Want to export? Here are our 10 top tips to help you aim for exporting success!
#1 Research your target markets
A vital part of a successful exporting plan is to research and establish whether there is a demand for your products or services, the likely competition and the potential profitability. You can use online business data tools such as Kompass EasyBusiness to research your target markets as well as identify key contacts.
#2 Plan your export strategy
Have a clear vision and plan your export sales strategy, making sure you establish which markets are most suited to your business. Establishing the top countries to focus on with a Market Ranking Report is a sensible place to start, minimizing risk, saving time and money, as well as identifying new business opportunities abroad.
Consider how you will enter the market and the most suitable distribution channels and ask the question Is your company global ready? A focused plan of action will help to ensure your company is ready to trade internationally. It is also important to consider the implications of the UK leaving the EU - All you need to know about exporting goods outside the EU
#3 Engage your company team
Make sure your team are well briefed and understand your exporting plans and are prepared for changes within your business. Consider an export training program perhaps with your local chamber of commerce, to make sure they are ready to process and deal with orders as they come in.
#4 Build business relationships
Understanding your target markets and being considerate of the language and cultural differences will go a long way in helping to forge positive business relationships when trading overseas and organisations like the Department for International Trade can provide invaluable guidance and advice.
#5 Be patient
Exporting abroad may not to be a quick win for your business. Building a global presence can take time and understanding that other countries may handle deals differently, means that achieving successful sales can take longer to secure.
#6 Consider the costs
It is vital to know what the cost of exporting will be to your business – from start-up costs, exchange rates and the cost of shipping to devising a realistic pricing strategy. These factors will all impact on both your budget allocation and possible profit margins.
#7 Paperwork needs diligence and attention to detail
You should ensure that you and your team are familiar with the relevant documentation and establish the processes that will need to be in place to facilitate exporting abroad. This includes understanding customs, taxation and export licencing, as well as protecting your intellectual property rights abroad.
#8 Keep track of your cash flow
It is important that you protect your company from the risks of non-payment, by doing your homework, credit checking potential customers and agreeing to clear payment terms. You can also safeguard your cash flow by taking out trade credit insurance.
#9 Consider logistics carefully
It is vital to use both a quick and dependable international carrier, because a poor delivery service will not reflect well on your business. Consider their capabilities, the customer service they offer, their safety record, company stability and reputation as well as the cost of course!
#10 Get Help & Advice from the Experts!
Guidance as well as online information about exporting is widespread, so it is vital that you make the most of the knowledge that is available from experts. This will be especially important in the light of Brexit and the impact this has had on both European and global trading markets for UK exporters.
– Use Kompass Business Data to research and find contacts in your target markets.
– Your Local Chamber of Commerce can help with export documentation and finance.
– UK Export Finance provides trade finance and insurance for exporting.
– B2BCentral works with partners to bring the benefits of B2B eCommerce to British SMEs.
– The Institute of Export gives advice, guidance, offers courses and qualifications.
– Find new export markets with a personalised Market Ranking Report from Kompass.
– Build your brand & global online presence with Kompass Digital Marketing solutions.
At Kompass we have more than 60 years experience, helping businesses grow – providing our customers with business data to help improve the results of their sales and marketing activity and driving relevant enquiries through globally optimised company profiles from more than 7.5M Kompass users. Contact us to find out more about how we can help you as you plan your export strategy.
Our Kompass Export Zone builds on our business information expertise, by giving access to straightforward guidance on some of the key factors to consider when exporting, research advice and country specific market information. For more advice on getting started on your export journey, see our guide to planning your export strategy.
Disclaimer: Please note that this blog only contains general information and insights about legal matters. The information is not advice, and should not be treated as such. Kompass.com