companies with market assessments, partner searches and business meeting facilitation.
Those kinds of relationships also can be established in person through WEDC trade ventures. Companies that are part of the Wisconsin delegation on these overseas market tours receive special country briefings and access to key decision-makers. WEDC staff works with on-the-ground partners to ensure that the trade venture experience fulfills each company’s business needs. WEDC is planning trade ventures to India, Southeast Asia and Eastern Europe in 2014.
These programs—and others—are designed to remove some of apprehensions facing business executives as they consider whether to start exporting.
“Companies that are exporting must be flexible and have a keen understanding of what’s growing and what’s declining,” said Lora Klenke, vice president of International Business Development for WEDC. “Having our ‘finger on the pulse’ of international exports makes WEDC a valuable resource for companies and reaffirms the importance of a diverse market export strategy.
“As long as companies are strategic about where and how they’re exporting, and determine how to export cost effectively, they can find success.”
