Congratulations, you’ve made your first international sale. Now what should you be concerned with? Well not to scare you, but your primary focus should be on getting paid and how you go about that depends not only on you, but the buyer as well.
For example, let’s pretend for a minute that you’ve met a buyer online and they have agreed to purchase $500,000 of services or equipment from you. You’re excited because your average domestic sale is $25,000 and this represents a huge win for you and your company. The overseas buyer expresses to you that they would like to pay you 60 days after they have received the services or equipment from you and they have promised you much more business in the immediate future.
Before you commit to such a buyer, you should be stepping back and asking yourself the following questions:
Making your next sale is critical, but getting paid is key to your export growth!
-Scott Forster, DEC Member/ Treasurer Emeritus
U.S. COMMERCE ASSISTANT SECRETARY RECOGNIZES MARYLAND-DC DISTRICT EXPORT COUNCIL AS “DISTRICT EXPORT COUNCIL OF THE YEAR”
WASHINGTON D.C. – U.S. Commerce Assistant Secretary Ian Steff joined the U.S. Commercial Service Baltimore to recognize the Maryland-DC District Export Council (DEC) for its significant contribution to helping Maryland and DC firms sell internationally. In 2017, Maryland firms exported over $11 billion to foreign markets including Canada, Germany, and the UK, among others.
Utilizing its vast network of experienced chief executives, lawyers, and consultants, the District Export Council successfully supported Maryland companies through international business counseling, mentoring small and mid-sized companies, and supporting overseas trade missions.
Bobby Patton, CEO of Gaithersburg-based manufacturer of Unified Communications, Cloud, and IoT-enabling solutions, Patton Electronics, said “The volunteers on this DEC are among the best in their respective fields, giving their time and energy to help other Maryland businesses develop their own export market competence.”
This past year, the Maryland-DC District Export Council received and administered its first federal grant, created a private sector affinity network, discussed trade policy with Maryland Congressional leaders, and served as a key member of the Maryland Partners in International Trade alliance supported by Maryland Department of Commerce and the University of Maryland.
“The DEC should be applauded for its new partnership with the State of Maryland to support the state of Maryland’s Defense Diversification Assistance Program (MDDA) by providing training and services to help eligible defense dependent companies expand internationally,” said Baltimore U.S. Commercial Service Director Colleen Fisher. Awarded by the U.S. Department of Defense’s Office of Economic Adjustment, the Defense Diversification grant is designed to mitigate potential, adverse changes in federal defense spending.
“Twenty-six companies graduated from the DEC-supported ExporTech program over the past three years. Of these graduates, twenty-one companies have since reported results or engaged in market exploration with the Commercial Service,” Commerce Assistant Secretary Steff said.
The Maryland-DC District Export Council, one of more than 60 District Export Councils throughout the United States, is a volunteer organization of approximately 30 local business leaders appointed by the U.S. Secretary of Commerce. MD-DC DEC members use their extensive knowledge of international business to educate and counsel local firms on how to export overseas.
One of our DEC members, Ellicott Dredges, LLC was featured in Mega Machines on the Science Channel:
Congrats to this "mega" Baltimore export! A really great piece on Baltimore, MD and Ellicott Dredges. So proud to have them as an active member of our DEC and the export community in Maryland!
Contributors and Writers are members and associates of the MD/ DC District Export Council. The views expressed do not necessarily represent the opinions of the MD/DC DEC.