March 20, 2017      wtcutah.com   Facebook Twitter   LinkedIn   Instagram

Helping Utah Companies Think, Act and Succeed Globally

CEO Derek Miller
@DerekMillerUtah

President's Message
Derek B. Miller, World Trade Center Utah

Congratulations to former Utah Governor Jon Huntsman, who recently accepted the position of Ambassador to Russia. We are grateful to have one of Utah's own stand out as one the highest profile ambassadors.

This will be Gov. Huntsman's third ambassadorship and we are confident in his ability to navigate difficult issues in these challenging times. He previously served as U.S. ambassador to China during Pres. Obama's administration and before that as U.S. ambassador to Singapore.

Gov. Huntsman is a brilliant statesman and we are happy to see him accept this important role.

Happy exporting!

Provo International Business Forum

Whether you are looking to expand into your first or fifth global market, we hope you will join WTC Utah for the Provo International Business Forum on May 15. The event runs from 12-2 p.m. We appreciate Nu Skin for hosting the event at its corporate office, 65 West Center Street in Provo.

Expanding your business internationally helps increase your revenue and builds the local economy. Come learn the essentials of exporting and what steps you can take to grow globally. The International Business Forum is hosted by World Trade Center Utah in partnership with Nu Skin and the Utah Valley Chamber of Commerce.

The event is free, but registration is requiredClick here to register.

Going Global: 'The State of Trade'

WTC Utah conducted its inaugural "State of Trade" Facebook discussion last week, where CEO Derek Miller discussed the organization's 2016 export report.

Miller noted that exports from Utah added more than $12 billion to the Utah economy in 2016 and Utah stands as the ninth fastest growing export state over the past decade.

"That's remarkable," he added, "considering Utah only has a population of three million people and is located inland, far from the coasts. It is also a tribute to the great Utah companies and how they are succeeding in the global marketplace."

Year-over-year, Utah exports dropped a little more than $1 billion. Exports in 2015 totaled $13.3 billion, compared to $12.1 billion in 2016. Miller said the drop was largely due to historically low prices across the board in primary metals, which account for nearly 50 percent of all Utah exports.

"The good news is that value-added exports from Utah continue to grow," he added. "Over the past decade our value-added exports have increased 75%."

Value-added exports include everything that is not a primary metal. The largest categories in value-added exports include IT tech (computer hardware and software), chemicals, transportation equipment, food and agricultural products and manufacturing commodities.

Miller said 2016 also saw the number of Utah exporting companies continue to increase. Further, more than 85% of those companies are small businesses, "which is a great metric," he added. "Thousands of Utah small businesses are exporting."

The Facebook discussion concluded with Miller highlighting Beddy's, a highly successful Utah startup that participated in a Utah trade mission to Canada, wherein the company was able to establish a relationship with the largest retailer in Canada.

WTC Utah's next "Facebook Live" event is scheduled for April 12. Follow WTC Utah on social media to stay updated on all things international business.

Inbound Trade Mission to Idaho and Montana

Act now to take advantage of the Specialty Grains & Edible Beans Inbound Trade Mission from Europe. This event runs from May 29 - June 2 and is sponsored by the Western U.S. Agricultural Trade Association (WUSATA®) and the 13 Western State Departments of Agriculture.

With over $1 billion in grain and pulse sales from the U.S., Europe is an important market for Western U.S. specialty grain and bean companies. The inbound trade mission is an opportunity to establish key contacts with qualified and knowledgeable importers and distributors from the region.

The event is especially beneficial because U.S. companies will have opportunities to meet with European buyers one on one, without having to pay for a trip to Europe. This trade mission is always popular and fills up quickly, so be sure to register soon.

WTC Utah CEO Derek B. Miller Receives a 2017 CEO of the Year Award

Utah Business presented World Trade Center Utah (WTC Utah) President and CEO Derek B. Miller with a "CEO of the Year Award" Thursday during a ceremony held at the Grand America Hotel.

"I am grateful for the opportunities I've had to work with entrepreneurs and business owners throughout the state to expand Utah's economy one company and one job at a time," said Miller. "I am truly honored to be recognized as a 2017 CEO of the Year honoree."

The CEO of the Year Awards recognize executives who exude innovation, show sound business judgment and have proven financial success. Utah Business selects award recipients through a call-for-nominations process. To be selected, candidates must have proven to be successful leaders within their companies and communities.

"Each year, Utah Business honors outstanding CEOs from private, public and nonprofit organizations. This year, we are honoring 10 chief executives who stand out above the rest," said Heather Stewart, managing editor for Utah Business. "Derek Miller is being recognized in the ‘Nonprofit – Business Services' category for his leadership in expanding World Trade Center Utah's reach throughout the state and fearlessly advocating for trade in Utah."

