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 includes a 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-solutions is 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 suzette.nickle@trade.gov.
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 wsbdc@uwyo.edu, or write Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.
