Maryland manufacturers expand their product sales and increase profits by utilizing the abundance of resources in the region to export their goods to foreign countries. Over the past 5 years, the number of manufacturers exporting merchandise from Maryland increased 33.7%, which accredits to small and medium sized businesses.
Companies are seeing unique opportunity to penetrate foreign markets thanks to falling oil prices and the national export initiative. Maryland has developed a program to help companies that are falling behind in the process to develop a global sales strategy or find the task too daunting.
The Department of Business and Economic Development has put together a task force in the Office of International Investment and Trade to help Maryland manufacturers by providing a variety of services including:
- International market and industry research
- Assisting Maryland companies in International marketing efforts
- Arranging business-to-business networking meetings
- Maintaining a network of 11 International Trade Offices overseas
The benefits Maryland offers to help get an international marketing campaign started are great but many small businesses lack the money to start the process. ExportMD is a program offering to help qualified small businesses (fewer than 500 employees) with $5,000 and 40 hours of help from their trade experts located around the world. Having experts located in different countries helps in learning about international trade shows, local distribution facilities, and regulations, which are large obstacles when developing a new international marketing strategy.
The access to international airports and the Port of Baltimore makes Maryland one of the top states in the country for exports. Maryland manufacturers who are exploring an international marketing campaign should take advantage of the free resources to see if they are capable to compete on a global level. You can start by contacting the Maryland Office of International Investment and Trade and by visiting Export.Gov to receive more information.
In addition, MKS&H’s Manufacturing and Distribution team services the industry with financial forecasting, inventory management solutions, cash flow analysis, corporate structuring, and unique tax planning strategies for international sales. If you are thinking of taking this next step for your organization please contact us to see how we can meet your objectives.
Article contributed by Shawn Burman, MKS&H Tax Senior
About MKS&H: McLean, Koehler, Sparks & Hammond (MKS&H) is a professional service firm with offices in Hunt Valley and Frederick. MKS&H helps owners and organizational leaders become more successful by putting complex financial data into truly meaningful context. But deeper than dollars and data, our focus is on developing an understanding of you, your culture and your business goals. This approach enables our clients to achieve their greatest potential.
Like what you read? Sign-up for our C-Suite Spotlight Program.