Recently we shared 10 tips to overcome the pains of exporting.
It's a key reason why less than 1% of companies in the U.S. export. And 3 out of 4 exporters are pulled in kicking and screaming by a buyer versus a proactive approach.
It's hard! But it's also ultimately rewarding.
You need systems in place to get it done that are more evolved. Selling down the street is a lot easier. But in the end, local only sales creates a vulnerability to regional economic fluctuations and doesn't allow your company to take advantage of the wave of opportunity happening around the world right now. Global first, baby... jump in!!
If you do, or you are, how do you lower the risk, accelerate the success? Watch a video HERE.
Watch other videos at the Global Chamber HERE.
10 Tips to Ease Exporting Pain
1) Study Your Export Potential and Readiness. Take a realistic look at your cross-border potential, the risks, and your organization's capability and bandwidth to do it. Convince yourself that you're ready before jumping in. Talk to the experts at Global Chamber.
2) Research Your Markets. Take a deeper dive and evaluate how your products fit, how the market will receive you, at what price, etc. Start working out the details.
3) Match Your Product with the Market(s). Understand what it will take to enter that market - pricing, paperwork, distribution, etc. Fine tune the details.
4) Create Your Export Business Plan. Sweat the details... what organization, what logistics, what ops, what marketing, etc.
- Sales and Marketing
- Distribution Channels
- Market Entry
- Product/Service Pricing
5) Get Funded. It's going to cost more to export versus selling locally. Make sure you know what's it's going to cost and get funded internally, from the SBA, from commercial banks, from Exim Bank, by factoring, etc.
6) Solidify Distribution Agreements. Think long-term and get these formalized and finalized with channel partners that can take you all the way, for years.
7) Create Your Export Orders. Make sure you've got some orders coming in from the beginning. Seed the market and build momentum.
8) Operationalize Documentation. You've done the research to know what's needed... now operationalize it to have your process in place.
9) Fine Tune Getting Paid. Make sure that your plan to get paid is working, and you're managing cash flow effectively. Evaluate early results and improve.
10) Stay Engaged. The best thing you can do is to stay engaged with the market and with resources - like those at the Global Chamber - to handle the bumps in the road that happen all along the way. Learn more about how we can help.
Exporting - it's a pain!
But exporters statistically have higher profitability than those who don't.
Let's work together to improve success. More here.