Export opportunities in the service industries

Export Opportunities in the Services Industries

Thomas S. Watson, Jr. is the Chairman and Chief Executive Officer of Watson, Rice and Company (WRC). He holds M.B.A. and B.B.A. degrees in accounting from Cleveland State University and is a graduate of the Harvard University Small Company Management Program.

Watson founded WRC in 1971. He became interested in international business in 1980 when WRC received a Department of Commerce contract to design and implement an accounting system for the Worldwide Information and Trade System (WITS) pilot program. During the design phase of the project, WRC analysts conducted a study of the services offered by the International Trade Administration (ITA). They were impressed with the programs the agency provided to help small business take advantage of export opportunities. Watson recalls, "About that time, many of our small business clients were thinking about business expansion. It was a logical step for us to include international marketing as a part of their business plans. I installed a telex for fast, direct communication with overseas buyers, started an international reference library, and hired personnel who had work experience and training as accountants and financial experts in the United States as well as several foreign countries.'

WRC developed a reputation as an international service organization and was selected to provide financial management services to the Agency for International Development (AID). The contract required WRC to provide accounting and financial services in Malawi, Central Africa, the Sahel and Egypt. During his travels to these countries, Watson discovered that after years of buying American equipment, importers were dependent on U.S. companies for advice on how to develop and improve their service economies. During the process of identifying foreign markets and developing international business plans for his established clients, Watson realized that there was export potential in developing markets worldwide. It was time for WRC to expand its international service operations. Watson again contacted the Department of Commerce. With the assistance of the Minority Business Development Agency (MBDA), WRC is now active in the Caribbean, providing advice on mergers and acquisitions.

Today, WRC is a multi-ethnic CPA firm whose professional staff speaks several languages and represents numerous countries and cultures. With offices in Cleveland, Washington, D.C., and New York City, their international practice includes: feasibility studies, international market research, analyses to support investment decisions, financial packages to implement export strategies, and continuing assistance in developing export opportunities.

Watson recognizes the many opportunities available for WRC to export its services. He concludes, "services provide untapped export potential for the United States. I believe that strengthening our trade in services is critical to our future economy and I recommend that in any proposed new round of trade negotiations, the United States initiate steps toward formal services negotiations.'

COPYRIGHT 1985 U.S. Government Printing Office
COPYRIGHT 2004 Gale Group