Wyoming Business Tips for July

A monthly look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.

A Q&A with Suzette Nickle, director of the U.S. Commercial Service in Denver, on behalf of the Wyoming SBDC Network. Her team works to help Colorado and Wyoming companies export their products.

Q: Why should companies export?

A: Exports are good for business and can help grow a company's bottom line by diversifying sales. Exporting also can help businesses weather changes and smooth business cycles, helping companies to become more competitive in today's global economy. Consider, also, that 95 percent of the world's potential consumers live outside of the United States. So, if a company is not exporting, it's like leaving money on the table.

Q: What are you seeing in terms of Wyoming exports?

A: In 2023, Wyoming exports reached a two-decade high of $2.1 billion. Small- and medium-sized enterprises -- some 432 companies -- accounted for 83 percent of Wyoming goods exported in 2022. Altogether, the state's exports support good-paying jobs, contributing to economic growth and prosperity.

As such, many businesses continue to take advantage of opportunities in major export markets, such as Canada, Chile, Brazil, Indonesia, South Korea, Argentina and destinations well beyond.

For example, Wyoming Completion Technologies Inc., located in Powell, is a small oil tool and manufacturing design firm. When looking to expand its sales, it turned to our U.S. Commercial Service office in Denver for export counseling and regulatory assistance. It also used our business matchmaking services to meet several potential foreign business partners. As a result, the company signed new distribution agreements in Algeria, Saudi Arabia, United Arab Emirates, Kuwait, Colombia, Mexico and Qatar.

Wyoming also benefits from a rich community of family-owned companies with decades of experience in the agribusiness, mining and energy industries. The region's cross-section of industries includes chemicals, minerals and ore, petroleum and coal, fabricated metal products, transportation equipment, machinery and processed food.

Q: What are some challenges that keep more businesses from exporting?

A: Many businesses -- particularly small- and medium-sized firms -- have yet to export proactively. Often, it's because they believe exporting is too burdensome or their business is too small, or they may be unaware of federal and other export resources to help. Also, most companies that export only sell to one or two markets and, thus, may be limiting their full export potential.

Q: What's your message to businesses that have yet to export or are not proactively exporting?

A: First,whether large or small, a business that has a good track record of selling in the United States -- one of the world's most open and competitive markets -- also is likely a good candidate for selling internationally. Second, through e-commerce, businesses can find a more robust channel than ever for expanding international sales through digital strategies and a globalized web presence. Third, there's plenty of help available from the U.S. Commercial Service and our partners. So, when it comes to exporting, businesses don't have to go at it alone.

Q: How can the U.S. Commercial Service assist?

A: Businesses planning their export strategies are encouraged to reach out to our U.S. Commercial Service office in Denver, which covers Wyoming as well. As the trade promotion arm of the U.S. Department of Commerce's International Trade Administration, the U.S. Commercial Service has a global network of offices in 100-plus locations across the country and more than 80 international markets.

Our in-person and virtual assistance helps businesses navigate the export process through counseling, market intelligence, business matchmaking, trade events and referrals to trade financing. We also can help in vetting international inquiries you may receive through your website and trade shows.

Through our Global Diversity Export Initiative, we create and execute export promotion strategies to reach businesses in rural and urban underserved communities -- to help them compete and win in global markets, including women, minority, LGBTQI+, veteran and service-disabled veteran-owned businesses.

We also have programs and services designed to help rural businesses bring their local products and services to markets worldwide, creating jobs and opportunities for rural communities with the help of our Rural Export Centers.

During World Trade Month, we launched a "New Era of the U.S. & Foreign Commercial Service" that includesa new suite of tools and services to help U.S. businesses engage in exporting. Among the new web-based tools and services available are the Export Solutions Roadmap and "Export Nation" podcast series, which aim to provide new-to-export businesses with information and resources along their exporting journeys. Currently under development is the Global Business Navigator -- the U.S. government's first artificial intelligence-powered Chatbot for exporter information.

For businesses looking to export, www.trade.gov/export-solutionsis a great place to learn everything needed to connect with global opportunities.

Q: Could you expand on your collaboration with partners?

A: First, let me say that Wyoming is proud of its business-friendly environment. The Digital Project Manager ranks Wyoming sixth in its list of the most entrepreneurial states, with 12,357 small businesses per 100,000 people and a 120 percent increase in applications for businesses from 2019 to 2022.

Wyoming continually seeks ways to grow and diversify its economy by supporting and attracting new businesses to the state. That makes for a great business ecosystem in which to operate.

To this end, we collaborate closely with local, state and federal partners, including the Wyoming SBDC Network, the U.S. Small Business Administration (SBA) and the Wyoming Business Council. Together, we look forward to helping more businesses grow their export sales.

For more information, email Nickle at [email protected].

The Wyoming SBDC Network offers no-cost advising and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. In 2023, the Wyoming SBDC Network helped Wyoming entrepreneurs start 54 new businesses; support 1,857 jobs; and bring a capital impact of $3.1 million to the state. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. SBA.

To ask a question, call 1-800-348-5194, email [email protected], or write Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.

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