As technologies continue developing at an increasingly faster rate, it is becoming more and more attractive to seek markets beyond the traditional domestic consumer. The global market is open all day, unhindered by borders, technologies, or distance. As any other venture, entering the global market and exporting your products or services poses both opportunities and challenges.
Exports account for over 40 percent of Canada's gross domestic product, and more than 3 million Canadian workers owe their jobs directly to foreign markets. There's no doubt that international trade is very important to Canada - and to Ontario, a province that accounts for over half of Canada's exports.
Opportunities presented through exporting include:
- Increased sales
- Increased revenue and profits
- Economies of scale
- Reduced vulnerability
- New knowledge and experiences
- Global competitiveness
- Domestic Competitiveness
Some of the challenges when exporting include:
- Increased costs
- Level of commitment
- Cultural barriers and differences
The first step in organizing your business to export its products or services is to gauge your firm's export readiness. Visit Export Development Canada's website and take the online quiz that will quantify your firm's export readiness here, Export Diagnostic. The Export Diagnostic will help to evaluate your export readiness and will provide useful feedback on areas for potential improvement.