Exporter Forum Helps Companies Learn About Foreign Business

Companies interested in exporting had an opportunity to learn about some of the key things related to doing business in foreign countries at a Global Exporter Forum in Traverse City. Topics covered at the forum included incentive programs, marketing, financing, and shipping.

"There's a lot of information and it can be overwhelming," said Chris Wendel, northwest regional director for the Michigan Small Business & Technology Development Center. "To try to navigate through all that you have to understand; who all the resources are."

An Export Specialist from the Michigan Economic Development Corporation outlined the new State Trade Export Promotion or STEP. The program offers direct reimbursements to qualified small and medium-size export companies to develop or expand export related activities.

"We have a person here working out of Traverse City at the Council of Governments that can assist companies directly," said Wendel.

Besides information about export incentives, a U.S. Department of Commerce Trade Specialist was on hand to discuss what they do to help companies with market research.

"We can help them identify what might make for a good market for them and then also connect them with our embassies and consulates overseas," said Kendra Kuo, a senior international trade specialist with the U.S. Department of Commerce.

Businesses found out how they can do some of their own market research by using a website called Global Edge offered by the MSU International Business Center.

"Companies can go on and search by country, or search by industry, as well as trade block and begin to get some information on their products and countries that might be of interest to them," said Jade Sims, an outreach specialist for business and international trade at MSU's International Business Center.

Along with the marketing information businesses also had a chance to learn about managing financial risk. A Huntington Bank International Trade expert told them it's important to understand the financial and political risks whenever they're doing business in a foreign country.

"More times than not American companies tend to be passive about the way the transaction  is structured and the way payment is going to be affected," said Craig Larsen, a vice-president for international trade services at Huntington Bank. "We tell them how to take control and guide them through the process."

 

Related Information: State Trade Export Promotion (local office)