One of the primary characteristics of any business is the risk factor! When it comes to exports, the uncertainty of venturing into the unknown is a nerve-wracking endeavor but together we’ll navigate this process. In Australia, the export of goods and services contributes to 24.11% of the GDP and is expected to grow quite speedily. So, let’s catch you up!
Amplifying an Export business in Australia might seem daunting, but these tips will definitely help swell your export business:
1. Map Out a Plan
We are crossing borders and expanding boundaries when exporting. So, make sure you have an appropriate course of action laid out.
Check your capacities, train your teams, inquire about information, and lay out your dreams. Organized and disciplined ways will make this process a whole lot easier, so, prepare well before the big launch!
2. Extensive Research
“Research is creating new knowledge.” You are expanding to lands unknown and the one thing that will benefit you, in ways more than one, is extensive research. You must understand the current trends of the market and your current place in it.
You should have substantial knowledge of the present growth rates and trends and study the pricing structures thoroughly. Like it’s said, keep your friends close, and your enemies closer; one must also assess their competitions closely.
3. Assess Targeted Markets
Know about the social, religious, cultural, and demographic conditions of your target audience countries. There are various differences that must be bridged before building relations with other countries.
Policies may vary, custom rules and regulations are different and the tax rates can be contrasting. The tariffs imposed and the respective government’s decision regarding the inflows and outflows from the country can be equally influential.
These finance regulations can make or break your deal, hence, make sure that you’re well- versed with the prospective importing country’s laws regarding the same.
4. Forge and Strengthen Relations
Try and visit the estranged lands as often as possible, and nurture relations with them. Remember, even a little gesture goes a long way, thus, make sure that you’re in an equal give-and-take agreement. Try to connect with the local contractors well, this will guarantee long-term relations with them so that you can call in for a favor in times of crisis.
As it’s said- It takes one to know one! Make sure you connect with businesses suiting your needs. Decide mutually on agreements beforehand, and establish legally binding and protected bonds.
5. Government Grants and Resources
Governments aid in international trade in order to increase their foreign reserves. One such initiative is the Export Market Development Grants (EMDG) which reimburses certain specified expenses for standing and potential Australian Export Businesses.
The main purpose behind these schemes is to motivate expansion and increase overseas sales. In the same way, the governments of other countries also have various strategies to attract foreign trade. Though they are a little complex to venture through, they ultimately act in the best interest of the businesses.
Navigating and tackling these schemes by yourself can be quite a tedious task. But if you seek services from organizations like Rimon Advisory, you don’t have to worry about it!
6. Safeguard yourself
The distance, difficulties, and contrasting laws can all cumulatively lead to damage. Risk is good, but sometimes, it can have scary outcomes as well.
Make sure that the necessary protocol is followed and rules are maintained. A Letter of Credit should be issued to safeguard your payments. A Letter of Credit, or Credit Letter, is basically a bank’s guarantee that the buyer’s payment will reach the seller in full, and on time.
If not received, the bank will step in and compensate either for the full amount or the amount not received. This ensures safety and gives assurance to the beneficiary. Owing to the nature of international dealings, it has become an important aspect of overseas trade!
7. Optimistic Online Presence
Make sure that you have an attractive and engaging website platform! E-commerce is a rapidly growing model. If you’re going to rely on it for increasing sales, a captivating online presence is a must.
Efficient online representation can do wonders for your business, so, investing in it is a vital prerequisite nowadays.
Tip:
Over to you…
72 million international online consumers use mobile devices to make cross-border
purchases, so make sure your website is mobile-friendly
These tips, if followed well, can help you take your export-based business to the next level. So,
get going, exploring, exporting, and expanding!
