Tag Archives: Small to Mid-Sized Companies

Encouraged Bilateral Trade for Small to Mid-sized U.S.Companies to India

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According to American Shipper magazine, both the U.S. and Indian government has announced an incentive to encourage small to mid-sized companies to trade bilaterally between the two countries.

 “There is almost limitless potential for growth in trade between our two countries, and that can contribute to economic recovery and job creation in the United States and continued economic growth in India,” Ron Kirk, U.S. Trade Representative said in a statement.  

In October 2009, Mr. Kirk and Anand Sharma, Indian Minister of Commerce and Industry met at the Trade Policy Forum meeting to create the necessary framework to support small to mid-sized companies and encourage trade. This week the two representatives will met again to host an advisory meeting of American and Indian trade experts to enhance their efforts for this new program.

“We can realize that potential by working together toward the goals set forth in the framework agreement, such as developing and enforcing policies that encourage technological innovation; increasing agriculture, services, and industrial goods; and increasing investment flows,” Ron Kirk added.

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Small Business Administration Supports Efforts For More Attention to Small Business Exports

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According to the U.S. Chamber of Commerce Web site, it and the Small Business Administration are calling on the U.S. government to stimulate the economy and create jobs by increasing  resources available to small and medium-sized businesses that are interested in engaging in international trade.

In January, the Chamber presented the government with a 14-point International Engagement plan, which included a recommendation to double the $335 million appropriated for export assistance to small and medium-size companies.

“These steps will help address the continuing struggle of small businesses to get the loans they need to start up and grow,” Small Business Administrator Susan Mills said. “There’s no reason we can’t meet that demand and help small business owners create more jobs.”

To read more, click here.

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Management Dynamics Releases Trade Wizards 10.0 Web-based Research Tool

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Improves Compliance with International Trade Regulations and Advisories

EAST RUTHERFORD, NJ, November 18, 2009 — Management Dynamics, a leading provider of Global Trade Management solutions, today announced the release of Trade Wizards 10.0, a Web-based portal to trade content from 122 countries that facilitates the research of complex trade questions. The new release makes it easier for companies to classify products, calculate landed costs and perform document determination at the Harmonized Schedule (HS) level.  In addition, a new user experience allows users to manage their searches and ultimately find information faster.

“Trade Wizards is an invaluable tool for our global trade team and we use it daily to quickly and accurately classify our products, determine applicable import or export controls, or to answer a question from the business on total landed cost,” said Glenda Welch, Director of Corporate Logistics and Transportation, Belkin International. “The latest version of Trade Wizards is much easier to use, allowing us to conduct our research more efficiently and to fully tap into Management Dynamics’ trade content library including the new HS-based document templates.” 

Management Dynamics’ Trade Wizards 10.0 enables the user to make quick, interactive queries using a standard Web browser to calculate landed cost, screen for restricted trade parties, search for HS and Export Control Number (ECN) classifications, identify applicable regulatory controls, and determine trade documents. Management Dynamics maintains the trade content needed to answers these questions for 122 countries or approximately 99 percent of the world market. What used to require many hours to manually research trade rules and regulations can be achieved in minutes using Trade Wizards 10.0.

New key features available on Trade Wizards 10.0 include:

 

  • New Classification Workflow – Perform complex searches that include the tariff number and either a legal or common term to quickly find relevant classifications.  Also, searches may be defined with complete Boolean logic and search results are displayed in a tree format to simplify the navigation to a classification.

 

  • Landed Cost Calculator Scenarios – Build landed cost scenarios with multiple origin countries to quickly identify the minimum landed costs with respect to product invoice, duty, VAT, excise, other governmental charges, transportation and insurance.

 

  • Restricted Party Screening – Screen with an improved screening engine and access to Management Dynamics’ coverage of 94 restricted party lists offering the highest level of compliance with the lowest rate of false positives.

 

  • Document Determination – Determine the documents required for exporting and importing based on country of export, country of import, and HS number. Results returned include hundreds of documents required for exports, imports, preferential agreements and product specific documents based on the HS number provided.

Trade Wizards 10.0 functionality is available in a highly intuitive user experience with online help that can be used immediately with no user training.

 “As businesses continue to globalize at a fast pace, it is important for supply chain teams to have the resources they need to keep up with the ever-changing trade regulations and supporting content,” said Nathan Pieri, SVP Marketing & Product Management, Management Dynamics, Inc. “The latest Trade Wizards 10.0 release takes a big step forward on usability and ultimately makes it easier for users to accurately answer their toughest trade questions.”

