Eggs are very much in the headlines these days. But this column is not about the recent massive recall of eggs. It’s  instead grounded in the old saying, “Never put all of your eggs in one basket.” 

Twenty years of advising and working with companies seeking to develop international trade has led me to believe that there is one fundamental mistake most companies tend to make; they depend too much on one program source when seeking advice and assistance in developing and launching an international trade component of their business.

Instead, smart companies should look at the task or goal at hand and determine which source best fits that particular need. This same scrutiny and evaluation should be conducted for each step in the international trade development process. If this path is followed, the best support and advice for a particular task/goal is utilized and the company develops relationships and support across a broad spectrum of organizations.

International trade support falls generally into three categories:
Trade Counseling
Market Intelligence
Business Matchmaking

Support is provided to companies from a variety of sources including:
Federal – Mainly the U.S. Department of Commerce (Commercial Service)
State – Mainly the Virginia Economic Development Partnership (International Trade Division)
Regional – i3Network, Small Business Development Centers
Private – Customs Brokers, Logistics Companies, Banks, Law Firms, etc.

All three categories of support are provided for in the various programs of federal and state organizations. The delivery of support for all three categories are provided on a regional level either directly with specific programs or indirectly with each organization acting as an ally or referral source to the state and federal organizations.

Finally, private sector companies and firms often offer subject-specific guidance in their areas of expertise. Companies in the private sector are willing to help potential customers enough to answer basic trade questions in their areas of expertise but with an expectation of gaining a customer or client for the product or services they offer.

Comparing certain factors between programs when trying to select an organization include:
Cost and fees if charged
Specific expertise of contact
Availability of prime contact
Additional subject expertise resources
Ability to select services ala carte or by commitment to a program
Reach, comprehensiveness, and depth of support
Other factors that are specific to the company and which are important to their particular situation

When following this diversified approach, the company should seek to identify all sources of international trade support and understand the specific support and programs offered by each; and seek to select support programs based on specific needs for the goal/task at hand instead of selection simply based on “brand loyalty.”

If the effort to understand the resources and organizations available is too much for the company’s resources (mainly time) then it is best to utilize a services ally, such as the i3Network, Small Business Development Centers, or private consultants, etc. who can serve as knowledgeable advisors to the company.

Finally, as with most things in business it is always important to have a plan of needs for each step in developing international trade and to choose the right support for each of those needs. Remember, all of the organizations and companies offering support have one common goal: to help the company to become successful in trading internationally. Also remember, however, that ultimately the company is in charge and responsible for success.

Don’t put all you eggs in one basket!

David Denny is Director of the i3Network Virginia Hub and founding member of the i3Network globally. He has spent more than 28 years in sales, marketing, and business development with 18 of those years working internationally. David has his own domestic and international business development consulting business (David W. Denny, LLC) located in the NRV.