Blockchain is rising as the new innovative method to connecting a global economy. The technology has impacted a variety of sectors, including healthcare, accounting, social media, real estate and even Hollywood! Trade is no different; already, trade and finance giants such as Maersk and Barclays as well as SMEs are implementing blockchain tools to speed up their trade transactions and enforce compliance measures. We thought we would share some of the basics of this digital ledger and how it can, and is, facilitating trade.
Keys to a Successful Small Business ExporterAs a strategy, trade can seem risky for a small business. Even if working in a familiar language, the consumer base is foreign, the procedures and red tape can be overwhelming, and the logistics are complicated if encountered for the first time. On top of it all, peers and politics assume trade is meant for the titans of industry and not smaller companies.
In reality, many small businesses are able to access the benefits of trade and have utilized it as a smart growth strategy. In fact, 98% of the 300,000 US companies exporting are small and medium sized businesses and are proven to sell more, support more jobs, and pay higher wages than small businesses that do not. Furthermore, 58% of small businesses in the 2016 National Small Business Association survey reported that they have exported, a third of which said 10% to 50% of their sales were due to exporting. In the global landscape, 34% of US goods exported originate from small and medium businesses. Resources for the Small Business ExporterInterested in expanding your small business into exporting? These resources are a great way to learn more about international trade and get started.
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