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U.K. Sees Exports Rise and Recession Ending

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U.K. Trade Minister claims trade is almost back to normal as exports are increasing, says the Wall Street Journal. The Office for National Statistics stated that the trade deficit widened to an eight-month high in September as a 3.9% rise in exports.

“Trade is gradually getting back to normal. The statistics from the U.K. reflect that,” Marvyn Davies, U.K. Trade Minister said. “More and more companies are exporting their way out of recession.”

The primary goal for the government is to supply the country’s nearly five million smaller businesses with the ability to compete in exports markets. He states that the U.K. has some of the world’s leading large exporters, but lacks the large spread of mid-sized exporters that a country like Germany has. To do this, Davies plans to look into expanding the role of the state-owned credit agency and to turn to other countries to learn how it manages its small to mid-sized exporters.

A great way for exporters to stay competitive and export with the big dogs, is to integrate a solution, like Management Dynamics’ Export On-Demand. The solution helps small to mid-sized exporters establish an Export Management System, automate many aspects of compliance and demonstrate reasonable care. Implementing this solution will help avoid potential fines and preserve export privileges.

Learn more about Management Dynamics’ Export On-Demand

To find out more information on the article, click here.

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Office of U.S. Trade Representatives to Focus on Small to Mid-Size Business

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According to American Shipper magazine, The U.S. Trade Representatives (USTR) have asked the International Trade Commission this week to determine the size of small to mid-sized enterprises (SME) in export throughout the U.S.

“USTR is sharpening its focus on small- and medium-sized American businesses to craft new trade policies and enforce existing ones in ways that will help these firms grow exports around the world, and grow jobs here at home,” said U.S. Trade Representative Ron Kirk in a statement. “American companies of all sizes must export their goods and services to get our economy growing again.”

Management Dynamics offers a solution to SME exporters, who are interested in expanding its exports and to ensure compliance. Export On-Demand is a complete trade automation solution that helps U.S. SMEs establish an Export Management System, automate many aspects of compliance and demonstrate reasonable care.

For more information on Export On-Demand, click here.

For more information about the article, click here.

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European Small To Mid-sized Enterprises Called To Be More Represented

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Mr. Leclercq, founder and publisher and Mr. Zednik, ceo, both of EurActiv.com published an article in the Wall Street Journal discussing the need for the European Commission and its members to acknowledge the difficulty for small to mid-size enterprises(SME) to expand and compete compared to large enterprises, and to show more commitment to help.

Currently, there are 23 million SMEs in Europe representing about 75 percent of the European market. It is estimated that it takes more than 10 euros per employee  on company spend compared to only around 1 euro in a large enterprise. These costs are partly due to regulatory filings, because a smaller company still must fill in the same forms as a big company. Another factor is large enterprises’ ability to hire compliance specialists.

In 2008, the EU passed the Small Business Act which aims to reduce the small business administration responsibilty by 25 percent by 2012. Mr. Leclercq and Mr. Zednik take issue with this Act already. They note that although the European Commission has good intentions with this Act, it’s still challenging for some European countries to have the quick turnaround as promised by the Commission to the SMEs. For example:

In Germany, company registration is supposed to take three days. But after agreeing all details in German, it still took us five hours of notary time and three months of waiting for notice or approval from five different authorities – the court, the business register, the chamber of commerce, tax authorities and the labor administration – to set up EurActiv.de, a simple joint venture.

Another point Mr. Leclercq and Mr Zednik both believe is that SMEs should be encouraged to cross-border trade. Only 8 percent of SMEs trade outside its borders, and 5 percent receive subsidies from aboard.

As the new European Commission President moves forward in his elected position, many SMEs will be eager to see what changes are to come.

To read the full article, click here.

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Small to Mid-sized Companies Push Forward in Export Despite of Recession

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According to American Shipper magazine, many government officials believe the small to mid-sized companies will be in the forefront of the United States’ economic recovery, particularly with several federal programs to assist their export efforts.

“More than a quarter of a million U.S. firms export goods. Ninety-seven percent of those firms are small- and medium-sized businesses who particularly need our help accessing global markets,” said U.S. Trade Representative Ron Kirk in a May 18 speech to the U.S. Chamber of Commerce about the Obama administration’s trade agenda.

The Small Business Exporters Association (SBEA) has dedicated its programs to help small and mid-sized businesses succeed in exporting. James Morrison, president of SBEA believes it’s easier in a recession for small businesses to grow as more companies are reducing costs and purchasing at a lower rate.

   “Small businesses are often more agile than larger ones, and can do well based on small sales,” said James Morrison in an interview. “There are currently a lot more overseas buyers at the $200,000 and $500,000 level than at $2 million or more.”

