Exporting Sustained Jobs and Carried a Small Business for 100 years!

December 15, 2016

Brothers Bill and Harry Hoffman purchased a truck in 1920 and began delivering roofing materials to installers. 57 years later the international headquarters were established in Piscataway, New Jersey, and the following year the first international office location was opened in Milan, Italy. Today, Hoffman International has representation in eight countries and equipment on almost every continent including Antarctica. Musya Tumanyan, Hoffman’s Senior VP of International Sales, spoke with me about the values that sustain Hoffman International, the company’s growth during the 2008 financial crisis and valuable tips for other small business exporters.

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A Simple Market Research Process for Small Business Exporters

September 29, 2016

It’s important to understand that the key to good market research is agreeing on what success looks like. Are you entering a global market to increase sales by X percent, increase profit by X percent, increase awareness or educate on Y product, or to introduce a brand new product or spin-off of an existing one? These are all questions you need to try to answer as you begin to perform your market research. There are trade agencies that can help you find these answers such as the Department of Commerce and Export-Import Bank of the U.S. Below you’ll find a simple market research process outlined:

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Cover Up! 3 Currency Risks Every Small Business Exporter Must Consider

September 20, 2016

When you ink the contract with that new buyer in a foreign country, who takes the currency risk? Should it be the buyer, the bank or you? The answer will depend on the currency of exchange, your account terms and the strength of your negotiating position. A strong dollar could mean you losing out on business unless you can extend credit terms and possibly financing. Maybe it’s a 50/50 split between you and the buyer. Possibly your product and the “Made in America” brand are just too good to resist and you can demand U.S. Dollars or another hard currency.
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