In the segment, Kurt and Robert Shanks, Ford Motor Company executive vice president & CFO, provided their perspective on the outlook on business and the economy.
Welcome to upside
It may be time to add a “cautious optimism” app to your wireless device . . . at least for the long term.
A new survey of decision makers at 125 high-tech companies, conducted by IDC Manufacturing Insights and sponsored by UPS, shows that they expect future exports to increase. Many predicted growing demand for their products in emerging markets worldwide over the next 3-5 years.
When 7-year-old Al Youngwerth first saw the motorcycle documentary On Any Sunday, he didn’t know he would eventually start an award-winning international motorcycle parts company. He was just a kid who knew he wanted a dirt bike. He got one when he was eight, and he’s been riding ever since.
Dissatisfied with motorcycle clutches, Youngwerth decided to make a better one back in 2002. It was the beginning of his Boise-based small business Rekluse Motor Sports. Through Boise State University’s Tech Help program, he developed a prototype that redesigned how an automatic clutch operates. Posting on motorcycle forums such as ThumperTalk.com, Youngwerth shared pictures and information, gathering feedback from fellow motorcyclists. Before manufacturing had even begun, Youngwerth presold 50 auto-clutches online.
Many companies enter the global market by accident. In fact, you might have an invitation sitting on your desk right now. Did you R.S.V.P.?
If you said, “not yet,” then you are not alone. Emails from potential international customers go unanswered time and again. Finally, a brave manager takes the leap and makes the company’s first sale to a customer outside of the United States – often in Canada, Europe, or Australia. Soon, you respond to more and more international customers and become an accidental exporter.
The Small Business Administration is asking small business owners “where will your next customer come from?” AAC Enterprises, Inc. is finding them all over the world. Justin Hartenstein started out selling automobile parts out of his garage, and now he designs and develops innovative custom lighting systems for car enthusiasts all around the globe.
Boosting America’s exports strengthens our economic growth and supports millions of good, high-paying American jobs. Although companies that export can make on average 9 to 12% more revenue than their peers, less than 1% of American companies sell their products in foreign markets. Last year, President Obama recognized the importance of stimulating exports and set an aggressive goal of doubling U.S. exports in five years. To achieve this goal, the President established the National Export Initiative. CEO Scott Davis was appointed to the President’s Export Council due to UPS’s ability to facilitate global supply chains for U.S. businesses.
According to the 4th edition of the UPS Business Monitor Latin America, a common challenge identified by small to medium sized enterprises (SMEs) is a lack of access to capital financing for investments in their businesses. These investments can range from the hiring of more employees to purchasing specialized equipment, all under the objective of growing the business.
So what’s an SME with an eye on growth to do? UPS Capital®, the financial services arm of UPS, is expanding its Latin American network with the opening of new offices in Bogota, Colombia, and Lima, Peru. SMEs in both markets now have access to credit with very competitive terms and conditions for financing for the purchase of capital equipment through the use of Export Credit Agency guarantees.
A strong majority of Canadian business decision-makers say they would rather pay more money to buy materials from Canadian suppliers than source less expensive goods from overseas to widen profit margins.
The revelations come out of the third and final phase of a series of surveys conducted by Leger Marketing on behalf of UPS Canada that shows 63% of businesses would prefer to support their fellow domestic enterprises even if doing so means being less cost effective.
UPS Chairman and CEO Scott Davis and Secretary of Commerce Gary Locke co-authored an opinion piece published by the U.S. Department of Commerce’s blog.
Robust and global trade drives the world’s economic engine. And it’s the quickest and surest way we know to accelerate economic growth, create new jobs and improve living standards.
Now we freely admit that UPS has an interest here. At any given moment, UPS handles 6 percent of the U.S. GDP and moves 2 percent of the global GDP. So global trade is important to the future of UPS, and that holds true for its workers, and for workers across America. Every 22 packages per day that cross a border supports one job in UPS’s package operation.
That’s why UPS is so supportive of President Obama’s recent announcement of a landmark trade deal with South Korea, which is estimated to increase American economic output by more than the last nine trade agreements combined.