57 Art's-Way
Brian O'Reilly. FSB : Fortune Small Business.New York: Jul/Aug 2008. Vol. 18, Iss. 6; p. 84

Abstract (Summary)
ABSTRACT

A tiny agricultural equipment company in Iowa is harvesting a bumper crop of profits, thanks to bold globalization, aggressive cost cutting, and neck-wrenching diversification. Art's-Way Manufacturing, a maker of obscure gear such as cattle feed grinders and sugar beet harvesters, has rapidly moved to improve its operational efficiency and broaden its base of business. So rather than bet the farm that the current boom in U.S. agriculture will last forever, CEO Carrie Majeski and her colleagues have pushed Art's-Way products into China and Russia and branched out into new businesses, such as modular laboratories for scientists and pressurized tanks for use in factories. Recession-daunted entrepreneurs, take note: New markets can be not only an effective counter to slumping sales but an extra kicker for tomorrow's growth as well.

 
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LESSON: SEEK NEW MARKETS.

A Farm Equipment Maker Grows Far Afield

A TINY AGRICULTURAL EQUIPMENT company in Iowa is harvesting a bumper crop of profits, thanks to bold globalization, aggressive cost cutting, and neck-wrenching diversification. Art's-Way Manufacturing, a maker of obscure gear such as cattle feed grinders and sugar beet harvesters, has rapidly moved to improve its operational efficiency and broaden its base of business. "We decided we can't stand still, even in good times," says Carrie Majeski, the company's 33-year-old CEO.

So rather than bet the farm that the current boom in U.S. agriculture will last forever, Majeski and her colleagues have pushed Art's-Way products into China and Russia and branched out into new businesses, such as modular laboratories for scientists and pressurized tanks for use in factories. Recession-daunted entrepreneurs, take note: New markets can be not only an effective counter to slumping sales but an extra kicker for tomorrow's growth as well. . . .

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DEBUNKING THE Five Myths OF GLOBAL EXPANSION
Michael Tobin. Financial Executive.Morristown: Mar 2006. Vol. 22, Iss. 2; p. 57 (3 pages)

Abstract (Summary)
Many small businesses are virtually paralyzed by the thought of going global. Some believe its too risky or complicated because of different languages, cultures and business practices. Practically speaking, expansion does not mean a company has to build a plant in another country or open a store in a foreign city. Expansion merely means companies need to do business with customers in new locations, and the rise of technology helps make this possible. Nevertheless, expansion can be daunting, especially for those who believe any of the following five myths about going global: 1. I do not have the money to fund the expansion. 2. It is too risky and complicated. 3. It is too expensive to move goods across borders. 4. Should I not start local and then grow globally? 5. I am too small for anyone to care about me. By banishing these five myths, your organization can realize the full potential of globalization and capture dramatic revenue growth.

 
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It can be daunting for a small business to consider opening up markets overseas. But with the growth of the Internet, almost anyone can be an international company.

A local store that sells and trades baseball cards creates a website that accepts and fulfills orders online from customers. Instantly, it's a global business.

If only global expansion were truly so easy. Certainly, this example is technically "global," but not in the sense most business people would use it, where suppliers and commercial buyers are involved. Indeed, many small businesses are virtually paralyzed by the thought of going global. Some believe it's too risky or complicated because of different languages, cultures and business practices.

Yet those barriers are dissolving with every passing year. . . .

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The global arena: A guide for small & medium-sized firms
M Zafar Iqbal. Outlook. Spring 2000. Vol. 68, Iss. 1; p. 10 (7 pages)

Abstract (Summary)
A practitioner with a small practice probably serves mostly small business, but this does not mean that the firm must rule out a global perspective. Firms can expand the scope of their small business clients' practices by providing consulting services that will help them become participants in the global economy. The following points will help firms begin their global education: 1. Select a country or region upon which to develop expertise. 2. Obtains sources of information. 3. Become familiar with financial reporting in each country. 4. Keep expertise current. 5. Pay a visit to the chosen country. 6. Provide value-added services. 7. Be proactive. 8. Provide clients with information about local culture. 9. Get information about business etiquette. 10. Help clients identify the target market and its estimated size. 11. Consider promotions and marketing strategy. 12. Make clients aware of the level of risk. 13. Have a good grasp of infrastructure. 14. Find out the extent of active participation in operations necessary to avoid failure.

 
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Once considered the exclusive domain of big accounting arms, the international marketplace now provides opportunity for everyone, from the sole practicioner on up to the Big Five Are you ready?

WE LIVE IN an age of global economy. While the Big Five and other large accounting firms already are active in the globalization phenomenon, the same is not true of most small CPA firms. But if you fear you're too small to go global, the following statistics prove there's plenty of opportunity to go around: From 1970 to 1998, international trade grew from $314 billion to $6 trillion, and the trend continues. International management consulting firm McKinsey & Co. forecasts that the value of world output available to consumers through global markets will be $73 trillion by 2027, more than 12 times the current amount. Global markets will then make up 80 percent of the world output, four times the percentage now.

As a practitioner with a small practice, you probably serve mostly small business, but this doesn't mean you must rule out a global perspective. . . .

Full Text and PDF Versions Available on Proquest Entrepreneurship