Once the small to mid-size company exports grows, it’s recommended to purchase global trade management solutions to ensure compliance at each stage of the export. Managment Dynamics offers a great solution that is cost effective and is flexible and on-demand. Export On-Demand can be quickly deployed and configured for an small to mid-sized exporter.

To learn more about Export On-Demand, click here.

To read the full article by American Shipper magazine, click here.

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International Trade Isn’t Just for Large Companies

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A recent article, The Idea Of Trading Internationally Can Seem Intimidating. Only The Big Players Do It, Right?, gave me the idea for this blog post. By either offering a small niche product or wanting to expand profit, stepping into an international market can be rewarding. Each situation offers the ability to market to a larger audience and gain more exposure for your business.

How can a small to mid-sized company step into the global trading world? Well, according to this article, here are some ideas.

1. Update your Web site. Add international shipping options to your website. Accepting credit cards makes it easier for the purchaser to buy the product wtihout messing with money orders.

Also, add content in additional languages (use flag symbols to click-through to other web pages). English may be the dominant language on the Web, but offering content in your audiences’ native language is a big selling point. It shows you value their business. The article suggested even buying a local domain, such as www.yourbusiness.ie, if you are stepping into the Irish market for example. Having a country code domain name makes it clear that you trade in that particular country.

2. If stepping into a new market, monitor regional and international competitors. You may have to work harder to step into that regions’ market to win business. Look on competitor websites in each region to determine how it pitches its content to your new audience, and study its pricing stategy. $9.99 doesn’t translate in currency conversion effectively. Another option could be to offer multipy currency conversions on your website by allowing the customer to click on the preferred currency when paying.

3. Stay up-to-date with relevant customs regulations. This is where it can be cost-effective to purchase an On-Demand product from companies who specialize in global trade management, particular thoses who offer low-cost solutions specific for the small to mid-sized markets.  Management Dynamics offers an On-Demand solution to help build an Export Management System, called Export On-Demand. This solution can quickly be deployed and configured for an SME exporter. It covers all of the key export compliance capabilities including maintaining reference data, screening trade parties, producing documentation and maintains audit trails.

For more information on Export On-Demand, download a free brochure.

To read the full article on tips for entering the international market, click here.

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Export On-Demand Offers Savings for Companies in Compliance

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In May, Journal of Commerce wrote an article, Compliance Applies Growth about the importance of compliance and HS classification. Many Global Trade Managment companies have seen a growth in business in this recession.

“The growth is the result of the large cutbacks companies are going through to keep financially above water,” says Wayne Slossbrg, vice president of Sales at QuestaWeb.

Nathan Pieri of Management Dynamics spoke of the importance of developing trade compliance products geared towards the unique needs of a small business. Management Dynamics released its Web-based Export On-Demand compliance software solution in April with a focus to small to mid-size companies.

“Companies of all sizes need compliance,” Nathan Pieri says. “All companies play by the same rules. We need to make it easy for them.”

Many companies are intimidated by the complexities and costs of trade compliance software. Management Dynamics’ new product provides only those capabilities it believes small companies need.  Export On-Demand can be adapted to each companiy’s business processes and its level of technological sopistication.

Learn more about Management Dynamics’ Export On-Demand, click to view its brochure.

To read the full article, view Journal of Commerce’s digital edition.

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Export – Import Bank Expands to Support Small to Mid-Sized Businesses

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Leaders will have greater flexibility to serve the needs of small to mid-sized companies under the Export-Import Bank of the United States Super Delegated Authority and Fast Track programs announced in its press release on Monday, June 8th.

The bank combined the two programs aggregate limit allowing leaders to increase its overall limit to $450 million working capitol loans. Under the Super Delegated Authority program, leaders can guarantee working capitol loans to U.S. exporters without prior approval from the bank. In the Fast Track program, approval from the Export-Import Bank is needed for transactions more than $25 million per borrower. With this new flexibility small to mid-sized companies will see positive change in the economic recovery. The press release states:

Ex-Im Bank’s working capital loan guarantees help small and medium-sized U.S. companies build inventory to fill foreign orders.  Pre-export costs can include purchase of raw materials or finished products, export production, and coverage of standby letters of credit serving as bid bonds, performance bonds, or advance payment guarantees.

“Ex-Im Bank looks forward to using this new feature to help our lending partners increase support of U.S. exports by small and medium-sized companies,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Enhancing financing flexibility is important at a time when credit is tightening around the world.”

To read the full press release, click here.

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