Writing a clear plan of action – from determining time scales to identifying the resources that can be dedicated to overseas trading. It’s also a chance to gain agreement from members of your team, if you have one. Success is far more likely with everyone working towards a common goal.
Going global will have an impact on how you structure most of the processes in your business so, if you have staff, make sure they are aware of what’s happening and are on board and prepared for change.
Our top tips for successful international trade:
Make sure that there’s a demand for your goods in your chosen market and that you can sell at a price that will produce a reasonable profit margin. Check out the competition and ensure that there is sufficient space for you to successfully operate.
Establish exactly how you are going to enter the market. Make sure your company is geared up for international trade and allocate budget to cover any start-up costs.
Take time to understand your target market, including language and cultural differences. Being sensitive to such differences will pave the way for good business relationships.
View international trade as a long-term process rather than a quick win. Don’t forget that other countries conduct business differently to the Republic of Ireland, and it often takes longer to agree a deal.
From exchange rates to the cost of shipping, it all has an impact on your profit margins.
Familiarise yourself with all the documentation you will need to produce so that you comply with customs regulations.
Agree methods of payment that don’t expose you to unnecessary risk. Take out insurance cover if necessary.
A poor delivery service will not reflect well on your company. Choose a fast, efficient and reputable international carrier and make sure your goods are insured.
There is plenty of expert advice available to new exporters or those companies considering taking that first step. This will be invaluable at every stage of the export process – so make use of it!