When Yana Smahlo fled the sounds of war in Kyiv, she left behind her thriving business—a fashion brand and a beauty salon with 35 shops across Ukraine. Three years later, she has rebuilt her brand, Nenya, in the UK, employing other refugees and collaborating with 150 wholesale partners across three continents. Her story underscores a crucial reality: scaling businesses today must navigate the complexities of global markets to survive and thrive.
As Smahlo points out, “This is how I fight, by keeping people employed, keeping them hopeful.” For small business owners, Smahlo’s journey serves as a poignant reminder of the potential that lies in resilience, but also the challenges that come with changing global dynamics. Recent trade policy changes have significantly impacted her wholesale business, prompting a reevaluation of her global strategy.
Small and medium-sized enterprises (SMEs) are the backbone of global employment, with two-thirds of jobs relying on these businesses. Additionally, over 97% of firms in major markets engage in international trade. In an era where competition knows no borders, adopting a global perspective is not just advantageous; it is essential.
The benefits of engaging in cross-border commerce are well-documented. Exporting businesses tend to exhibit higher resilience, productivity, and innovation compared to their non-exporting counterparts. This sentiment is echoed in research from the U.K. government. “Companies that export discover unique products through global suppliers, fueling expansion across borders,” a spokesperson remarked. For entrepreneurs, the capacity to foster international partnerships enhances growth potential significantly.
However, the economic landscape is fraught with uncertainty. Trade policy changes have emerged as a top concern for many business owners across the U.S., U.K., Canada, Germany, and Australia. Ariana Hendry, co-founder of Beysis, an Australian company offering personalized products globally, emphasizes this instability: “It’s the uncertainty that is the greatest hamstring because you don’t want to make any hard and fast decisions given these shifting sands.”
As global market conditions fluctuate, small business owners must showcase agility. This adaptability includes recalibrating pricing strategies, exploring fresh partnership opportunities, and tackling ever-evolving customs regulations. Businesses like Beysis exemplify this approach, actively mitigating risks by diversifying their markets and logistic strategies.
For instance, Hendry’s team recently pivoted their operations, reassessing their logistics partners to optimize shipping times and costs. “We started to re-engage with everyone from FedEx to DHL to Australia Post and cherry-picked which carrier is the best for each market,” she explains. This strategy not only reinforced their competitive edge but also allowed them to focus on regions with potential growth like New Zealand and Singapore.
The role of technology in this landscape cannot be overstated. Many small business owners juggle multiple hats, often faced with limited resources. As Hendry notes, “When you are a small business, the thing that restricts growth the most is just finite resources.” Tools such as Shopify Markets and Shopify Translate & Adapt are game-changers, enabling entrepreneurs to operate more efficiently in foreign markets. For example, they provide the capability to adjust pricing across different regions in response to changes like fluctuating exchange rates.
However, the efficacy of these technological solutions is closely tied to supportive trade environments. In regions where regulations facilitate smoother transactions, like the EU’s €150 de minimis threshold, businesses find it easier to thrive. Conversely, proposed regulations that impose undue burdens, such as new handling fees, could hinder progress and complicate cross-border trade.
For small business owners, navigating these challenges requires a mindset geared toward problem-solving. “Small to medium businesses’ whole premise is just problem-solving and putting out fires,” Hendry adds. “It’s a challenge, but this isn’t going to be the thing that breaks us.”
As global trade policies evolve, maintaining a focus on practical solutions will be vital. The experiences of entrepreneurs like Smahlo and Hendry illuminate the urgency for clear and fair trade frameworks that enable continued growth. For SMEs to not only survive but flourish within the global marketplace, it is critical that trade remains simple and predictable.
The stories of businesses taking bold steps into the international arena stand as powerful reminders: in an unpredictable world, innovation and adaptability are the keys to survival. Entrepreneurs don’t wait for perfect conditions; they forge pathways, solve problems, and most importantly, they remain committed to their vision—one that can transform challenges into opportunities for global success.
For further insights into the intricacies of global trade and support for small businesses, visit the original press release.
Image Via BizSugar
