Tuesday, October 25, 2016

Trade And Export Finance Experts Share Some Business Processes Global Companies Should Optimise

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At present, many companies involved in the import and export industry fail to adapt their operations for international business. Because of this intentional or unintentional failure, they miss out on huge opportunities.

According to trade and export finance experts, if companies optimise these business processes, they can become more proactive instead of reactive and they will be recognised as exporting professionals.

Business Processes Trade And Export Companies Should Use And Maximise

Which types of business processes do trade and export companies need to use, improve, and optimise? These include:

Global logistics and product packaging issues. For your brand to be competitive, make sure you understand logistics and packaging. Certain resources and organisations can help you understand these things and the relevant requirements that go along with the logistics such as rules for labelling, packaging, and documentation, among others. If you’re still having your customers pick up their ordered products, you have already failed in this regard.

Marketing and sales service and support. As an exporting company, you should clearly and explicitly say that you’re interested in doing business overseas. Make it apparent that you have the desire to work with foreign companies since many will skip an opportunity to work with you if they don’t know or think you’re interested. You should also have a plan in place to prevent and address any issues that will come up in terms of your marketing and sales strategies.

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Sales and distribution channels. To improve and optimise this area, you have to correctly identify your markets first. Using the right strategies and tools, you will know which particular area you should be going to. A key element under this area includes investigating risks related to payment, economic, climate, and market potential. One way of optimising these channels is to find partners in these markets.

E-commerce and website globalization.
Regardless of its size, companies can optimize their websites for exporting. However, only a global business can have just more than a simple website. A step to achieving e-commerce and website globalization is to identify challenges and critical issues that may come up and address them properly if you want to use the Internet to grow your exporting business.

International finance and export pricing.
Lastly, if you are averse to financial arrangements other than payment in advance and US dollars funds, it’s time to make a change. This is because this is a huge competitive disadvantage. To correctly deal with these issues, look into the right type of insurance that will cover your business, make sure you price your products for export, find out if you can qualify for VAT exceptions or recovery, and make use of available finance tools which can help you go after big opportunities.

About the Author:

Wilma Farley is a financial advisor for start-up businesses. She recommends reading more about trade and export finance on HSBC’s website.

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