Helping Small Businesses Enter the Global Market
December 9, 2024
Episode 19: Today, Omar Ayyash, President & CEO of the World Trade Center Kentucky interviews Devanny King, Executive Director of the Women’s Business Center of Kentucky and Fausto Sarmiento, Center Director of Kentucky’s Small Business Development Center in Lexington. The World Trade Center Kentucky is proud of is partnerships and network of resources to support small businesses, as well as medium to large companies.
Meet Devanny King
Devanny leads a team funded, in part, by the Small Business Administration. The Women’s Business Center of Kentucky has been in Lexington since 2011. They’re hosted by Community Ventures. The focus of the WBC Kentucky is to help women to start, scale and/or find funding. They work in all 120 counties of the state.
Meet Fausto Sarmiento
Fausto leads a team also funded by the Small Business Administration. They are hosted by the University of Kentucky. The SBDC is a statewide organization. This entire network is available to businesses and entrepreneurs interested in exporting.
Helping Businesses Navigate the International Marketplace
Devanny and her team “meet people where they’re at.” There are different stages of a business lifecycle. Often the companies approaching the Women’s Business Center are just getting ready to export, as opposed to those businesses already deeply engaged in international commerce.
Devanny explains it may be a situation in which a business is interested in exporting or maybe an international buyer has already been identified. The logical question revolves around how the business can begin the process. The WBC takes a assessment of the entire business. Are the other areas of the business such as finance, compliance, management and others prepared to support this new source of activity? If not, the WBC can assist in connecting that business with specific resources to help them to get ready. Each case is different from the next.
Fausto comments that the Kentucky SBDC has been working with clients for the past 40 years. Many of those clients are already engaged in international trade (either exporting, importing or both). His team helps the business to solidify its domestic business practices to ensure they are able to sell locally. As they are scale, the SBDC can assist with ensuring the business is optimizing its approach and processes. Fausto and his team can connect organizations with additional partners and resources to help ensure the entire operation is moving forward, effectively.
Do Either of You Have International Experience?
Direct, personal experience often enriches a person’s perspectives and understanding of the situation with which they are engaging. Fausto explains his family emigrated to the US from Ecuador when he was young. He studied abroad at Oxford University. He and his family often travel internationally. He’s also a graduate of the University of Kentucky’s Patterson School of Diplomacy and International Commerce.
Devanny lived in Australia for 2 years. She later moved to Barcelona. Then, she lived in Beijing for a few years before coming to Lexington to work at the SBDC.
Omar comments on the variety of individuals with international experience who now call Kentucky home.
Providing Global Assistance for Small Businesses in Kentucky
Devanny mentions the robust resources available in our entrepreneurial ecosystem. She attributes this fact as part of the reason for such an increase in Kentucky exports over the past several years.
The Women’s Business Center invested in GrowthWheel, a tool for assisting clients, based on where they are in the lifecycle or in terms of organizational preparedness. This is part of that 360-degree assessment she mentioned earlier. Rather than getting intimidated, the WBC will break it down into steps to allowing the client to focus on specific areas. It also helps to identify external resources, such as a program sponsored by the World Trade Center Kentucky, possibly a STEP grant or some other type of assistance.
Fausto stresses his goal is to collaborate with other Kentucky resources to best equip and guide the client. The SBDC specializes in working on business plans. They have a tool called LivePlan. The SBDC pays for a subscription, which enables clients to develop plans such as international export program, international market research resources, QuickBooks integration and more. The tool allows the business use real-time financials and other data to formulate and evaluate the results their business plan and/or financing strategy when exporting to a specific product or to a specific area.
Omar comments on the close partnership the World Trade Center has with the Patterson School of Diplomacy and International Commerce.
Walking Domestically before Jumping into International Waters
Omar asks if there are situations in which a client wants to begin doing business internationally, but the clients fundamentals aren’t quite ready. How do either of them handle this situation?
Devanny has experienced situations involving a startup company that wanted to go global, right out of the box. Based on the analysis and her conversations, it may be better to explore domestically the proof of concept and then chart some local wins to enable the client to learn what they don’t know or where the competency gaps might exist.
Fausto comments how the best indicator for international success is often success in the local markets, first. It’s important to validate the local, regional or national business plans are in place to support international expansion. There’s a lot to learn, especially in today’s geo-political climate.
Tools to Assist Smaller Companies Increase Their Brand Exposure
Omar notes how international brands are beginning to surpass US brands, especially in regard to small to medium-size levels. Are there tools available through the Women’s Business Center and Kentucky SBDC?
Devanny is competitive by nature. In the international marketplace, one has to stay competitive to survive. She strongly recommends working with the US Commercial Trade Service and the World Trade Center Kentucky. The trade missions and in-country resources offered can deliver tremendous value to the business trying to enter international business.
As an example, Carolina Banks of Tierra Musa, a custom handbag brand in Kentucky was getting recognition and invitations to industry event, but needed help in her marketing (e.g. website and other digital assets). Devanny recommended she explore the STEP grant to secure funding for the development of these marketing resources. She used the grant to also fund participation in a trade mission to the Caribbean.
Fausto discusses how the SBDC assisted in connecting a couple of local distilleries with overseas distributors. They were able to utilize STEP grants to participate in foreign events, such as trade shows and other functions. This helped the distilleries to form valuable relationships in those international markets.
Omar comments that often, success is 90% showing up and 10% what you know. This is one of the reasons the World Trade Center Kentucky hosts trade missions to cities such as Dubai. In 2023 and 2024, participants were able to attend GITEX. It’s the largest technology tradeshow in the world.
Fausto recommends companies interested in engaging in international business start small. Your local community or region may have resources that can provide valuable insights and connections. If you think your product has the potential to grow overseas, collaborate with partners like the SBDC, the WBC Kentucky and the World Trade Center Kentucky. Building relationships is a key activity leading to better success in the long-term.
Devanny explains how she’s a champion for women-owned businesses who want to export internationally. The SBA’s Exporter of the Year competition can provide some powerful recognition and exposure. Devanny can provide nominations for that award.
Omar has a lot of experience in international business. As of late, there are two important words especially important in Dubai: “women” and “entrepreneurship”. When these part of the event, crowds often turn out to participate. He mentions a recent Global Executive Forum event the WTCKY held at UK’s Gatton School of Business and Economics titled, “Empowering Women Leadership in Global Trade”. It was a huge success.
Final Thoughts
Devanny closes with a reminder that the Women’s Business Center’s services are offered as one-on-one, no-cost business coaching. It’s confidential. They offer a tailored approach based on the needs and objectives of the individual business. Additionally, the WBC is known for its training. Strong Women Strong Coffee is a pillar event hosted in Bowling Green, Lexington, Louisville Morehead and others. These free events feature a keynote speaker and networking opportunities.
Fausto notes that the SBDC also offers free services for its clients. The goal is to provide information to help businesses make informed decisions and generate commercial impact. He serves as a collaborator. He’ll be able to connect you with resources all across Kentucky.
To Contact Devanny:
Website: www.WBCKentucky.org
Phone: (859) 231-0054 ext. 1053
To Contact Fausto:
Website: www.KentuckySBDC.com/Lexington
Phone: (859) 407-8167
Upcoming WTCKY EVENTS:
- 01/29/25 – Trade Chat: Investing in Workforce Development for a Brighter Future
- 02/18/25 – Global Executive Forum: Navigating the Evolving Landscape and US-China Commercial Relations
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