Scott Anderson, president of Zions Bank and chair of the WTC Utah board, had the following to say about Miller's recognition:

"Oftentimes, we look at the business side of individuals and reward them and congratulate them on their business acumen, but I think what we miss when we do that is the more human side which really makes a person great. And that's what makes Derek great. Not only does he have the business expertise and the political expertise to handle the job, but he has the personal skills and the family skills that anchor him with values that he can then take forth into the community."

Under Miller's leadership, World Trade Center Utah has implemented a rural outreach program to ensure all areas of the state have access to its exporting resources and started a quarterly Thought Leader Symposium Series. He also rallied executives from some of Utah's top exporting companies to participate on a newly created WTC Utah board.

Miller's impact on the Utah economy goes beyond his accomplishments at World Trade Center Utah. Since his return to the state nearly a decade ago, he has delivered innovative solutions that have streamlined government, fostered opportunity and spurred economic growth. Prior to his current role at WTC Utah, Miller served as managing director of the Governor's Office of Economic Development and chief of staff for Gov. Gary Herbert.

Miller was one of 10 individuals honored at the 2017 Utah Business CEO of the Year Awards.

UCCD Lecture: International Cooperation and the Future of Human Space Exploration

The Utah Council for Citizen Diplomacy's (UCCD) final Ambassador Jon Price & Marcia Price World Affairs Lecture of the season will feature guest lecturer Kathy Laurini, senior advisor for exploration and space operations with NASA.

She'll address "International Cooperation and the Future of Human Space Exploration" on Mar. 21, with a reception at 6 p.m. and lecture at 7 p.m. at the Jewett Center for the Performing Arts at Westminster College, 1840 S. 1300 East in Salt Lake City.

The event is free and open to the public. Click here for more details.

World Trade Center Utah Strengthens Team with New Hire and Promotions

World Trade Center Utah (WTC Utah) has bolstered its staff to meet the growing needs of Utah companies. The organization recently hired Kelsey Price to fill the newly created role of marketing director, and promoted Teren Taniuchi to trade services director and Marcie Wallace as the full time office manager.

"Our job at World Trade Center Utah is to help Utah companies export," said President and CEO Derek B. Miller. "The addition of a marketing director to our team, as well as the promotions of Marcie and Teren, will help increase awareness of our organization and allow us to better serve the state's business community."

Before joining the WTC Utah team, Price worked as a digital content captain with the Sacramento Republic FC. She has extensive experience with digital media and marketing strategy. She also worked as a specialist for the Army National Guard and as marketing and SEO specialist for i4 Solutions Inc.

With their new promotions, Taniuchi is now the WTC Utah point of contact for any company looking to expand globally, while Wallace is managing finances and office organization. These staff changes will allow WTC Utah to help even more companies "think, act and succeed globally." To view a full list of WTC Utah staff members, click here.

Toolbox: Take a Look
in the Mirror

Tool Tip #1

Becoming an international business does not happen overnight. Achieving this goal will require research and strategic planning, and that is where World Trade Center Utah can help. WTC Utah's 10 Tips to Help You Think, Act and Succeed Globally will guide you through the process of expanding overseas and also direct you to crucial resources that will help you along the way.

The first of the 10 tips is simple: "Take a good look in the mirror." This tip is introspective for your business and requires you to look within your company to see if you are ready to meet the challenges and reap the benefits of exporting. Before jumping on the global stage, you should ask yourself the following questions:

  • Why do I want to export?
  • Do I have a marketable product?
  • Do I have the capacity to compete in a global market?
  • Do I have the talent necessary?

From products, to employees, to management, do you have the experience and knowledge necessary to take your products to international markets or should you look for that knowledge outside of your company? Consider, as well, if you and your employees are ready to take on the long-term commitment of exporting.

Don't forget to look carefully at your finances. Do you have the financial resources to sell globally? If not, are you prepared to obtain financing for your expansion? Will your expansion be profitable enough to repay your debt and foster further expansion?

Conducting a thorough evaluation of your company will help you develop a well-structured plan of action moving forward. You will be able to revise your current business plan and include your new global strategy.

While tip one of the 10 tips may seem intimidating, remember that Utah companies just like you are selling abroad every day. Hundreds of Utah businesses have successfully navigated the international business field and you can, too. Utilizing this tip, as well as the tips in our subsequent newsletters, will help prepare you to go global.

Below is a list of useful resources that can further help you with your export needs:







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