Exporting is not just for larger firms, smaller firms can also decrease their reliance on domestic revenue by exporting, providing greater sustainability in recessionary economic times. This was a key message communicated by experts at a recent workshop on ‘Growing your Business in International Markets’ at the Clarion Hotel, Limerick organised by Limerick City Enterprise Board.
Indigenous Irish exports amongst Enterprise Ireland client companies, were worth €15.2 billion euro in 2011 and exports overall are on the increase across all sectors. It makes sense for smaller businesses to tap into this growth.
Dr. Briga Hynes, lecturer in Entrepreneurship at the University of Limerick, spoke about the key things which owner managers should examine when considering international growth.
“There are opportunities for small businesses in the export market, but businesses do need to take some time to work out if they are ‘export ready’ versus ‘export willing’ and consider why they wish to export. It is important not to view exporting as a fall back because the domestic market isn’t working, but it should be fully integrated into the small firm as a core part of the company’s long term strategy,” advised Dr. Hynes.
“Research the target market, travel there if necessary, get familiar with business, social and cultural differences, seek assistance from your local enterprise agency and network with firms who have internationalised before”.
Neil Kelly is Senior Development Executive at the recently formed Potential Exporters Division of Enterprise Ireland. “We are dedicated to getting an increased number of indigenous companies to consider exporting as a strategic element of their business and a sustainable revenue stream for long term growth,” said Mr. Kelly.
“We are currently running the ‘Get Export Ready’ programme which focuses on preparing companies for exporting through a series of workshops, the provision of access to market information and export mentors along with financial and non-financial supports. Good preparation and planning is essential as exporting requires commitment and resources by the small business.”
BCM Business Cost Management Ltd is one such company which has seen significant growth since its foundation in Limerick in 1993 and commencement of its international franchise operation in 1997. BCM, specialists in cost reduction and management, has developed an international presence with 30 offices across 16 countries. BCM has recently opened an office in Mexico, the 13th largest economy in the world, worth $1.6 trillion in 2011. Exports to Latin America by Enterprise Ireland funded businesses increased by 61% in 2011.
Recently awarded the Entrepreneur of the Year accolade for 2012 by Limerick City Enterprise Board, John MacNamara, Founder of BCM said, “Ireland can be a limited market. The growth of e-commerce has opened up international markets to us and the help from Enterprise Ireland and Limerick City Enterprise Board has been critical. What you need to succeed, apart from the basics of a good idea and business plan, is determination, ‘fire in your belly’ and unlimited amounts of energy!” BCM Business Cost Management Ltd has plans to open 4 new offices in the US before the end of 2012.
