To stay competitive companies need to expand into foreign markets to increase sales and grab new customers. In today’s economy it may be hard for companies to expand due to financial restrictions, however, it is becoming increasing critical to gain an international presence in the global economy. The government often assists companies to offset some of the costs associated with entering new foreign markets. Companies can get funding through a number of non-repayable grants such as CME SMART which assists companies in increasing their operational efficiencies. To capture marketing and trade show costs, the Export Market Access (EMA) should be looked at. These grants even assist companies in hiring an export sales manager through the Ontario Exporters Fund.
Programs such as these are critical for SMEs to take advantage of due to the fact that larger corporations are continuing to expand into new international markets. One example is Magna International who is looking to expand their business outside of their traditional market of North America and Western Europe, according to a recent article by Canadian Business. Chief Executive Don Walker explains that Magna’s plan is to grow their business in China, Russia, South America, and India. These markets will help Magna increase their sales with projections at $1.25 billion or a 4% increase over the previous year.